Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-01-30

"Aleck" Mitchell became the financial pio-
neer of the northwest in 1889, when he was but
twenty-five. Milwaukee then had but 1. 200
population. The state OF Wisconsin had but
10000 people. Chicago was no larger than
Milwaukee and the latter seemed quite as
likely to become the great metropolis of the
west A cluster Of log houses among the
stumps, few roughly constructed docks along
the river and two or three ragged. winding
wagon roads leading out over the billowy prai-
rles-t these are the broad, strong lines in the
sketch OF Milwaukee at that time
He. people dressed in homespun
then ceased to carry his trusty rife about with
him wherever he went The Indian war
whoop echoed now and then over
the low bills along the Menomonie and
powder and lead were important staples in the
Scotchmen from his native Aberdeenshire
.Aleck" Mitchell chose this spot as the theater
Tor his great business career. That little
Scotch company in the half century that has
passed gave some great names to the business
world-Alexander Mitchell, John Plankinton,
George Smith, Peter McGeoch, John johnson,
William Young, c. J. kershaw. Chicago, New
York and London came to know these men as
powers in the domain of trade. But Aleck
Mitchell was king and leader of them all-even
more. His fatherliness toward the younger Of
these men was one Of the best illustrations of
his greatness. Again and again his helping
hand saved large enterprises Of their under
taking from defeat and ruinous failure.
Aleck Mitchell and George Smith laid the
foundations of the vast fortunes that survive
them by SOW and cautious operations under q
charter that Smith got from the Wisconsin
legislature for the Wisconsin Marine and Fire
Insurance Company. This charter did not au-
thorize them to do general banking business,
yet permitted them to receive deposits and
issue bills. So they did 8 large banking bust
and mt, pdarfa EA . sxsxx
business. That was tho era of wildcat bank
ing. The Mitchell bank, through all the wreck
and havoc Of that system Of finance was Q
tower Of financial strength in the northwest.
His notes circulated from Kentucky and Mis-
souri, to Manitoba In all the large west
ern cities were agencies for their redemp-
ton in gold. Within twelve years after
Mitchell and Smith started their bank had
nearly q million and . half Of notes in circuis-
ton. Not one ever went unpaid. In 1852, un-
large circulation and redeemed It. When the
war came and hundreds Of banks whose circu-
lation was based on worthless southern state
bonds went under "Aleck" Mitchell's strong
right arm was extended to support and protect
the solvent but necessarily embarrassed banks
Of the northwest He also went TO the aid Of
the state and sustained its notes in the face of
q popular clamor that in some places amounted
to riot Through his agency league OF the
sound banks in Wisconsin was formed and the
gtato tOOk tne nOtoo OF tnoo9 league banks IN
payment Of taxes and all dues and issued bonds
upon which the banks could base their circu-
lation.
II was but little while before the war that
"Aleck" Mitchell began TO turn his mind TO
railroad movements. The decade In which the
west had been cross-hatchsd with railroads
and her farmers nearly bankrupted BY mort
cages was ct its Close. There we're NO large roads
no great systema Railroad management was
yet TO b reduced 70 science. Having got
the railroads and put themselves almost ire
trievably in debt the men who had put in
their money did not know how to ave them
selves from compound los. Railroads heavily
in debt ran through stretches Of country
burdensd with city, town and county debt
Il was Ike Prssident Lincoins cat fight.
Debt begat Debt It was then that Aleck
Mitchell began to take up the obligations of
various small roads and acquire the properties
that ultimately formed tbs great system With
which his name was % long connected The
Milwaukee and 81 Paul road IVES incorporated
IN 1858 and the lesser roads consolidated under
that name. The Il Crosse and Nilvsukse vas
the first road sscursd-about 900 milea The
Milwaukee system today has something like
5000 miles Of track. From IL inception until
his death Alsxandse Mitchell was ~ president
Az n baking, his aeacity aad gsnsrslship
brought eenptets sossssA
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go Deaia1sA tsnseA "Alssk" Mf>shsu NJ