The daily gazette., 1879-02-06
SPECULATIVE FARMING,

The ups and downs of American life
have seldom, perhaps never been Illus
trated on such an extensive scale as by
the history of NJ. l.. Sullivant,.. ,..the great
Illinois farmer, who died last weak a
pauper on all Ohio river steamboat, hav-
log but few months previous been the
owner OF farm eight miles square, Civ
ing employment to 400 men and 500
mules. Mr.. 6ullivant was no "kid glove"
farmer, either. He was his own over
seer, aud gave every detail of his gigantic
operations his own personal supervision.
Sullivant was born in Ohie in 1905,
and began life as the owner of good
farm there. When about % years old he
mar ed and went west to Vermillion
county, Illinois, where he bought large
tract of land, calling it Broad lands, i'm
proved and cultivated it, and gradually
made It one of the largest and most prof.
table farms intbe West. In 1868, how
ever, X All cheson Alexander, of Ken
lucky, (called "Lord" Alexander, the
famous raiser of shorthorns and racing
stock, and owner ofLexington, Asteroid :,
and many more OF the same soto being
raided dpon by the Confederates, came
over into Illinois and bou ght Broad ands
OF Snllivant, who was largely in debt for
other large purchas Of land which lie
had been making. SullivaLt moved upon
his new purchase, Sullivant township,
comprising $4,000 acres Of magnificent
prairie, besides several thousan acres in
another county, and began to clear, to
build, to improve, with his characteristic
fiery energy. He built great number Of
Tenant houses, and had all his farming
arrangements so planned as 10 economize
time and space in every possible way.
He raised only corn, and it was his be-
lief that that grain could be grown and
sold at profit for fifteen c,nts buslel.
His plowmen worked in gangs, often run
| ming oil $ rait furrows Of from two to five
miles in length, so as TO lose no time in
turning. At bis most prosperous period
on his Burr Oak estate he was out of all
debt save about $5S,000, against which
he held gilt-edge paper worth $l50.OO0.
But JUS. at this point the mania for spec
ulation seized him, and he ran heavily in
debt in order to improve and subdvide
his great estate into small farms, by the
sale of which he hoped to realize very
largely. lie borrowed half a million
dollars from single money-lender, Sc
curing the loan by trust deeds, mortgae
ed his personal property deeply, and bor-
rowed even all the money he had settled
on his wife. He paid ten per cent inter-
est and five per cent. commissions on
many of his loans, and for some time
paid 100000 year--the interest on a
million-in interest on his loans. Mean
time prices of land produce were declin-
ing steadily, aud the very basis upon
which Snllivant rested his speculations
had collapsed. A year ago Snllvant
made an assignment, his liabilities a.
mourning to S2,000,00e, and his princi-
pal creditor took his entire real estate,
the personal being entirely absorbed by
the chattel mortgages. Thus the great
est farmer IN Illinois came to the last pc
riod in his strange career. He would
have been a happier man, and might
have died rich one likewise, if he had
been content to stick to the "good farm
in Ohio"