Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-05-28

Florida. .tt.,fg-sT f-t e-f ..-g M ls-
afix, my name TO these statements, not
merely. on the general principle, that auOny-
nous charges are entitled 70 no respect or
belief, but because / am particularly desrous
TO furnish my proofs and Authorities 10 the
Immediate "parties in interest" whenever
they dare to apply to me for them. OF no
other person will take any notice In this
CONNECTION. To those whom accuse alone
= 'T.NT - b. FRANCIS BACON, MD.
American Merchant Princes Brief His
tori oftheIr Rise and Fall. .H.
A New York correspondent. srites thus in
a recent letter: .-....... .,-.-. -..-.
Among the large number of mercantile
failures caused by the recent revolution in
trade, and which, of course, are owing to
the rebellion, are two which stand Ia strong
contrast. We refer to those Of Bowen,
Holmes Co.. and Henry, Smith & Town.
send. These two firms have ia their differ
ent specialities, led the trade Of New York
for nearly quarter of a century. They
have been distinguished for success 80 rapid
andso apparently solid, that at last their
names becomes synonymous through half
our continent with mercantile glory. p -as
Besides this, they were leaders in antsgo.
nistic schemes Of politics and opiniou and
not content with jobbing dry goods, they
made their couutiug.rooms schools for ethics
as rank in mutual hostility as the bitterness
of Punic War. Yet amid that storm,
which each has done SO muchto engender,
both have fouDdered, and the clouds of the
irfepressible conflict now loom up over their
ruins. sly'.'f "a -.o.-H.u.. ...
Bowen, Holmes 4 90. represent the old
house Of Bowen h MoNamee, which, 10 its
turn, represents the trade and opinions OF
Arthur Tappan Il Co. The Tappsns Arthur
and Lewis, were from the North, Montreal,
we believe, and in early days were estab
lished in the silk trade in Pearl. street. 9
They were honorable in business, were
equally Distinguished for benevoIence and
liberality. During his years of success,
Arthur Tappsn gave away annually thou
sands of dollars. In addition to this, he es.
tablished the Journal of Commerce, as an
organ Of anti-slavery opinions, which the
Tsppans are now advocating. Indeed, il is
well known they were among the origina-
tors Of that fierce excitement which swept
the North like sirocco. In 1897 came the
great panic, and the lordly house of Arthur
Tappan 4 Co. went down like an argossy in
typhoon. 3i ~
The world was astounded. Mr.. Tappatl's
gifts ceased to be recorded among the heavy
donors Of our benevolent institutions, and
the Journal Of Commerce gave honesty and
patriotism the slip, and went TO the defense
and advocacy of Southern views Out Of
this wreck sprang new concern. Two Of
Tappan's clerks, full of energy aud conf .
dence, young, hiRh-toned and ardent, en-.
listed a capitalist who risked enough in o
| special interest to give fine start.
q The young house, under the firm of Bowen
" McNamee became immensely popular,
and in their hands the silk trade was like a
gold mine. When we FIRST knew them, in
l843, they had already small army of
clerks, and were canVassing the Union for
trade. In 1850 they removed from Beaver
street TO their new prinoely store in Broad
way, in which they had invested $l00, ,0oOl
AS an illustration of their foresight and
success, We add that in six years the build
ing brought them double its cost, and they
again led the march of trade by building on
the corner of Broadway and Pearl-s streets.
This store was supposed to be, at the time
the finest in the world. 1t cost 5000, 900.
When just fairly in possession, the panic of
'57 overwhelmed the country, and the firm
which had led the way to fortune, sunk, af-
ter great but unav ailing struggles. I
, YeaI before this Bowen & McNamee had
aYowed that they had goods for sale, but
not opinions and in furtherance of these
uDpurchasable opinions, they started the In
dependent as Tappsn started the Journal of
Commerce, whose ireereancy it was intended
thus TO retrieve. r.. ..4s
Bowen, who was good writer, furnished
the money article for the paper, and his abil-
ity soon made it attractive to the mercantile
community. 10 add to its value and i'm
portaDce, be commenced the pernieious Gus
tom Of publishing weekly list Of all fail
ures in the county. This could be done by
access to the reports Of that agency which
the Tappans had established, and which
held an Argus eye over the trade of con-
tinept. -----s---.--
Itwss bitter cup to many TO be thus ga
zetted, but imperial justice soon brought it
home to the authors lips. In October, 1856,
the Commercial article increased its weekly
sensation by announcing in its black list
Bown, McNamee Il Co., suspended. Shortly
after this the list WAS discontinued. The firm
settled with their creditors and went on as
Bowen, Holmes 4 Co., until their recent col
lapse. " 1g 1lr9 7aa7.5l rif
Thus has gone down a concern proudly
identified with the Republican party, and
which unites high moral questions with the
minor details Of fashion and trade. And
thus, as an illustration of the risks Of mer-
chAndise, we may add the failure Of the spe-
cial partner who started this house-after he
had Withdrawn from its operation, and who
was supposed to be worth at one time
$500, 700. The Tappens--and Rankin (the
special) and Bowen & Holmes-are wrecked
at last what a comment on trade.g6 I'll.
Henry, Smith & ToWnsed sprang from
/ EGIeenWay1 Henry h Co., of Hanover-square
| They were nearly opposite the Tappans in
| location and were as opposite in trade and
| opinion. Their business lay with the South,
and was very profitable. Following the
! drift of trade they moved into broadway, aud
| soon took the lead in supplying dry goods 10
the South and Southern opinious 70 the
| North. Their last location was in, Warren
| street, having thus still kept hard by that
! great house of-Mhieh We have spoken,-ln
! deed, they seemed like Calpe aud Abyia, 70
| be set over against each other in unchanging
opposition. The BoWens were leading mem.
bers of Mr.. Beeeheris- Church; while Mr.
Smith,o the other hand, was an elder in
DR.. Alexanders s, whose congregation saFOred
| strong of Southern views and seemed 70 say
to the Abolitionist, fprocH proeuI profanif
Both led in politics, and as the safety Of
Southern HOUSES depended upon the defeat ol
! Lincolns, Henry, Smith 4 Townsend made
| desperate Efforts to change the vote Of the
State For this purpose, just befote the cleo
ton, "the corruption fund," as II was called
was made np, and votes were bough. at amy
price; but IL was Of no avail, and the money
had better been saved TO pay honest claims
| for the failure Of the concern was ANNOUNCED
last week. We have no moraiizings 10 Offer
except such as are obvious to all, and thesC
may he summed up in a sigh. Alasl for thC
| end Ofyeafs of arduous labor and calculation
with the dark array OF slespless nights aut
! ag9ny such as only the great eau know