Chapter XXXVI

Who would not do honor to the merchants of New York? What a glorious class of our citizens in peace or war, and especially in war! What have not our hero merchants done within a few weeks? Their names should be immortal. We note passing events with a recording pen. Our old merchants are a credit to the city-the nation-the age. How they have disappointed those who barely showed their patriotism a few weeks ago, by stating that love of gold and traffic would absorb their love of country.

At the meeting of merchants a few days ago, one old merchant, P. Perit, of the firm of Goodhue & Co., called the attention of his hearers to the fact, that he and another one (then present) had attended a meeting of merchants for the same purpose, in the War of 1812-49 years ago.

Among other eminent merchants, there was one here once, named Samson V. S. Wilder. He at one time lived in Chambers street, No. 151-and afterward, when wealth moved up town, Mr. Wilder moved too, and located in Washington Place. His counting-room was for many years at 42 Wall street. He was the agent of the great French banking-house of Henry Hottinguer & Co., of Paris and Havre. In his office Mr. Wilder had a portrait of old Baron Hottinguer, and he certainly much resembled him. Mr. Hottinguer has been long dead, but the widow married the cashier, and continues the firm to this day. Mr. Wilder not only represented this great house, and advanced millions of money on consignments to their address from New York, and every other port of importance, but he was also the agent in this city of the Bank of the United States. Of course he controlled millions. To day he has not a penny to bless himself with, and resides near Boston. He has a large family—many daughters. On one occasion when one of them was married, the wedding created as much of a stir as if she had been a Princess of England. In the days of Mr. Wilder's glory, had any one hinted to him that he could fail, the idea would have been scouted. Yet he once said to a friend: "Griswold, how many merchants have succeeded among all those you have known for fifty years?"

Old Nat Griswold replied: "The average who have succeeded have been about seven in the hundred. All the rest, ninety-three in the hundred of untold thousands, have been bankrupts." Mr. Wilder was brought up by Hottinguer and Co., and sent out to this country. He failed twenty years ago, and then lost his agency. He was regarded as a very shrewd man. So in fact are most men while their commercial prosperity lasts, but let that leave them, and they are called fools, or at best are "imprudent" men. As a general rule, success is the only true test of commercial merit.

Mr. Wilder made advances to an immense extent. In the terrible times of 1837 he over-advanced on cotton, and the losses of his house were fearful. The worst claim in the world is for reclamation. Some of our readers may not understand the meaning of this commercial term. Suppose I had shipped 1,000 bales of cotton, costing me $100,000, to Hottinguer & Co. The agent, Mr. Wilder, advances me $90,000. The cotton sells in Havre for only $80,000. I not only lose the difference between cost and the advance, but Mr. Wilder makes a reclamation upon me for $10,000 more, and charges, interest, etc.

There have been sometimes claims made by European houses, when not a dollar had been advanced by the shipper of the goods. Such cases are not frequent, and arise from holding goods a long time, and then selling them at a price that don't pay charges.

Of that class of merchants who come under the head of agents special of great European houses was Mr. Wilder. While such men make liberal advances, in order to get consignments to their friends on the other side of the Atlantic, there are always a large number of strictly shipping merchants (not merchants who own ships) ready to ship cotton, tobacco, or any other species of merchandize that the advices afforded a fair margin for profit. Many of these houses do an immense business on a very small personal capital. They are enabled to do so owing to the liberal facilities afforded by the New York agents of the wealthy foreign houses.

I have, in one of these chapters, merely alluded to Dudley & Stuyvesant. That house was a large shipping concern. Mr. Dudley was a business man, and married Miss Stuyvesant, sister of his partner, Nicholas W. Stuyvesant, Jr., who resided up Broadway, near St. Thomas' Church. Their counting-room was at 90 South street. They were for many years heavy cotton shippers.

Their book keeper was named George G. Root. After the death of Dudley, Mr. Root became a partner with Mr. Stuyvesant, and their history for a few years is wonderful.

