The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1878-01-16
FRAGMENTS OF THE EARLY HISTORY
OF OHIO COUNTY.
by II. d. TAYLOR.
CHAPTER XXXVIl.

land was scarce more laughable "a. ce
than thus Kentucky banking scheme
proved 10 be. Every body wanted bank
stock. 1t was greedily taken, and the
banks organized, and their notes put IN
circulation. In the meantime the battle
OF Waterloo had settled the peace of
Europe, aud the close OF our war with
England rendered the United States a
tempting fed for the long pentup work.
shops of the world, aud we were flooded
and overstocked with foreign merchan-
disc.
To vend these overstocks Of goods
peddleIs irequentei the whole county.
took the notes of these independent
banks. and made regular raids upon
them until their small specie deposits
were exhausted. aud but two of those
hanks ia the whole State proved solvent,
and the notes of the balance proved al
entire loss to the country. and the mer-
rhants were among the principal suffer
ers.
In the meantime our Hartford ner-
chants had shipped the tobacco Of the
country tor several Years at highly re-
munerative prices This Increased ilS
pro ucti m Skilled as well as unskiled
hands were every where engaged in H.
culture aud preparation for 'marSet
which resulted in tremendous over
crop; much of which WAS of the lowest
grade ia qralIty. This crop Was eagerly
sought hy the merchants aud shipped to
New Orleans, but from the over>supply
on the market, prices fell to a most ruin>
Gus rate. aud perhaps the whole crop
including the immense amount of lower
grades. did not sell for enough to pay the
expenses Of sh'nment, inspection. com>
missions aud other expenses
These heavy losses from broken banks
and the low price Of tobacco fell so heavy
on the merchants that every store in the
place. save one, closed or suspended
business, and that was the house of 5. |
d D. Morton.
This firm was a striking example OF
The strange freaks OF the tickle GODDESS
of fortune, who shapes our ends regard
less 10 our best aims and efforts, educing
from seeming evil and disaster, success
aud fortune. The routine of n,erchan>
dising ia those days was as follows:
Merchants shipped their produce TO
New Orleans, sold out, bought bills OF
exchange on New York or Philadelphia,
and went round on vessels TO purchase
their goods IN Eastern markets The
year previous to the great decline in to-
bacco, the Mortons had been quite sue
cessiul in their shipments to New Or
leans, where they invested the proceeds
OF their sales in draft on some Eastern
house, aud went on TO lay in a large
stock Of goods. but on arriving there the
house on which their draft was drawn
had failed. The consequence WAS that
no goods were bought, AMI they had to
return TO New Orleans and get their
money out of the drawer OF the draft.
by a tedious course of law Thus while
their means we're locked up in the courts,
over which they were no doubt frelting
and Tuning at their ill-luck-their lel-
low merchants chuckling, no doubt. at
their good luck in monopolizing the tIade,
we're greedily running into ruin and DIS.
asler.
The Mortons, in the meantime, cha
grined at their apparent ill.lrck, ard
fearing the ultimate loss of their sus-
pended New Orleans debt, set about a
vigorous and vigilenl collection of their
home debts, and thus by the time the
panic and pressure set in. they had col
lected or secured the most Of their home
debt, and were ready with their capital
to take possession of the vanqulshed field
and monopolise the trade of the who'll
country for years afterwards, when they
divided their means, and Samuel Morton
removed to Palmyra, Missouri, William
Morton to IIardinsburg, and David
Morton 10 Greensboro Isaac Morton
stll remained at Hartford, where he had
little or no opposition for a considerable
period of time.
Several stores of small capital and
short duration occurred, but the first Of
any magnitude, was that of Richard
EHiott-he had been the cashier oil the
OH commonwealth bank at Hartford
from its commencement, WIS an excelN
lent fnancier, with indelatigable INDUS
try, shrewd, and pleasing in his manners,
he lrovcd to he the most successful mer>