Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-07-02
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| ssICorrespondence of the Rochester Democrat.l
Ruin of New, Work Merchants by
! sGambIfns...The Death of Smith
'ces''-.-The'o Dapgers of SpecuIa-
tIOn..-Lunacy Among the Nrer-
/ aciaant ts.ssssssst sssss oEssD asSE' -rs
aq gmHNEw YORK, June il, 1868.
The death Of poor Eastman is another
IF those tragedies which cast a shadow
upon. the commerce of the metropolis,
and his history is now added to that of
those who swell the, volume of mercan-
tile misfortunes. We have occasionally
alluded to this theme; and now as it is
called up by the announcement of East
mans death, we give it final notice.
In 1S43, Smith Eastman was located
about one block distant from the store
in which the writer served as clerk,
aud we became quite intimate. We re-
garded Eastman as one of the promising
young men of the city. He had fine
personal appearance, and somewhat
girlish innocence played across his coun
tenance, and gave a peculiar interest.
He was then. although but twenty three
years of age, partner in the great pro-
vision house Of Brush q Co., and
was fairly on the road to fortune.
In 1862 we met Mr.. Eastman for the
last time. He had become great mer
chant, and instead of being the junior
partner of Brush s. Co., was at the head
of the extensive concern known as
Eastman g. Lloyd" provision dealers
in Broad street. Smith Eastman had
now reached the climax of success. He.
was forty-two years old, owned a fine
house in Brooklyn, where he was lead
ing member of DIR. Buddington's congre-
CATION, and also member of the Board
of Education. He was rich, and had the
means of living in elegant style, and was
surrounded by an interesting family.
Had Mr.. Eastman been content to /" let
well Alone" it is fair presumption that
he might still have been a thrifty mer-
chant, but, in common with many others,
he was lured into speculation. The war
brought vast increase in currency, and
prices became inflated, until it seemed
there could be no end to expansion
Some men made fortunes with rapidity
like magic, and, generally speaking,
most business men were effected by the
delirium of splendid success. Eastman
dipped heavily into popular Investments,
gold among others, with what degree of
profit we have never learned, but to a
sufficient degree 60 cause him to be Sc
riously affected by the revulsion which
followed. His losses led him to acts
over which we draw the veil. They
were the consequences of strong tempta-
ton, and were committed under the
pressure of impending protest. Con-
nected with these were the reports that
Mr.. Eastman had sailed for France, and
associated with this report was the an
nouncement of his bankruptcy both in
fortune and character. Left to the soil
tude of ship life and to the agony which
such misfortunes must impose on one of
refined feelings and high social position,
Mr.. Eastman's conflicts were such as to
overturn his intellect, and he landed in
France in state of lunacy. His case
came under the cognizance of the Ameri-
can Consul, and he found protection in
an asylum. Meanwhile the estate of
the unfortunate speculator was investi.
gated and found to be insolvent. Previous
to his departure he had made an assign
ment of valuable lease on behalf
of his aged father, in order
to provide for his family; but
this assignment was set aside by legal
decision, and, the family was left desti-
tute. Mr.. Eastman's faculties were soon
restored to degree which permitted his
return to America, and in due time there
appeared in New Y ork the wreck of his
former beauty and talent. Here the re-
newed excitement of social end CONNER
cial misfortunes proved too great for
endurance, and he was committed to the
asylum at Hartford, where his career
was terminated by death a few days
ago, HAfter life's fitful fever he sleeps
WELL" and tribute of sympathy viii
be expressed in his behalf by all who
knew him. Smith Eastman died at the
age of ,forty-eight. the victim of .specu-
.lation. Had he clung to the business
rules of that concern in which he was
brought up, he might still have been
leader in business circles; but no man is
safe who speculates. 90
The third distinguished illustration Of
the dangers of commercial shipwreck is
found in the history of one, who, though
his history has never come before the
public in fulness of detail, affords a les
son as valuable as the foregoing. Some
time ago, the inhabitants of village in
Connecticut were led to notice the con-
duct. of stranger who was driving
horse and wagon through their streets.
He was middle-aged man of fine per-
sonal appearance. but with eyes fash
ing with morbid excitement, and coun-
tenance whose unnatural expression re-
vealed the secret of foundering intel
lect. The, stranger was arrested, and
proved to be distinguished merchant of
New York, whose name we will give as
Thomas A., and with whose history
we are familiar. Mr.. A. was en-
dowed with, remarkable abilities. In
his early youth he edited a paper in
Watertown, which he subsequently
abandoned for the purpose of trying his
fortunes in New York. In 1851 he OBJ
tanned the privilege of using loft in a
warehouse, for which he paid the petty
rent of 500 per annum. Here he estab-
lished his business, which is still in sue
cessful operation, and which is making
its owners rich. He soon enlarged his
business, and by his success proved
himself man of no common ability
AS the trade increased he took a part
ner,a selecting aclerk in an importing
house, who enjoyed rare reputation
for business tact, and this man now car
ries on the concern. The success Of Mr..
As Operations was of a nature to
distance his highest expectations. He