The New York herald., 1873-11-07
NEW YORK HERALD FRIDAY 1873-TRIPLE

lsh grammar and was not more liable than most
men to be dashed TO pieces on the Scya or CharyD-
prised everybody. They were more like me
whd ravlngs OF maniac Just iet
statements OF a senator from New England: Their
purpose was 10 crush his enemies In Rhode lsianu'
their enect 10 deepen the foundations oil ms rum,
and almost to crush him. A newspaper Bohemian,
who saw In the story which had never been told
the story which Sprague had tred 10 ten DuI couiu
than he could do for himself These speeches,
which filed columns OF the Globe, and were read
wltn avidity for their bad grammar anu their oD-
First-A financial plan which TO be panacca for
all monetary evils. and which was TO make all nations
sseond-A pean tuned 70 the glory OF his own enter
T1ssd-Xbuse OF his enemies-Brown Ives-and their
adnerents.
There are many charges in those parts OF his
speeches relating to his political and business
rivals which ought never to have been made-sone
which could not be sustained and others which
puerile and unworthy OF the man and the
place. The only things he uttered on the third
branch OF his subject which are vital to-day were
In the charges he made against his enemies that
they circulated rumors to the effect that his bus-
ness extended and his credit impaired,
Sprague's main purpose was to counteract these
damaging reports; and, Il ne had been as strong
In tinancierng as he was feeble In debate, ! have
no doubt he would paye accomplished y and
would be to-day the richest man in Rhode Island
sPRAGUR's FINANCIAL PLAN ssas
Sprague's financial panacea is worthy OF little
nan % ms m
seemed TO want the government to loan money to
everybody who wanted It, that everybody might
have borrowed capital sufficient TO develop every
thing. Evidently he would have made capital
borrower OF capital, and he always was, besides,
advancements to parasite corporations in this city
alone amounting to nearly 100000, and that.
too, in face OF the fact that his liabilities
amount to over 81, ,0000 900. his paper has long
been drug upon the market, and II is said he has
been paying as high as twelve and fifteen per
cent for money. No capital ever was sufficient to
stand such drain upon IL, especially when IL Is
also lavishly drawn upon for advancements which
bring no return. With his method OF doing busi-
ness all the resources OF the whole country could
not have sustained his company forever; and,
with our manufacturers and merchants, most OF
whom are in debt, borrowing largely from the gov
ernment, 1t Is doubtful If all the printing machines
in the Treasury Department could have supplied
was, perhaps, the worst that ever was invented,
and that Is saying great DEAL
SHEET IRON AND PRINT CLoTHs-A REMARKABLE
EPISODE.
II remember correctly Sprague showed the
Senate piece OF sheet iron which he said was
equal to the best Russian article. II was the pro-
duct OF the Perkins Sheet Iron Company. This
company was to enrich everybody in general and
Charles II. Perkins and William Sprague In par
ticular. Perkins is president OF the company. He
Is a man OF some political aspirations, and has
been member OF the City Council and the State
chanic and inventor quite as much as in his other
character as politician that he commended him
self to Sprague. Himself genius, Sprague Affects
to ADMIRE genius immensely-especially mechanical
genius. Was not Perkins the inventor or the
u
Nelly BLY, winks her eye? This sufficient with
Sprague, as 1t ought to be with any man who admres
mechanical genius In politician u Is doubtful,
Senate any more sheet iron manufactured by Per-
kins for the liabilities Of the company are only
$545, ,OOO and the excess Of the Indebtedness over
the assets amounts to $3o9,000. But Sprague ad-
mires mechanical genius, even when Il Is combined
with the refnements OF science and is embodied in
the person OF an Alsatlan adventurer 1t will be
remembered that In his Senate speeches he gave
some vague hints of his ability to control the print
arka ~ ~
he could make print cloths four cents yard
cheaper than anybody else could make them. II
stone but. In fact, he had only found an adven-
turer, named Parof, who prolessed to have q
Of oi'fIs madder st' ITSELF could be i employed in
making fast coors. Parof is perhaps the most
accomplished impostor in the country. He Is now
out OF suet by bringing every particle OF the lard
and tallow into contact with some part OF a cows
udder. To say the least OF this scheme. it is un-
reasonable; but scientific men said to have
been Infused with the notion that is practicable.
A charlatan who could impose theory SO absurd
captivate the imagination OF Sprague and cause
him to adopt foolish theory, injure his business
and tighten his purse. Sprague believed in the
new process most religiously. 1t was always on
the point OF success but never succeeded. The
prints were as pretty as pictures, but somehow the
washerwomen always played the deuce with them.
II there had been no washtubs, no sunshine, no
might have been Parohan gowns without
number. But the elements were stronger
and the only thing which completely yielded to the
Paro1an genius was Sprague himself IL was alter
wards discovered that the adventnrer's secrets
we're taken from some old Austrian or Hungarian
volume. II ParOf got nothing out OF the matter 1t
Is SAID that ne managed to extract $s0 900 out OF
Sprague, and that the loss IRON the experiment to
the A. Il W. Sprague Manufacturing Company
little short Of 81 000 1t Will thus be seen that
these two paans OF glory were pitched in too high
q key and that these proud boasts brought only
disaster and tended to prevent tnat retrenchment
which was necessary even then for the SAFETY o the
house.
HoYT, sPRAGUEs CO.
The New York house OF Hoyt, Spragues Co.,
even at that time, sadly needed all the aid that re-
trenchment IN every department could give to IL.
1t was already practically bankrupt in 1869. The
floating debt Of the concern was then over half
million OF dollars and the Atlantic Delaine Mill,
always losing property was eating away wnat-
ever lie there was IN It, Many persons nnd in this
mill the true secret OF the embarrassment OF the
Spragues. 1t is not here, but everywhere. Still,
in this mill and in the operations of the New York
house are to be found some excellent reasons why
end. Senator Sprague, as the fnancier OF the
company, had timely notice OF this. The Atlantic
James was elected to the United States Senate
The property had already ruined James. 1t run
along for good many years under what may be
loosely called the management OF Mr.. Hoyt, but so
lar as can learn it never made any money. Alter
Senator James death his estate became involved
in a chancery proceeding with It's present owner,
in the course OF which it became evident that
Hoyt Spragues Co. were, to say the least, heavily
involved Later on Sprague had fresh evidence OF
the condition OF this house, and during the winter
OF $780, according to his own declaration at the
time, he was compelled TO stay away from his seat
in Senate in order to it. His friends say
he has been succoring 1t ever SINCE and yet this
Is the bank committees statement OF its cend
tIon.-
The statement made by this house says
the Indebtedness, outside OF A. * w.
ssprague, Atlantic and Riverside, is.oooooo
ALI covered by sales or by goods on hand
After careful re vie of their books they estimate
coparnership assets in excess OF liabilities 200 90
Mr. Hoyt estimates his property at......... 1900 900
Leaving available assets Mt . . x3 7ulOO0