The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1873-11-07
CHANGES OF FORTUNE.
Come Easy, Go Ecasy-The Sudden Loss OF
Suddenly Acquired Wealth.

Suddenly Acquired Wealth.
From the New York Times.
The changes of fortune durings.,the
past few weeks in this city and other
cities have been such as to strike even
those of us accustomed to see the most
sudden elevations and disasters among
the "men of the street. in New York.
Two months ago, in the view of the in
experienced, the great Philadelphia
bankers were the leading national bank
ing-house of the country. They had
achieved an unexampled success in ne
gotiating our national loans during the
war, and had, by their enterprise and
skill, not only enriched themselves, but
done an invaluable service to the ma
tional 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,
chiIds have done for Europe, and pro-
viding, by their own energy, the funds
which should support enterprises of a
national scope and importance.
The house undertook project which
many European kingdom would have
been unequal to-the connecting the
two oceans with another railroad, and
opening almost new continent to agri-
culture and civilization. At one time
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 reckoned, 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 81,
600 day, and to be worth seven 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
| current 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
tools and agents on the street will be
left with loads of stocks, to escape if
they can. Those who remember Mr..
Vanderbilt's operations with his steam
ers to the isthmus know that he is ut
terly Indifferent to public faith and pri-
vate contracts. He would leave his
credulous friends, as he would his most
| bitter enemies, to utter ruin if he could
thereby escape himself. He is simply a
bold, able, INSCRIPTIONS and selfish
stock speculator and adventurer, and
over his ruin, when it comes, there will
be few tears.
There are other and smaller disasters
| throughout the community which in
spire more pity. Men who have for
years enjoyed ample fortunes and held
a high business position, and have used
their wealth wisely and we'll, find them
| selves suddenly near an old age of pow
| erty, and their children driven to unac-
customed labor, through no fault OF
neglect of their own, but from the en-
barrassment of others. Such ship
wrecks are the pathetic chances in the
voyage of life" and New York bust
/ ness. They can excite no other feel
ings than those of sympathy and com.
passion. The fall of some of these
men brings with it disaster to many
| who depend on them-to the poor who
depended on them, and the helpless who
were supported by them. Thousands
of others are trembling on the verge Of
| bankruptcy. Merchants with hundreds
| of thousands of the best securities cal
absolutely obtain no money upon then
to meet pressieg demands, while theil
own creditors in the rural districts cal
not or will not pay their debts. Dan
| ger and difficulty surround every bust
ness man now, and the chances of life
put on their worst aspect. The old anC
weak break under the strain; all classes
feel the trouble, and care knocks at ev
cry door.
| It is useless now to mOraIize over TIT
disaster. The lessons will be read ever
by the wayfarers on Broad street. Eve
nv one dabbling in stock speculation
has had warning enough. Irredeema
BILE paper money was known to make Al
atmosphere of gambling and venture
| The explosion of such dangerous Oper
ations has been predicted by every finan
cier for the last ten years. Nothing new
or unexampled has occurred, We nigh
hope that the mad hunt for gain would
be arrested for time by such great dis
asters. But we are quite sure that i
| will not be. What has been before vii
be again. After the Vanderbilts anC
Goulds and others have vanished from
the exchange with ruined fortunes anC
blackened regulations, other adventu
rers will appear, with new hope anC
courage, and with more desperat,
schemes. Even the lesson of the cur
rency Will not be learned. Wisdom, a
least in this matter, must wait to be JUS
titled of her children.