The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1859-02-24
From the New York Mercury
PAY ALL,
A TALE OF THE FINANCIAL CRISIS OF
1887 AND 1857.
BY HARRY HARTLANp.

Der tic hrih OF 'WynAH G Edmands,
bankers, who conducted one of the largest
houses ON w street, previous to the cri.
sis of '37; also the importing and jobbng
dry goods establishment Of "Elwell & Bro.n
If SO, they will easily bring to mind the
sact that they were both swept away in the
aforementioned crisis.
Wynall, the senior banker, was what
would be called "a selfmale man :" that is,
he commenced his career as office. boy, and
used to sweep out, dust down, build the
fires, and run e:rands and had worked his
way up from that position to the head of
The house of Wynall s. Edmands. He
was an almshousc boy, and his parents
were never discovered to him. During his
boyhood days, pennies were scarcities to
him; he early learned that cent was the
hundreth part Of dollar; and he never
parted with one unless he received an equiv.
alent. He was considered a very shrewd
man, in fact, it was intimated that he was
more shrewa than = nest. lie was Il bach
elor; lived i'll for rather habited) cheap
lodgings; accepted every invitation to dine
which he received-which were numerous,
on account Of his position con Change
ate his hosts meats with a good appetite,
and drank his wines with great gusto but
he never gave dinner in return. In fact
Edward Wyna'l was misery.
Edmands, his partner, was simple, hon
est fool, who had acquired fortune by
farming-had gruabed lHs dollars from the
soil-and Being blessed, or rather cursed
with wife who aped at fashion, he was
induced by her and their friend Mr.. Wyn-
all to dispose of the farm, place his thous-
ands under the care of the latter, and thus
become money king, and live at his case.
So Mr.. Edmands became banker aud
spent two hours every day upon Wal; ST.,
listening to the conversation of brokers,
upon stocks. consols, dividends, percents,
ETC., all Of which he understood as we'll as
It it had been high Dutch.
Thomas, the elder EIwel, was married
man, and with All only child, {: son, who
was named Henry, after his uncle, the ju-
nior member Of EIwelI e. Bro, who was
bachelor. The brothers were dong an ex-
cellent business they had the respect and
confidence Of the mercantile community,
and An unlimited credit. They had inves-
ted their surplus fuEds to large extent
with Wynall d. Edmands. This was the
state Of affairs previous to '37.
But soon the financial crash came; one
house after another fell, merchants looked
blue, brokers wore long faces, and bankers
shook their heads. The crisis was al its
height, when it was announced on Change
that WynalI had absconded with all the
available funds, either belonging to the
firm or left with it on dposit. In vain did
the world ask Edmands in regard to the
whereabouts of his partner; he knew not
why, where, or when he had gone. So the
world cursed him, the largest loser, the
greatest victim. 1t was severe blow to
the honest Edmands, and full as severe, in
mourned the perfdy Of his partner, and the
loss Of his creditors she, their loss of caste
in the fashionable world. Her grief must
have been the strongest, as she survived the
failure but abou. two months. Soon after,
Edmands, with his only child, a daughter,
were lost to the world of New York. They
left the great city, but where they went, no
one knew; doubt much If any cared.
Elwell & Bro. were the principal losers
by the absconding OF Wynall, which was
the cause Of their early suspension. The
heavy house fell. 1t WAS sad shock to
the elder Elwell, from Which he never raj.
lied he made several pitiful attempts to
recover, and work himself into respecta-
BILE and remunerative business but each at
tempt was signal failure. In vain he ac-
cepted the agency Of the KIamore Coal
Co.; he soon resigned it-having received
the appointment of Secretary Of the May
nard Marble Works, then threw that up
for third position and thus he constantly
changed, each change involving him deeper
and deeper in debt, until death relieved
him of bis cares and his debts.
At the death of his father, young Henry
was left an orphan, under the guardianship
of his uncle; by him he was placed in
public school in New York, where he was
fitted for college, through which he worked
bis own way, an humble, but hard: working
and noble student. In the middle ages, he
would have been knigbty troubadour;
in the present, he was the unvalued, unap-
preciated creature of the world that knew
him not. His years as student were
over, and he must now choose some means
of support ho had set his heart upon
profession, but he had not the means requi
site TO enable him to devote the necessary