Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-26
CHANGES OF FORTUNE.

Come Easy, SO Easy-The Sudden
Loss Of Suddenly Acquired Wealth.
From the New York Times. -
The changes of fortune during the past
few weeks in this city and other cities have
eeen such as to strike even those of us &C
customed 20 see the most sudden eleva-
tons and disasters among the "men of the
street, in New York. Two months ago,
in the view of the inexperienced, the great
Philadelphia bankers were the leading Ns-
tionRl oanking house of the country. They
had achieved an unexanpled success in
negotiating our National loans during the
war, and had, by their enterprise and skill,
not only enriched themselves, but done An
invaluable service to the National cause.
Had they been content with this honor and
with their own business, +. ey might have
retired with each member of the firm pos
sessed OF millions. Unfortunately the SEN
ior member of the firm was inspired with
the ambition-sn honorable ambition, too
--of doing for America what the Roths-
childs have done for Europe, and provid-
ing, by their own energy, the funds which
should supper enterprises Of q national
scope and importance. -
The house undertook a project which
many European kingdom would have
been unequal to--the connecting the two
oceans with another railroad, and opening
almost new continent to agriculture and
civilization. At one time aleading 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 perfectly
fair weather and good times he might have
carried the project through. But the 6nan-
cial storm came and all his large enterprises
were wrecked in q moment. Other in
stances of changes of fortune are quite as
striking. Mr.. Horace F. Clsrk's estate at
his death was estimated to yield an income
Of S! 900 day, aud TO be worth seven mil
lions. Now it is believed to be worth
absolutely nothing. The great Com
modore Stood st the head Of
the stock operators of the
Union, and controlled an enormous capital.
His position now, il current rumors have
auy foundation, is most perilous and awk
ward. Whether he weather the storm or
not, be has lost all prestige and influence,
and his vast apparent wealth has melted
like snow before the sun. He certainly has
not as yet INST his obligations, resting on no
collateral securities, to the Union Trust
Company; and many fear that bis own
tools and agents on the street will be left
with loads of stocks, to escape as they can.
Those who remember Mr.. Vanderbilts op-
eratioDs with his steamers to the Isthmus,
know that he is utterly Indifferent to public
faith and private contracts. He would leave
his credulous friends, as be would his
most bitter enemies, TO utter ruin ii he
could thereby escape himself. He is SIM
ply bold, able, inscriptions and selfish
stock speculstor and adventurer, and over
his ruin, when 1t comes, there viii be few
tears.
There are other and smaller disasters
throughout the community which inspire
moro pity. Men who have for years en-
loved ample fortunes and held high bust
ness position, and have used their wealth
wisely and well, find themselves suddenly
near an old age Of poverty, and their chill
dren driven to unaccustomed labor, through
no fault or neglect of their OVID, but from
the embarrassment Of others. Such ship
wrecks are the pathetic chances in the
1voyage of life" and New York business.
They excite no other feelings than those OF
sympathy and compassion. The fall OF
some of these men bring 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 Cd the verge OF
bankruptcy. Merchants with hundreds OF
thousands of the best secur ties can ALSO
lutely obtain no money upon them to meet
pressing demands, while their own creditors
in the rural districts CAD not or will not pay
their debts. Danger and difficulty sur
round every business man now, and the
chances of life put on their worst aspect.
The ole and weak break under the strain;
all classes feel the trouble, and care knocks
at every door.
1t is useless now to morslize over the dis
sster. The lessons will be read even by
the wayfarers of Broad street. Every one
dsbbling In stock speculation has had warn
ing enough. Irredeemable paper money
was known to make an atmosphere OF
gambling and venture. The explosion of
such dangerous operations has been predict
ed by every financier for the past ten years.
Nothing new or unexampled has occurred.
We might hope that the mad hunt for gain
| would be arrested for time by such great
disasters. But we are quite sure that il
will not be. What has been before will be
again. After the Vanderbits and Gould:
and others have vanished from the Ex-
change with ruined fortunes snd blsckened
regulations, other adventurers will appear
with new hope and coursge, and with more
| desperate schemes. Even the lesson of the
currency will not be learned. Wisdom, at
least in this mAtter, must wait to be justified
| of her children.
.rECDoTEUF observation-disclosures