The sun., 1881-11-20
GOV. SPRAGUE'S MISFORTUNEs.
The Story OF n Colossal Fortune-How IL wns
Built Up and How Overthrown.
From hs Pioneer Press.

From hs Pioneer P,ess
| PROVIDENCE, Nov. 3-As l was sitting In
hesmoking room OF tho Narragansett Hotel this
attornoon conversin with prominent law
yer OF the city, observed my companion bow
to short. porty built. dark omplexioned gem
tieman who had Just entered the room. 1t
and questioned my companion as to his iden-
most noted man in Rhode Island to-day. He
has been Governor OF the State and a United
check for millions without impovershing his
credit. He Is tho originator OF that once popu:
lar saving. 1t will make the rich richer and
the poor poorer. sentence that was uttered in
the United states Senate. and which has been
quoted, perhats as many times 9,s;, as has any like
man who once politically owned Rhoio Isl.
and but who. through the changes that time
and riches and is reduced to that degree OF
penury known as shabby Genteel. His per-
a neIs o, fortuno haye kn5Wn Kim me for many
years. and am probably rs conversant with the
story OF his wrongs MS any man living. have
seen him when the question of money was but
secondary with him. aud now to-day he is in
comparative poverty. Tho troubles OF the last
face. He is acoinG last. and fear before the
cases In which he is interested are settled he
OF trouble Possesses u silver lining. and that it
iscradualiy rolling away.
capoSes sspsoa s an ar
ness. as Is attested by the success in which
no carried on tho enormous interests Of tho
Spraguo manufacturing concerns founded by
his father. and which have made millions OF
dollars i9r M their owners through his manage
in isss. erecting the irsI mill on a'.ts the .iie
story OF how Amasa acquired tho Inow-
edge for manufacturing calico is an in
StsHs SssS. 81 aos ' ana hnf SsHl aa
sands OF yards OF cloth in the vain en-
deavor to discover the great secret. Becom;
pS.fn II
attempts. but only more determined 10 possess
tho secret he went TO England wit the inten-
turers there at any cost. lie could not buy the
secret. however. and tho only way open to him
ehiilines day. and gradually work up until hs
could DO in position 10 steal the secret. Al last
he obt4lnel a position i'll the coloring room OF II
great Enslish print establishment. AND tho
secret was nis. He returned 10 Rhode Island
a prosperous Que and he aid the foundation Of
the Spragues' great fortune. In 1857 William
sprague assumed charge OF the property. which
was one OF great res possibility although scarce
On, Iho breakinG out OF the war sprague
reaped fortune Of many millions 10y the great
advance in prices. He placed his whole credit
at the Governments Disposal. and WAS the first
to send troops To ths war. which he fully |
equipped. Ater his term Governor he was |
elected 10 tho United States Senate aud il WIS |
whi!e holding this position. in 1873. that his |
business became embarrassed. tho principal |
cause being the failure OF the house OF Hoyt. |
SSpragus Il Co. Of NsG York. Tho assets OF the
sS'e.N'N'N
ties. and the creditors united in placing the |
property in the hands of trustee. X.chariuh |
all debts were dissolved. Three-quarters OF |
tue stock in tho Quidnick Company were owned |
Amasa Strague and William Spracue re-
spectivei, aunt. mot.ie ana brother 20 William.
THIS stucA was transferred rs coiatei al security
ior tho payment oi tho notes ei tue A. 4 W. |
SpraGue Manufacturing Company. and trust |
notes were Issued ana Placed under the control |
OF Chairc. An agreement WAS then entered |
into by which tho Quidniek Company should |
furnish tue materih. 10 carry on the A. X ".
Spra.ue Misunderstanding Company and sell is
goods, 1lr. Chaiee was appointed Treasurer.
while W!lianl spr.ue becane the i,resilent. re-
MAJ nin.. III that position until 1879. when his
rotations with Chaiee were of such "a nature as
10 render 4 imp9ssibio 10 continue longer AS
after taat William SpriGuo Vas not allowed to
Interfere vita the business.
, hen the SpraSue Manufacturing Company
nrst ialnd It's assets were worth sS.uUJO0O
more tihn It's llabil.tie Notes against the es-
tate were vaiuaI at par nj thAI time, but the
market value of The notes descended TO from
8 iAtsen 10 tw-ntY-sIx conIs on the dollar.
and. engaging Gems. Dutler ol Boston ana lrgor
oi Now lota and otiler lawyers. enlergd pet,
lor CtiHiees removal as trustee Ine petition
was continued. ami al last. und-r tha at-
Se l.. He OF tng nG' Cl;tinrE ieao'; Spr@Sa as
y aced CAatae. ana appointed j.. Il. CHa,s in
MS ulhcs, C.aire hni the QNa4i.. pcursrty
alta ,hed lor s1oJ.OlO 9Y Niii.Im j. kIus son,
the New lorA cotton brokers of WHOM Caa.ee
purchased cotton. the l.rm claim NJ tp.t tAo
U4idnieS Company owe thea ti4t SUN lur
cotton. Iho SpTa-ue ronce ma wrre-t p..ri b.
CGa!ra, who INTENDED To sell the.n ami c!ose up
tho Affairs. throwing lJ.Uij people out Of en-
pIuliarut. IHu cHsa it;'s been IL our courts tor |
u ion- time. and last Thurs iay ono pAA," ot 1t
was settled III the Suur-iiiu court. by wilru ;us
Oddnlck Company. which is thr Spr t-ues s,ill
b. enabled 10 tea! ~ UPWARD OF sl.JG0 Uao from
lha SpraEus estate"
Inen IOu tuiuA that the SurnEurs vii
regain tne iarEer portion OF Ia, II |
orc. largo iortuuef' | SAID.
les. do heausWers.i. Il think that they
VIII recover enough 10 star; tiien oucn moro on
Ihe ROAD 10 mhAe a fortune equal Ia thpt which
Ihry once pos ssesstl. ttt -. ~ tho rH-ttpy -faUr
Hid put hls heart and mad iuto The mater.
lie hts the ub lily 10 replace the SbrgGI" Hua-
lIA'turin. Interests IA tas i',.St4uG Nhlsu tl'Y
'hte oceupiod IN tue notwithstanding Np!l4.
LAT Tear 10 wld not. Tue tTuLu4" wu.ra te
las had with his VIC. Win vAi,a tue
" 'oie country Is acquainted gas greatly hu- |
inflated hlm, ani lac rs u.i ta' SAM man lie
1sea Nts. L. i,ct. L.s luG.y Iflu r. hasa
rodb,ei him morn thdu his money affair. aud
rii"r th1 is what i.as dIlcrn hItu ." t+e use
~ Iquur. However. LIre Ia aee him ouca
more paced uUoL las tret =, caGsidrc L.Ln TO
10 a man who has brun uuIustiy treated"
Iirnuiy az On 'iiY.