Monmouth weekly herald. [volume] (Freehold, N.J.) 1854-1860, 1859-03-03
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P A Y A LII.
A Tale of the Financial Crises OF
1887 and 1857.
BY HARRY MAITLAND.

Perhaps some of my readers may re
member the firm of Wynall & Edn ulds,
bankers who conducted one of the larg
est houses on w street. previous to
the crisis of 81 also the importing and
.iobbing dry goods establishments of lei.
well q Bro If so. they will easily bring
to mind that they were both swept away
in the aforementioned crisis.
Wynall, the senior banker, was what
would be called 8 elfmade man :" that
is, he commenced his career as Office boy,
and nsed to sweep out, dust down, and
build fires, and run on errands ; and had
worked his way up from that position, to
the head of the house of Wynall & Ed
mands. He was an aims house boy, and
his parents were never discovered to him.
During his boyhood days, pennies were
scarcties to him; he early learned that
cent was hundreth part If dollar !;
and he never parted with one unless he
received an equivalent. He was consid-
cred very shrewd man, in fact, it was
intimated that he was more shrewd than
honest. He was bachelor ; lived in
for rather habited) cheap lodgings &C
cepted every invitation to dine which be
received which were numerous, on &C.
count of his position "on Change'-ate
his hosts meat with good appetite, and
drank his wine with great gusto but he
never gave dinner in return In fact
Edward Wynall was misery.
Edmands, his partner. was a simple,
honest fool. who had acquired fortune
by farming-had grubbed his 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.. Wynall to dispose of the farm, place
his thousands under the care Of the latter,
and thus become money king, and live
at his ease. So Mr.. Edmands became a
banker, and spent two hours every day
upon Wall street, listening to the CONVEX.
sation of brokers, upon stocks. consols,
dividends, per cents. &C.; all of which
be understood as well as if it had been
high Dutch.
Thomas, the elder Elwell, was a mar
'ied man, with an only child, son, who
was named Henry, after his uncle, the
junior member of Elwell & Bro, who was
bachelor. The brothers were doing an
excellent business they had the respect
and confidence of the mercantile commu,
nifty, and an unlimited credit. They had
invested their surplus funds to large
extent with Wynall and Edmands. This
was the state of affairs previous to '37.
But soon the financial crash came one
house after another fell, merchants look
ed blue, brokers wore long faces, and
bankers shook their heads The crisis
was at its height, when it was announced
on Change that Wynall had abscQnded
with all the available funds, either be
longing to the firm or left with it on De.
post. In vain the world --ihed EdmaQds
j" regard to the whereabouts Of his part
nrr he know not where, or why, or
when he had gone. So the world cursed
him, the largest loser, the greatest victim
1t was a severe blow to the honest Ed
mands, and full as severe in another sense
to his aristocratic wife. He mourned tn
perfdity of his partner, and the loss to
his creditors she, their loss Of caste in
the fashionable world. Her grief must
have been the strongest. as she survived
| the failure but about 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 il
any one cared.
Elwell & Bro, were the principal los
ers, by the absconding Of Wynall, whicl
was the cause Of their early suspension
The heavy house fell. 1t was sad shock
to the elder Elwel, from which he never
rallied he made several pitiful attempts
to recover, and work himself into a re
spectacle and remunerative business, but
each attempt was signal failure. II
vain he accepted the agency of the Kla
more Coal Co., he soon resigned it-~hav
ing received the appointment of the May
nard Marble Works, then threw that uT
for third position and thus he con
stantly changed, and each change inyolv
ing him deeper in debt, until death re
lieved him of his cares and his debts.
At the death of his father young Hen
ry was left an orphan under the guard
ianship of his uncle by whom he wa
placed in public school in New York
where he was fitted for college, through
which he worked his own way, humbl
} but hard working and noble student
In the middle ages, he would have BEEF
knightly troubadour in the present
+ he was the unvalued, unappreciated crea
ture of the world that knew him not
His years as student wore over, and h
mist now choose some means Of support
he had set his heart upon a profess. oil
but he had not the means requisite to en-
able him to devote the necessary time t