American citizen., 1876-04-08
The Peruvian Railway King.

"Honest Harry Meiggs'' was one of
the well-known residents of San Fran
cisco, 90 years ago, an Alderman and
chairman of an important financial
committee. He was very pleasing in
his manners, and was immensely popu-
lar So much confidence was placed
in him that the adjective before named
was frequently used in conjunction with
his name, in the papers and elsewhere.
No one hesitated to put money in his
hands, for he allowed liberal interest.
Mechanics, clerks, wash-women, and
all classes-except, perhaps, half
dozen knowing ones-would rather de-
posit with him than in the savings
banks. He built blocks of stately
houses, a public hall, and costly
wharf But he was too enterprising.
The value of property fell with fearful
rapidity, the wharf lay idle, for it was
not in the business part of the city, the
rent of the hall scarcely paid the taxes,
and the other rents would not meet the
interest on the mortgages. Meiggs,
finding himself hopelessly involved,
borrowed right and left. Warrants up
on the City Treasury were issued by
him ad libitum. Some of these were
genuine but illegally issued, but the
signatures on large portion
were forgeries. Upon these
he raised money, giving them as
collateral. 1t is believed that he OBJ
tanned as much as 81 ZOO, 900 in fraud
ulent manner. He owed the banking
firm of Lucas, Turner & Co. CIV. L.
Sherman) $SO,OOO. Sherman alone felt
unsafe, and he succeeded in getting the
amount reduced to S25, ZOO, for which
they held a mortgage on the house OF
Meiggs, and $4,000 in city warrants.
The crash then came. 1t was found,
one fine morning, that Meiggs had
chartered a bark, which was in waiting
outside the harbor, and in the night he
and his family had embarked in her.
1t was afterward found that it had
sailed for Peru. 1t was believed that
Meiggs had about 100000 with him,
the balance of the million having been
used to hold up his credit until he could
make the preparations to leave. There
was great CONSERVATION in San Fran
cisco. Mr.. Webb (of Salem, Mass
was Mayor, and there was hurrying to
and fro, Council meetings, and gath
erings at the corners of the streets.
There was much real distress caused,
also, among people in moderate circum-
stances, but the nine days wonder was
soon over. Meiggs reached Peru safely,
and commenced contracting with the
Government to construct railroads. by
these operations in that and other South
American countries he amassed for
tune far up in the millions. Indeed,
some place it as high as twelve millions.
1t is said that an enterprlslnS wash
woman, who had placed 81, 200 in the
hands of Meiggs, hearing of his pros
perity, visited Peru, and her debtor not
only paid the 81, POO but the expense
her Journey both ways, and a handsome
sum in addition. 1t is stated that he
has paid up several other San Francisco
debts, but Gen Sherman has not seen
his $4,000 yet, though the Sl5,ooo
mortgage held good. Within two or
three years, Meiggs has longed to see
his native land, but dared not trust
himself in the United States. Money,
however, is a power not to be desplsed,
and by its judicious use he succeeded In
inducing the California Legislature to
ssremove his disabilities" and he can
now travel anywhere he chooses with
out fear of the consequences OF his
transactions of % years ago. He is Il
grand millionaire, and his daughter
figures in Washington as the "Pcruvian
hciress,''