The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-09-30
NIBRRTY, RQUALITY, PBoGRBssIoNo
" From the New York Day Book.
The Morality of Failures

There is -un old saying that "when
rogues fall out honest men get their dues
l'fhe cards that have recently appeared in
the papers 10 reference to the failures Of
two large -four dealers and the examipa-
tion going on in the courts, are the begin
ming Of disclosures, which if continued, will
show to this community system Of hum
buggery and kitc-fying perfectly astounI-
ing to the unsophisticOted and ignorant. -
The practice Of exchanging credits, swap
ping notes and drawing drafts ogninst
nothing has been carried to an extent here.
tofore unknown in this kite-fying commu-
nifty. BY the testimony Of Mr.. Piilo
lDurfeo, we lenfu that he was in the habil
Of making drnfison Suydam, Sags e. Co.
to any amount and at any time they re-
quested. These drafts they would ac-
cept, and put them in the market to raise
money on-sometimes enclosing sixty or a
hundred thousand dollars at time to
Messrs. Ward & Co., with polite note,
saying "Please dispose of the within drafts
and send US the proceeds"
Suydam, Sage g. Co., as it now turns
out, have, "accepted" anybody's draft who
would draw upon them. These accept
ances have been advanced upon wheat
growing in the field, wool running in the
pasture, and pigs fattening in the stye.--
There is scarcely doubt but they have
been insolvent for the last five years, yet.
their credit has been good and they have
lived well and Jared sumptuously every
day. 1t may be that the very money old
Mr.. Suydam withdrew from the concern
belonged to the creditors, as Is generally
asserted and believed, and it may be that
it was his own. A thorough investigation
Of the affairs Of the firm may reveal the
truth, but there wllbe no redress. What
Mr., Suydam has got he will keep in spite
of any and every creditor in the Union.
| But we have wider and more fruit.
ful field than that of one or two houses to
explore. This system of "honorable fall
ing"has become so well understood in this
city, that the saving, "if you fail fail for a
large amount" is as common as any Of
DR.. Franklin's proverbs. Noperson now.
a.days will fail for small sum, he can
help it. When losses accumulate, bust.
ness becomes bad, and q firm finds that
they are getting behind hand, they go
straightway into the marbe! and get into
debt all that they possibly can. They ad-
vance on growing wheat and running pigs
buy cargoes of wheat and flour, or cases
of prints or cloths, or piles Of cotton OIL
wool. Ifthey can owe half a million or a
million, oil the better; their failure will
be heralded by the ''highly respectable
papers as that Of "highly respectable
house," and they will receive the sympa.
thy Of all the highly respectable classes"
Whereas, ifthev should by chance fail for
only few thousands, they will be held in
contempt by every body, and treated os
rogues by all their creditors. Such is
human nature--such is society. The man
who steals ham goes 10 the penitentiary,
but he who defrauds the community oul
of q hundred thousand is "highly respec.
table," M ,ae
The failure Of Suydam, Sage g. Co.
4 teaches the commercial community lesson
it ought to have learned years ago that
1 there is no confidence to be placed in any
man or firm because they are in the eyes
Of the world ''highly respectable" There
is many man now working over his lap
stone, or selling potatoes and beans in o
little corner grocery, who would never
4 stoop, yes, sioop, to the kite-hying opera
tion of these "highly respectable mer.
chants" They would scorn SO moan o
transaction. But are Suydam, Sage 6,
Co. the only ones who do business in
this way No, indeedl Millions of dol.
lars have been credited to-day on paper
no better, as far as honesty is concerned,
than theirs. We can look back over the
past five or six years and count dozen
} firms who wero just as respectable, anc
j had stood the shock Of as many CONNER
cal revolutions as S., s, g. Co. that have
. failed, and an examination of their bust
ness affairs has disclosed the same unprin
Icipled and reckless course. With the ex
ception of that Of Peter l. Neyins g. Sons
, we do not know ofthe failure ofa promi
, nent merchant which has not shown VI
Just as bad as Suydam, Sage & Co.'S
, VIM. w. Chester, the sanctmonious Sun
! day school superintendent and who mny
3 now be seen every day in the streets, will
: bible under his arm, treading slowly alon,
. Broadway, the very picture of puritanism
I and who yet holds the office, we believe, oI
3 Secretary Of some charitable institution
3 plend usury on his acceptance given L
. raise money, and cheated innocent holder
D out Of their just and honest drHs. Sucl
S transactions and such failures show, no
q only an extraordinary degree Of deception
f and deprayity, but just what men ore b,
nature. Suydom, Sage 4 Co. were tb
same men and possessed the same princi
pies and characters FIVE, ten, fifteen an
twenty years ago that they do now. WIN