The New York herald., 1873-10-23
Tho Bucnu Banker-How to Begin
Business ON Nothing and Fall for
q Million.


Business ON Nothing and Fall for
. Million.
| We are afraid that some of our contempora-
rles do not do justice to the merits and
achievements of our friend, the head of the
famous buchu banking house that failed the
other day. There is selfish assiduity on the
part OF the writer's for the press as to the
exact condition of his assets. Have we not
the assurance of the Morning Pantry Echo.
that eloquent and unwavering supporter of
the administration, that no house, not even
Rothschilds' or Barings', could have stood the
run upon its credit that unfortunately came
| upon this honored firm? Do we not learn
| from an elaborate and scientific article in the
| Buchu Financial Examiner that the whole diff
| Guilty came from 'the movement of wheat"
from the Black Sea to the Atlantic coast; that
there were scientific and business problems in
volved in this movement calculated to destroy
any firm? Are we not aware that this house is
the chosen financial agent of the administration,
selected by Mr.. Boutwell, after convincing
himself that there was something rotten with
the house of Barings and in English banking
SCacIuly-du uDStuCc VI tuCSt SuDUe 0uu
metaphysical principles which have SO long
marked the business career Of the honored
Buchu? Do we not know that the real cause
of the failure rs described in touch
ing terms to our reporter by the
eloquent Buchu himself, was the aggre-
cation of assets, the surplus of values, the
necessity of doing too much business? Do
We not understand that the last load will sink
the ship, the last cartridge burst the gun, the
last straw break the camers back? Should
we not generously, patiently inquire into the
philosophy of the success OF the illustrious
Buchu and learn wisdom from it, rather than
mock him in his fall and distress his noble
soul with appeals for money?
For as we learn from the Morning Pantry
Echo, SO ably edited by our friend John
Thomas Yellowplush-own brother to the dis
tnguished author of that name-no man has
been more loyal to the republican party than
the famous Buchu. Others have proved false
in the time of trial Rich men, claiming to
be republicans, have failed to support the
party and subscribed meagrely to the cause.
But Buchu has ever been liberal. 1t was
enough for him to know that the republican
party was in power and that Grant was Presi-
dent President in possession is always
strong point to the Buchu mind. It seems
only yesterday that his eloquent voice was
denouncing the HERALD for its course on
Cnsarism, and demonstrating that this journal
had been purchased by democratic gold, and
proving that there was no assurance of con-
tinued prosperity for the United States unless
Grant was chosen President third time.
Why such loyal man should fail shocks us
and exhausts the rhetoric Of our sympathizing |
friend Yellowplush. So much loyalty needed |
better fate. Was he not member of the last |
republican Convention, chairman of the Com
mittee on Resolutions and candidate for the |
Office of Mayor? Who more eloquent in the
Committee of Seventy, at the Union League
Club, in the antechambers of Long Branch?
Was he not known all over Europe as the one
banker whom Americans loved? Barings
might fail or the Rothschilds go into in
solvency but behind Buchu was the financial |
strength of the United States. This conf
dence on the part OF the administration led to
the establishment of the Buchu London house,
and the advertising of Buchus name in all
European tongues as the guardian and repre-
sentative of the financial honor of the United
States Have we not read it in glarng black
letters in our Cologne Gazette and Vienna
Free Press, our Paris Figaro and Independence
Beige, feeling proud and happy to know that
over the folds of our Star-Spangled Banner,
wherever it foated in foreign lands, the name
OF Buchu was written as endorser and i
guarantee?
But there is this cold, forbidding fact: that |
if any citizen has money in Buchu's bank or
possesses any of Buchu's highly illuminated |
paper, wonderfully engraved-Buchu Senior |
in one corner and Buchu himself as vignette
in the centre-he must not be impatient for
his pay. Buchu fell one day. He had no
money but was s'overburdened with assets"
He had arisen in the war times. Before the
war he lived the life of modest clerk, and
counted shinplaster notes and passed them
over the counter to grocers and tailors. But
when we took to fighting and gold ran I'D and
down, and fortunes were made and lost in a
day, and we found ourselves begging from
German and Hollander for money to carry on
the WARRIOR money at any price-Buchu be-
came banker. He had no capital But money
was plenty in those days it came from print
ing press in Washington. And as the country
and nearly everybody in it was insolvent,
Buchu easily found credit. In those happy
days of shoddy and petroleum and gambling
in gold and cotton no capital was needed but
assurance. Of this quality Buchu was SO
largely possessed that could we make it legal
tender he would now be pre-eminently solvent
citizen. So he came upon Wall street suddenly
as ''a self-made man." loyal banker, and
uttered speeches in favor of the vigorous prose-
cufion of fha He cubccr,had IN +bo |