Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-22
A NfIsER,s MILLIONS.
They Cannot be Found After Hi
Wretched Oeath-Begging Money OF


They Cannot be Found After HIS
Wretchsd Oeath-Begging Money on
tina street.
BosroN. Fec. 2l.-A romantic story has
been brought 10 light by the death in New
York, two weeks ago, of man who, up
to some thirty years ago, was known in
Boston journalistic circles as musical
critic OF ability and a financial reporter OF
/ uncommon keenness, and also on the
| street as one OF the most misery, I'M
scrupulous, grasping OF usurious money
! lenders. James Henry Paine came OF one
| of the famous Massachusetts families, his
[ grandfather. Robert Treat Paine, being
| one of the signers Of the Declaration Of
independence. He was born in Boston
ABOUT 1912, on what was long known as
the Paine estate, and which then con-
sisted Of a large mansion with grounds,
lie was educated in the public schools.
ana about 1929 began business for himself,
and soon became musical and financial
reporter for the Post, and some years
later was employed by the Traveller as It's
1uancIal reporter. He inherited on reach
ing his majority a large property from his
fathers estate, aud began then mis- BUSH
ness Of loanlng money on the street at
high rates of interest. His habits even
at this time were misery. aud his person
al appearance was repulsiVe because OF
his slOyenly dress. He soon gained on
the street most unenVtabie nOtOrlety for
his practice of loaning money on stocks
and then bearing the stocks through the
columns OF the paper on which be was
employed SO as to keep bis securities as
long as possible while vigorously collect
ing his monthly per cents.
MEAN TRICK,
In the latter part OF 1854 Thomas j.
Tnt fn xxrhn ha had
in the habit OF lOanng money on ample
security in stocks. suddenly died, owing
Paine some S56, 900. This debt was
secured by good stocks, which were in
Paine's possession, but the next dav after
LobdelPs death, before the arrangements
tor his funeral were completed, Paine had
these stocks sold at a forced sale, and he
himself bought them in at a low figure,
applying the proceeds OF his loan TO Lob
deli. He was attacked in the daily press
in a series OF articles in which be was de-
scrbed as a ragged, misery, filthy old
shylOck. He hastily gathered together
his possessions, placed them in an old
wooden, hair-cOvered trunk, and departed
for New York. His brother, Robert Treat
Paine, said that he had no doubt brother
James carried awav in that old trap of a
trunk not less than $200.OOO or $500, 600 in
good securities, mostly bonds.
ARRESTED AS A vAGRANT.
Paine finally became so ragged and
filthy that he was arrested as a vagrant
and sent to the island. Some acquaint-
ances, who knew of his musical ability,
raised a purse OF some $50, secured his
release, and promised him a presentable
suit of clothes. Learning later that ne
was brother Of Robert Treat Paine, of
Boston, they drew upon that gentleman
for the amount, and he honored the draft.
subsequently it was known that he hired
a room on Canal street, to which no one
was admitted. He secured the room for a
small sum on account of his apparent
poverty. He paid his rent promptly, but
was never known to have visitors or
friends.
He grew so wretched and sank so low
that he was seen on the street holding his
hat and begging for pennies to purchase
TODD. He would buy an ounce of tea, then
secure from restaurant boiling water
with which TO prepare it, and this, with
his bits of stale bread, constituted. so far
as known, his food. After his miserable
death, on searching the rags which COW
cred his person, some 5000 or $500 were
found secreted in them, and this was all.
Horo arises the question. what hos be-
come OF his stocks, bonds and wealth
His brother, Robert Treat Paine, believed
that be was worth from 1000, 900 to ST.
000 600