The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1873-11-13
cHANaEs OF FoRTuNE-
Come Easy, 60 ERsy-Tfae Sudden Loss of
Suddenly Acquired wealth.

Suddenly Acquired Wealth.
From thu New York Times.
The changes Of fortune durinps'tbe
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 cur 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-
ehilds 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 a project which
many a European kingdom would have
been unequal to-the connecting the
two oceans with another railroad, and
opening almost new continent to agTi-
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 r. Olark's estate at his death
was estimated to yield an income of 81
900 a 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
err t1rs 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 viii 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
bold, able, unscrupuIous 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 well, find them
selves suddenly near an old age of pow
erty, and their children driven to unac-
customed labor, through no fault or
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
we're supported by them. Thousands
of others are trembling on the verge of
bankruptcy. Merchants with hundreds
of thousands of the best securities can
absolutely obtain no money upon them
to meet pressieg demands, while their
own creditors in the rural districts can
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 and
weak break under the strain; all classes
feel the trouble, and care knocks at ev-
cry door.
It is useless now to mOralize over the
disaster. The lessons will be read even
by the wayfarers on Broad street. Eve
~ one dabbling in stock speculation
has had warning enough. Irredeema-
BILE paper money was known to make an
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 might
hope that the mad hunt for gain would
be arrested for time b,y snch great dis
asters. But we are quite sure THAT IT
will not be. What has been before viii
be again. After the Vanderbilts and
Goulds and others have vanished from
the exchange with ruined fortunes and
blackened regulations, other adventu-
rers viii appear, with new hope and
courage, and with more desperate
schemes. Even the lesson of the cur
rencv will not be learned. Wisdom, at
least in this matter, must wait to be JUS
titled of her children
PRIVATE LIFE IN COUNTRY VILLAGES.
The little villages that nestle down
among the Massachusetts, hills are
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