Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1888-10-06

eAo AN VI u
er:y-Why II Il So Frequently Held
"in Trust"
The early part Of the century, from
lSl2 down TO 1S4S, was the era when
many of the later m~illionaires were either
young men just beginning at the lower
rounds OF fortunes ladder, or had ascend.
ed the Xrst most difficult steps Of the
same, and began to see the prospect of in
dependence within satisfactory reach.
Some were of Boston origin, but many of
these men had started ont of homes Of
large families on some New England hill
side, or in the small towns where progress
was just beginning TO change the PRINT
i've orderof things TO more modern methods
and conditions. Sturdy and rugged, In.
ured to hard labor, and early taught
economy IN the school of actual expert
ence, with q fair amount Of schooling,
sich as 1t was-and 1t was good and
thorough as far as 1t went-and a. light
heart and scanty wardrobe, these boys
went out in the world to seek their fort
une. Many Of them found it In Boston,
where from the humblest capacities they
rose to be heads Of mercantile, manu-
featuring and other enterprises Of q char.
acter and extent that were simply sur
| prising. They became simply active
Instruments In the development of the
business and resources Of the country
when the railway system began to make
available their wonderful extent and
| riches.
To this class Of I'D v~enturous, industri-
Gus and successful men of affairs came
! riches and possessions of various kinds,
among them being real estate In the best
business and residential sections of the
growing city. Some, more clear headed
than others, went more largely into the
acquisition Of real estate, judging that,
with the inevitable large Increase In pop.
u~lation, land must become very valuable.
Events justified their yldgment. Some
Of these men returned to their early
homes for wives, but the majority of
them obtained helpmeets from among the
families Of their new homes. Children
| were born TO them, for IL these days it
had not become questionable to have fam
lilies, and In cases large ones at that.
These children had to be educated in q
way superior TO that of their parents,
and In the course of this process acquired
! new tastes ard habits. The sons, espe-
cially, must have q college course, with
oil that that often means TO the sons Of
rich men who have large expectations.
OF course 1t was not alone the sons of
men who had come TO Boston TO seek a
fortune that filled the colleges. The
early BOstonians were also thrifty and
money making, and raised large families,
and left extensive estates. Many of their
sons, as well as those of the former, In
hcrited enough of the paternal energy
and ambition 70 impel them to go into
tLoir fathers counting rooms and be
come, III turn, great merchants or man
ufactuIcrs; and it Is to the credit Of
some Of these families that even up TO
tho present day their representatives are
10 be found In conspicuous positions
either IL trade or Ia tue learned profes-
! S!onS.
But i. often happened that where the
soIf3 Of wealthy parents settled down TO
trade the %grandsons did not, and In time
we find old familiar names fading out from
the activities of our city, to be replaced
by new ones. 1t Is, perhaps, u fact that
the majority Of the SONS of our wealthy
people are little heard of after college
graduation. Many Of them have a dis.
taste for trade; Inany choose professions
whore they only loiter among workers,
having no real incentive, Lacking anlbi
klbAA, W "OJN, nIliO III DtOoIAlS ultLS
educated nobodies, with a strong tendency
to live eHtravNgantly, and spend all the
money They can command. The fathers of
these d~runes, noting their unwilling
ness or i~ncapacity for business affairs,
viii not leave them the control Of
property which they do not know how to
manage, and, therefore, In their wills,
leave their property IN the trust of men
or corporate bodies III whom they have
confidence, for tine benefit Of these heirs,
with, perhaps, roversion 20 their children.
The incomes derived support these men,
and, If they marry, their families. III good
style. In some cases these legatees, hav-
ing scholarly or artistic tastes, go abroad.
live and bring up families Of un-Ame,ican
children la England or on the continent Of
! Of Europe. Cases of this kind are not In
frequent.
Then there Is the matter Of sex In
descent, and as daughters constitute
about one.half the total Of the children Of
rich people, their provision is quite an
important factor In the creation Of
trust properties. Daughters of rich men
are much sought after by dashing but ad-
v~enturous wife hunters. Experience has
shown that to dover O wife in her own
control on marriage Is to practically give
her fortune to her husband, How to
guard this property for her own benefit.
and for that Of her children, is the con-
sideration Of the prudent father. In his
will, therefore, he leaves the daughters
share of his property IN trust for her ben
eft, or for that Of her children, with the
right Of reversion tothe latter In the event
Of her death, the husband to have no con
troll Of the same, and the income to be
paid directly TO her or to her children un-
der reversion. But even this careful
method was found defective. Where the
husband was unscrupulous and avaricious,
and the reversion to minor children en-
abled him TO obtain control of the prop
ertv as their natural guardian in the event
of his wife's death, cases occurred where
death was fastened by cruelty and i'll
usage on his part. To offset this, a con-
siderable proportion OF the property was
In some cases left so that the wife could
dispose 10y will of the same, though not
otherwise dispose of 1t during her life.
There have been cases of trust and cqp-
fdence in sons in law, where the latter
have nobly carried out the wishes Of the
testator; but the temptation for a husband
to administer the property Of his wife for
his own benefit Is often so great as TO be
apparently irresistible. He can a%ppropri-
ate the income to his own uses, perhaps
squander it, and when the time for the
return Of his accounts TO the probate
court arrives he can obtain the necessary