Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1885-01-02
THE Chastity of Honor. =

way issued large amount Of bonds.
The reputation of the com pany induced
Barring Brothers, the London bankers,
Ito take q part Of Che bonds and recon-
mend them to their customers; Thus
endorsed, the boalds soon found pur-
ohasers among the customers Of the
bankers. Il = &'*.''
A few months otter the issue the rail
road company was discoy cred to be in a
bad financial condition. The discovery
caused great fall in the price OF the
bonds. 1t was generally believed that
neither interest NOR principal would be
paid. + i s5=
. Immediately t1pon the bad news
reaching London, card to the public
assured those who had purchased the
bonds on tho Recommendation OF Bar
ing Brothers, th4t both principal and
interest would be paid by the bankers.
We know notwhother this guarantee
was regarded in England as an ordi~
nary or an extraordinary act. But in
this country there were not wanting
those, such as ~.
the jinglng Of the guinea helps the hurt
that Honor feels"
who thought the bankers quixotic in
their notion of what recommendation
implied.
The transaction, however, is a good
illustration Of the working of what
scientists call the law of heredity.
The house of Barring Brothers was
founded more than one hundred years
ago, by John Barring, the son of a Luth.
eran minister. His honesty won tho
esteem of rich merchants who helped
him on in his business. OF Francis
Barring, his son and successor, called by
Lord Shelburne 1.-THE prince of mer-
chants" it was said that few men ar
rived at the highest rank of commercial
life with moro unsullied integrity"
One Of lis financial transactions reseln-
bles, in spirit. if not in form, the more
recent act Of his grandsons.
Joseph PAIGE, a friend OF Francis
Barring, had exhausted his fortune In
his old age, having no family, he WAS
very anxious to turn into ready mon
ey the reversion of an estate to
which he was hoir. For long
time his friend Barring urged
him to retain his rights; but, at last,
finding PAIGE resolved to sell, he bought
it for twenty thousand pounds. In few
weeks the original proprietor died, and
Barring found himself owner of property
for which he had expected to wait several
years.
Endowed with what Burke calls that
chastity of honor which felt stain like
wound" Barring sent his friend draft
for seven thousand pounds.
''This sum" he wrote, 1T is absolute
ly necessary for my peace OF mind should
remain without alteration"
Neither myself" he adds, "nor any
of my family will ever receive the return
of any part Of this sum, either now or
hereafter"
At the death OF Sir Francis, in 1910,
it was said, ''ho was the first merchant
in England: first in knowledge and
talent, character and oioulence."
The old banking house maintains the
reputation OF it's founders for "chastity
of honor" The law of heredity is illus
trated in this sensitiveness of the chill
dren when they feel their "honor grip"
Herbert Spencer says the Americans
show tendency to regard lightly dis
honest intentions in their business life.
It is true OF class, but not Of the whole
The best American firms have. like the
Barring Brothers, made the ''chastit; Of
honor the foundation of their success.
Only such firms o'ltlive their generation.
Youths Companion.