The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-04-29

The following story is told by the
Boston Commercial Bulletin Of a
financial operation by which 600 were
made to pay bills of Fl 900:
a financial transaction took place
during the war, at the Cape dc Verde
Islands, to accomplish which, with
the means at hand, required some
shrewd maneuyering and general
disposition to lend hand all around.
! 1t seems that Oh one occasion, during
the war, the Tuscarora, then cruising
In those waters in search of the Ala
bama and other crafts of that ilk, put
into little port in one of the above
named islands, out of coal, out of pro-
visions of many kinds, and. worse
than all. out of money. for the crisp
greenbacks which they had were not
looked upon by the benighted inhabi-
tants of that land as a legal tender.
Something must be done. The ship
had credit with the Barings, then the
Government S financial agents, and
the Captain had the authority to draw
for funds, but who was to cash over
f300 and the purchases already con-
tracted for amounted to nearly 4 round
thousand.
The Captain and the purser called
on the English Consul, who proved to
be we'll to-do and good natured in
dividual, possessed of some small
means and of the confidence Of the
little community in which he repre-
sented Her Majesty's Government. 1t
was arranged that he should 1T tnce
borrow every gold coin that he could
find in the island. This he proceeded
to do, and at the end of two or three
days he had got together about 1900.
Then the Captain drew on Barings for
this amount, in favor of the Consul,
who handed over the gold. about
enough to pay the coal bill The pay
master settled this and took his tripli-
cate receipts. Then the coal people
loaned the whole amount, EGO, to the
Consul, who again gave 1t TO the Cap
tain, taking another bill OF exchange
on Barring tor the same amount. This
time the paymasier had enough Tor
three or four bills, WHICH he settled,
leaving the gold b hind him, but was
followed about by the Consul, who
Immediately borrowed it again, only
to turn it over again TO the United
States officers, and take another bill
of exchange in return.
This made nine hundred pounds
BlilS amounting to some seventy hve
pounds remained; so. the last time,
the Captain drew on the exhaustless
Consul for round hundred, paid up
everything, and was about to leave for
his ship when complaint was made
that the Americans were taking gold
out of the island. Sure enough, the
Captain and Paymaster had kept the
change, some twenty five pounds, and,
to satisfy the public, the Invaluable
Consul drew his draft on Barings,
where he had not penny of deposit,
but on whom he had drafts for e1 600,
for just the amount, giving 1t IN re-
turn for the cash, which remained en-
the island
Thus the Tusearara was coaled
and provisioned for her cruise at an
expense of some 50. 900, without bring
ing dollar into port or carrying
dollar away. This is a long story, but
some of our fnascial G-iseacres, if
they study it intelligcntly, may get
from it some ideas and suggestions as
to the value of confidence and credit,
and as to the immense amount of
business that can be safely done upon
small basis, provided the basis is
sound