The morning call., 1892-10-06
THE Task OF HIS LIFE.
w. [. Coleman Adheres to
His Solemn Vow.
SETTLING HIS OLD DEBTS.
The Ex-Merchsnt Prince of California Pro-
poses to Close His Ledger When
He Closes Life.

| w. L. Coleman, the ex-merchant prince OF
california, has made the liquidation OF an
Indebtedness he is not legally bounden to
pay the pleasure and task Of his declining
| years.
| In 1884 the business world was startled to
learn that w. r. Coleman & Co. had sue
cumDed to financial difficulties.
The firm. Of which Coleman was the sole
member, conducted business of almost I'M
pareileled magnitude in this State
Produce. canneries, mines, timber ship
ping, Eastern goods and host Of other
lines Of trade came within the scope of this
world-famed house.
1t had branches all over the East and En-
rope, and the business produced millions of
dollars and gave employment to thousands
Of men.
1t was thunderbolt when tho news of
the failure became public. Coleman himself
was bowed with grief.
The failure could not be ascribed TO his
lack oil foresight, but was the result OF Ifi-
posing Immense trusts on untrustWorthy
men.
anu the liabilities were found to exceed tho
assets by about % per cent, with millions
Weighing in the balance
Time pleaded Coleman, but his credi-
toTS were obdurate.
The assets were disposed of without
thought for their future value. After the
creditors had accepted their pro rata but
sight vestIge OF his once former wealth was
lett TO support Coleman in his declining
years.
When the creditors agreed to a certain
percentage on their claims. Coleman made
TINS remark to those Of them who were
gathered in his office:
Gentlemen. by the help Of Gods grace
ana II ! live. | will pay off every dollar l
owe, with interest"
This vow he made in the midst of his sore
distress. The ex-merchant prince is now
eDdeavoring to fulfill it, From the money
he realizes from the disposition of the prop
eIty left TO him, ". L. Coleman is paying
on an Indebtedness he is not bound in law
to settle.
During the past few months to a number
OF firms and individuals to whom Coleman
owed amounts when he failed he has
RENTED the balance due. They got their
percentage some years ago, but Coleman
as last as his resources would permit has
peen paying the difference, together with
the interest due
:, The amounts range from $50 to several
thousands. The once head of California
trade was seen at his office, 10 Fremont
street, yesterday by CALL reporter.
Inc weight of years is vlsibly telling
upon the man who figured in Nigilante
times, VINO was an Open-hearted and open
handed merchant and who was spoken of
not many years ago as a Vice esidential
candidate on the Democratic ticket.
We'll. now. don't like TO have anything
said about me, said Mr.. Coleman, with
wan smile. II am simply fulfilling what |
regard as compulsory moral obligation.
man must pay his debts Insolvency is
no shield for an honest man.
We'll, TO tell you the truth. am getting
on in years. 1t may be that | cannot pay
all, but my prayer is that | may live TO see
every one l ever owed paid in full and
with interest.
"As my money comes in from the sale Of
the assets remaining after the Insolvency
proceedings were closed / settle with some.
Ii L have big amount | give it TO some
large creditors. Small amounts | appor-
ton to the smaller ones.
Il hope that when | die / may close my
out against me.
Those who have not troubled me l will
pay first Those who think / must pay will
have to wait until the last"
1t is sad commentary on the perverse-
ness of human events when the Coleman
failure is taken into consideration.
The b0rax mines he owned and developed
were regarded as OF no account. They were
sold for mere pittance in comparison to
their worth
They now produce as much every month |
as they were sold for, and a years profits |
from them alone would have Inundated |
Coleman's entire Indebtedness.
But his creditors would not heed his adj !
vice nor his pleadings. They ruthlessly de- |
manded the sale Of the mines.