The Louisiana cotton-boll. [volume] (Vermilionville [i.e. Lafayette], Attakapas, La.) 1872-1883, 1873-11-19
CHANGES OF FORTUNE.
Come Easy, SO Sudden Loss of
Suddenly Acquired Wealth.
From the New York Times.

The changes of fortune duringss..th
past few weeks in this city and othe
cities have been such as to strike eve,
those Of us accustomed to see the mos
sudden elevations and disasters nmonI
the "men of the street. in New York
Two months ago, in the view of the in
experienced, the great Philadelphi
bankers were the leading national bank
ing-house of the country. They hac
achieved an ~unexampled success in ne
g~otiating our national loans during thu
war, and had, by their enterprise anC
skill, not only enriched themselves, bu'
done an invaluable service to the ma
tionaI cause. Had they been content
with this honor and with their ordinary
business, they might have retired with
each member of the firm possessed OF
millions. Unfortunately the senior mem
Der of the firm was inspired with the
ambitiOn-an honorable ambition, too
of doing for America what the ROths.
childs have done for Europe, and pro-
viding, by their own energy, the funds
which should support enterprises of q
national scope and Importance.
The house undertook n project which
many a European kingdom would have
been unequal to-the connecting the
two oceans with another railroad, and
opening almost a new continent to agri-
culture and civilization. At one time
a leading banking house of Europe
would have taken willingly part of the
load from their shoulders, but Mr..
Cookies ambition led him to decline the
offer. He undoubtedly ~reokoned, and
with reason, on the future assistance of
the United States government. In per-
fectly fair weather and good times he
might have carried the project through.
But the financial storm came and all
his large enterprises were wrecked in a
moment. Other instances of changes
Of fortune are quite as striking. Mr..
Horace F. Clark's estate at his death
was estimated to yield an income of 3d.
900 a day, and to be worth eve mil
lions. Now it is believed to be worth
absolutely nothing. The great commo-
dore stood at the head of the stock OPP
orators of the union, and controlled an
enormous capital. His. position now, if
rumors have any foundation, is
most perilous and awkward. Whether
he weather the storm or not, he has lost
all prestige and influence, and his vast
apparent wealth has melted like snow
before the sun. He certainly has not as
yet met his obligations, resting on no
collateral securities, to the Union Trust
company; and many fear that his own
5ools and agents on the street will be
eft with loads of stocks, to escape if
hey cal. Those who remember Mr..
Vanderbilt's operations with his steam
to the isthmus know that he is ut
'erly Indifferent to public faith and pri-
rate contracts. He would leave his
,redulous friends, as he would his most
enemies, to utter ruin if he could
escape himself. He is simply a
'old, able, interruptions and selfish
took speculator and adventurer, and
yer his ruin, when it comes, there will
few tears.
There are other and smaller disasters
the community which in
pire more pity. Men who have for
ears enjoyed ample fortunes and held
high business position, and have used ,
leir wealth wisely and well, find them !
elves suddenly near an old age of pow :
rty, and their children driven to unac- :
ustomed labor, through no fault or ,
eglect of their own, but from the en- :
arrassment of others. Such ship 4
'recks are the pathetic chances in the :
of life" and New York bust ,
ess. They oan excite no other feel Z
lgs than those of sympathy and COM 9
assion. The fall of some of these
len brings with it disaster to many =
no depend IN them-to the poor who :
expended on them, and the helpless who
ere supported by them. Thousands =
I others are trembling on the verge Of :
.ankruptcy. Merchants with hundreds '
I thousands of the best securities can .
osolutely obtain no money upon them =
meet pressieg demands, while their =
creditors in the rural districts can ,
Ot or will not pay their debts. Dan y
Ar and diAiorrIby every busi- n
9ss man now, and the chances of life n
1T on their worst aspect. The old and
eak break under the strain; all classes Y
Ell the trouble, and care knocks at ev-
Y door. q
1t is useless now to moralize over the il
The lessons will be read even Il
the wayfarers on Broad street. Eve p
one dabbling in stock speculation al
S had warning enough. Irredeema- I"
e paper money was known to make an N
nosphere of gambling and venture. CT
he explosion of such dangerous oper- tc
ons has been predicted by every fnan- to
n for the last ten years. Nothing new di
unexampled has occurred, We might &C
pc that the mad hunt for gain would va
arrested for o time by such great dis er
'ers. But we are quite sure that il ca
II not be. What has been before will de
again. After the vanderbilts and Sc
and others have vanished from as
} exchange with ruined fortunes and 81
'Okened regulations, other adveutu- is
IS will appear, with new hope and tn
rrage, and with more desperate wi
iemes. Even the lesson of the cur ha
will not be learned. Wisdom, at Pc
az in this maktar must wait To no ;,zs IN