New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-20
THE STORY OF HIS LIFE.

THE STORY OF HIS LIFE.
Mr. Thompson was born in Berkshire County, Mass,
In 1903 county noted for its rugged hills and for tho
many hardy sons 1t has produced, who, like himself
have been the architects OF their own fortune Ills
father farmer in comparatively easy circumstances
msiilled into the minds of his sons the maxim that
the only road to prosperity is through hard work and
plontv of IT, Young John remained on the farm until
he attained his nineteenth year. working with his father
in the summer and attending school during the winter
He ended his school days at the old lIadcy Academy
an institution famous seventy years ago. Al tie age
of twenty he became teacher at small salary IN
Hampshire County. After finishing his term he re-
moved to Albany, where lie took charge Of sclecs
school subsequently he was appointed agent OF Yates
McIntoshs lottery at Poughkeepsic, scheme legal
tied by the Legislature for the benefit OF Union College
His earnings Tor three years in which he was en-
pOyed by this firm aggregated something over %luOO'
and with this small capital he made his start In wall
street Prudent. cautious and wldc-awaEe IN all MS
business transactions, he succeeded in the course OF
few years, in swelling his $1,000 to $4,000. Then
realizing tic necessity for the establishment Of jour
nal giving Trustworthy information on the currency OF
the country which then consisted mainly Of state banh
issues be founded "ThOmpsons Dank-No'e Repor'e'''
This journal, which the pioneer in It's lne ana
accurate and Trustworthy in all it, reports, met with
great favor and became necessity IN every BANK
brokers' Office, countinghousc and stGo in the unite1
states. In time It's circulation went beyond 100000
copies per week.
Mr. Thompson's bold denuncIalon Of bad banking and
fraudulent issues of currency notes involved nm III sew
eral lawsuits. but in every instance he was VIC
torous in the courts. In his "reminiscences Il. says
about 1888 Moses Y. Beach, having owned 'Iho
SIM for several years was organizing wildcat banks
in Ney-Jcrscy Washington, etc. l exposed his ne
farious schemes in my 'Eank Note Reporter 10
got square with ne he attacked me in THE sun Al
an outrageous way calling all sorts Of hard names.
My lawyers ted ne that he was liable Tor heaVy
damages and advised me to enter suit. ala So ana
employed prince John Van Buren, the brilliant son
Of Martin Van BuIen, TO make the closing sPS!cn as
the tlial When the went 70 the jur, tiey save
brokers' odioe in Wall-st. The place was small
and unpretcatlOus, ana would serve only as an ante
room or cloak-room for of the large aud elegant
oiccs Of the latter day financial kings OF this FAMOUS
conreF and Indrer }hon the leading newspaper OF
XowYor The Battery and Bowling Green 1oe w fES
aa and commercial portion f Of the cy nome So
CITY Hall and almost entirely east of broadway Broad
ana Sd either 81 by brokers or bankers but Walt
then now was the money centre 81 tne cy dr
Of the county The JAY Gog So Of st fg ms way way
t HS marvel Of tie street and who BY his bold
tons COMMANDED the aMe3on oil sng Mr Lille
began business VIII small saP5 Ana .nmsb iew
took him, however and his wealth was swspt,
A. mat street i0S we're G those most Of john
w NggSes Co., Prime, Ward q King Corning Co. and
Rr AipT som 1s fS m Occupied T POSITION
In financial circles as Brown Brothers 90 now. ana
bTsn"sS but not TO be compared with the transactions
Of some Of the wall-st houses OF today tn, the
BaiToad Company the auctuatiOns In which under the
manpulations Of Mr. Little and Others afforded ample
scope for making ana losing fortunes Plain Capt1in,
Vanderbilt then unknown to fame. owned and sailed
a large sloop between New.York and Staten Island
John Jacob AstOr wns the richest man in the Elk
jay Gould wes baby, and Russell sage sidney Dillon
end other 1Es Of sG o wes the eabd Go TG bec
About year ago Mr.. Thompson dictated his book
VIII soon be published. OF the panic Of 1887 he wrote
distinctly remember that panic-hovng been already
Ave years Wall Street broker was Just ABOUT theh
starting nv "Bank Note and Commercial Reporter" The
immersion left permanently my mind was that the CHER
cause OF the panic GOnenl Jackson's speeie cir
cuar" which commanded that all public lands should DC
thcncefo;h paid for in specie There had D'en sueh
enormous speculation public ands-the operators buy
inc them at 81 % an aud selling item often at twenty
times that in State Bank notcs-thAt President
Jackson determined check it at least by making nothing
hut spcie receivable by the Government tor pubic ands
spcce was so that this Knocked the bottom ont OF
all business or the removal OF the Government
deposits from Nicholas Diddle's United States Bank In
1888 was stl important and ?.reaehng cause OF
that financial depression, but the speI oegah
the awful breakdown OF 1887.
In due time Mr. Thompson took the initiative In the
establishment Of the National banking system ana the
adonon of this great financial scheme by the Govern
mnt NAV be said have been almost wholly cue 70 ms
Efforts and advocacy At the beginning Of the C!vl war
ha forl aw the Disadvantages and per which would In
nvitoiy overale the cOlnry II stable and solid cur
rencv wore not provided. on the 18th OF june 1851 he
forwarded the following communication on this subject
10 President Lincoln and secretary chase AT that
Soe he deemed advisable for Mr.. Chase so TO shape
me finances and currency Of the country as 20 sustain
sn1cie payments and to the day Of his death believed
tbof fad this been promptly adopted
snecie payments could have been sustained all through
the war
To the President United States and the Secretary
OF tie Treasury.
e- IL appears 70 me the Government finances can
10 very adyantaCcousy aided and the people benefited by
,doptnr system Of Government currency the outlines
anlv Of which | will deneate in this communication:
/ Congress to empower the appointment Of Roard OF
Currency COMMISSIONER who ran act Independently or IN
CONJUNCTION with tho Secretary Of the Treasury.
p This Board have power to execute circulating
notes IN convenient denominatons made iedeanAhle Oh
demand in the city Of NewYork, and receivable for all
public dues. d. .,