They held in 1837, at one time, 35,000 bales of cotton, worth over $3,000,000. There was every prospect of its going to 20 cents a pound. Wilder was making unheard of liberal advances for the United States Bank. Stuyvesant & Root had shipped to William & James Brown, of Liverpool, an immense amount of cotton; and the concern of Brown, Brothers & Co., had advanced largely on these cotton shipments. How largely can be estimated, when I say that after these cotton shipments were closed up, Stuyvesant & Root owed Brown, Brothers & Co., £70,000, or about $350,000. Yet, in order to show the uncertainty of cotton shipments, Root & Stuyvesant at one time were offered $250,000 for their chances of profit on the 35,000 bales. They refused it. Even Brown, Brothers & Co., at a later period, offered to take this cotton on their own account, and release R. & S. from any loss. But no. Cotton went down by the run. Mr. Wilder had pledged to many that the United States Bank would go into the market here and in Liverpool, and buy up 200,000 bales of cotton, so as to stiffen up prices, instead of doing which they put in the Liverpool market unexpectedly 250,000 bales, and sold for any price. Cotton fell 6 to 8 cents a pound, and all engaged in it were ruined beyond redemption. Root & Stuyvesant lost $1,000,000.

Mr. Root served as a merchant. He for many years lived at the celebrated boarding house of Miss Jane Cowing, 5, 7 and 9 Murray street. People now-a-days can have no idea of the extent of that boarding house. It was the resort of the very elite of the United States Whenever John Forsyth, or any of the great guns of the South, came North, they went with their families to the Cowings. There was to be had the finest wines. Mr. Root bought $4,000 worth of the best for Miss Cowing.

Mr. Root was beloved and respected by every one who knew him. He was one of the fashionable young men of the town. He married a lovely girl, but I believe she died before misfortune laid her heavy hand upon him. He who has negotiated his thousands now has hard work to negotiate weekly $150 to pay for humble lodgings, somewhere in the Bowery. He passes along the streets scarcely known to the present race of wealthy citizens, and forgotten by most of those who were his admirers and friends when fortune smiled upon him.

Woe to the great merchant who comes down! He has hardly a resource left, if poor and unprovided for: those who knew him when well off, will see him starve before they would give him a five dollar a-week clerkship. It is hard, very hard, and very cruel in a community so wealthy as New York.

There should be a home founded for the broken-down merchants in New York. Frequently the most deserving, the most energetic and the most honest, are the most unfortunate. Refuges are provided for all classes. The old captains have a Sailor's Snug Harbor to go to. The merchant who has failed has no place to go except the poor house. This is not right. It ought to be remedied. No merchant is beyond the reach of poverty. It has long arms. Many a proud and prosperous young merchant could spare $5,000 for an institution such as we allude to, who will, in all human probability, yet be glad to get inside of the hospitable portals before he reaches old age.

To be an Odd Fellow or Mason is an advantage when poverty comes, but how rarely does the merchant, who signs his check for $5,000 or a million, ever dream that $5 will be a perfect God-send to him! Yet so it is. I hope yet to see towering aloft the tower of "A Home for the Unfortunate Merchant." Commercial New York owes her glory to commercial individuals. When they become hopeless and helpless there should be a better refuge for them in their old age than the mammoth poor house.

It is impossible to be perfect in these chapters. If I were to attempt to record all the important events in the life of those merchants whose names figure in these chapters it would fill a library. With what I recollect, I add that which I pick up, and find correct. The best lives of merchants will be found in my collection.

The following is an addition to what I said in a late chapter about Howland & Aspinwall. Their friends in Mazatlan were Messrs. Barre & Kennedy. One of that firm, Mr. James Lennox Kennedy, is now residing in Jalapa, Mexico, where he has been since 1835, when that firm dissolved. Mr. Lewis P. Barre is in this city. Neither of the parties have been engaged in business since that year. Mr. Kennedy is a Scotchman, and Mr. Barre a Frenchman. He was born in Cahors, France. Both were sent out by the Howlands as supercargoes to the Pacific coast, and being honest, upright, and hardworking men, soon made themselves indispensable to their employers, who conceived the idea to have them start on their own hook. Accordingly, they were dispatched with a valuable shipment, and after trading along the coast, found their way up to Mazatlan. By their strict industry and business habits, they built up a large Mexican trade with the States, and were the heaviest traders on the Western coast.

Immense cargoes were sent to them by the Howlands, and in return all kinds of Mexican produce found its way to this market, upon which fabulous amounts were realized. B. & K., after a brilliant career of about 15 years, retired from business, well satisfied with their gains.

They were succeeded by Mott, Talbot & Co., who also coined money, but owing to extravagances, wound up with the "shorts." Mott was a sea captain. I saw him in San Francisco a few years since, a cripple by gout, and greatly reduced in funds. Poor fellow! he had a good run of luck, but did not know how to profit by it.

The names of Barre & Kennedy are still spoken of in Mexico in the highest terms, and especially among the poorer class, whom they were ever ready to assist. In 1848, while at Mazatlan, I happened to stumble over an old native woman, surnamed "Maria la Infortunada," who related to me the many charities received at their hands.