The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-05


tute Americans. In every large European
town, and more particularly in London, cases
Of distress arising from poverty, sometimes
aggravated by sickness, sometimes by crime,
are Of frequent occurrence among visitors
from the United States. An inventor has
failed TO dispose Of his patent, a lecturer has
found no audiences, the supposed heir ofsome
lapsed estate, deluded by newsI sper para
graphs, has involved himself in the suits, or
man Of character and standing, whose property
at home may have suffered damage during
protracted visit to the East, has had his
drafts for funds returned dishonored. such
cases are numberless, and in the suffering
that follows wife and children are often in
volved. Fremont was thrown into jail on
suit for debt; Charles Morey was close pris-
oner in the Queens Bench; Goodyear, in re-
ceipt of large income, was arrested and I'M
prisoned; and the present incumbent OF fat
Office in one OF our large cities, left his family
without shilling for meals or lodging, when
the bailiffs conducted him to Newgate. The
only recourse is to Americans supposed to be
in successful business, and appeals from cases
like these are constantly occurring. Mixed
with cases of real need are frequent instances
OF fraud. A man has just escaped from ship
wreck, an unsuspectiug traveller has been
robbed, a lady, received in the first circle,
at home, en- route from Paris to New Yorks
has lost her luggage, and is reduced to
humiliating straits. There is never want of
letters from members Of Congress, Governors
of States, and other persons of distinction, to
confirm the story. In order to bring these
calls for charity within some rule, the Ameri-
can Association was formed. MIR. Peabody
did not favor it. He was more incredulous to
tales of distress, and had always been, than
any American in London. OF the fl037 16s.
Id. expended by the Association from Feb. %,
1859, to Feb. %, 1860, while Mr.. Sturgis gave
G36, Mr.. Moran ESQ, General Campbell
925, and other Americans from 9l0
to E20 each, Mr.. Peabody gave but G5. Nor
were his private contributions for charity,
so far as was known or believed, on any larger
scale. That he was open-handed, even before
the munfcent gifts that have made his name
famous were inaugurated-that in hospitality,
in liberal subscriptions toward public enter
prises, and in endowments of philanthropic
institutions at home and abroad, he was
princely in spending his money-was well
known. But in private charities, in giving
willing attention to tale of suffering or be-
slowing generous relief upon destitute merit,
he was far outdone by others. This is men
toned in no derogation of the great merchant,
but as a characteristic trait familiar to ali his
friends.
The commercial success of Mr.. Peabody has
been uninterrupted. He has never met with
single reverse. And yet, like his English peers,
the Rothschilds and Barings, he has known
times of emergency. One OF these was in
1857. The financial storm was hurrying across
the Atlantic. Tidings of commercial disasters
in the United States, like scuds that herald the
tornado, came almost daily. Trust companies
had suspended payment, railroad bonds, city
securities and State stocks, had failed to meet
their indebtedness; orders for the shipment of
goods were countermanded; old established
importing houses had stopped payment, and
remittances from America, without which, like
fba md Hay init bIrau 70
tion, the productions of England languish and
die, ceased to arrive. So sudden financial
crisis had never been known. 1t was the
disaster-god's coup detdt, unforeseen and un-
provided for. To every firm in Europe doing
bueiness with America, it threatens serious
calamity. The provincial towns Of England felt
the shock first, and accounts of the disasters
filled the local columns of the country news
papers. The largest manufacturers Of Man
chester, Birmingham, and Sheffield were in
difficulties. Banks in the metropolis began to
refuse discount, and the prime stocks in Capel
Court became worthless to secure advances.
Rumors affecting the Oldest houses of London
were in circulation. 1t was said that the
Barings had hesitated to accept the bills Of
their foreign correspondents; that Sir Lionel
Rothschild had been refused accommodation
at the Bank of England, and that Overend,
Gurney & Co. were declining to receive the
most approved commercial paper. Peabody &
Go. shared largely in the general dlstrust. For
several days they were supposed to be totter-
ing. A thousand rumors were afoat, and
even the city article of the Times encouraged
suspicion regarding "an important American
firm" 1t was the occasion of all others to try
the virtue of solvency. Instead of battling
with phantoms, or standing still to "bide the
peltiDg of the pitiless storm" Mr.. Peabody
went to the directors of the Bank of England,
made an exact statement Of his affairs and
exhibited his securities. No higher encomium
was ever passed on the integrity of a CONNER
cial man than when, by unanimous vote, the
Board advanced on Mr.. Peabody's obligations
million pounds sterling.