The morning call., 1893-07-22
TONY DREXEL'S WILL.

body asked his neighhor what sort of
will he was likely to have made. The
document is now before the public and
speaks for itself. Mr.. Drexel died worth
thirty millions. which he bad made in the
banking business at Philadelphia.
He leaves a million dollars to the Ger
man hospital at Philadelphia and another
million to found an art institute. To the
Drexel Institute he had given two millions
in his lifetime, and it benefits by no legacy;
but there seems to have been an under
standing that his children were to add
another million to the existing endowment.
A sum not specified is beQueathed for the
purchase of a controlling interest in the
Philadelphia Ledger at the death of George
W. Chlds; but this seems to be rather in
the nature of a business operation than
benevolent bequest. Thus it may be said
that one-tenth of the estate, or $4,000, 900,
is left to charity; and that the remainder,
or S27 900. 900, subject to legacles of
81. 600 for son-in-law and grandchil-
dren, is TO continue invested in the houses
of Drsxel & Co. and Drexel, Morgan &
Co. for the benefit of his surviving chill
dren. This is the manner in which one of
the most level-headed men of the day has
disposed of an estate of thirty millions.
Whether a millionaire discharges his
duty to the place where he has made his
money by leaving ten per cent Of his for
tune TO charity may be debatable ques-
ton. In this meridian we have known
some millionaires who did not leave us
anything at all. 1t would seem that an
enlightened view of the real interests of
baiv ;,bt hou tpd
more generous distribution of the estate.
For. as the case stands. they inherit
twenty millions of dollars which are to re-
main as part of the capital of the Drexel
banking houses. Large as this sum is, it
may be lost in the vicissitudes of business.
The BaEings must have had as much at
one time in their business, and where is it
now? If it should chance that in the
revolutions of the whirligig of time
tile four great DreXel banking-houses
should be caught as the Barings were in
some unlucky operation. the survivors of
Anthony DreXel may perhaps wish that
he had left more money TO charitable uses
and a smaller sum, securely placed in
fixed investments, TO each Of them.
An excess OF riches is as detrimental as
poverty. When a man has more than he
can reasonably spend the surplus is
source OF annoyance and yeXation of
spirit. He cannot sleep nights for think
ing of Land rats ana water rats. water
thieves and land thieves. peris of sea and
perils of land" Visions of robberies, and
frauds. and forgeries. and failures. con-
tinually float before his eye. till he envies
his neighbor who has not so much wealth
h.
of millions are just as wearing as the
cares of the poor man who is concerned
about his grocery bill. They grow from
different causes, but their bitterness is the
same. The father who leaves his son five
times as much as he can possibly spend
dooms him to a life of anxiety. The pres
ent generation of Drexels will 60 through
just as much worry through fear Of their
fortunes taking wings as Tony DreXel
ever experienced when he was first begin
ming to pile dollar on dollar. Is there any
kindness or justice in bequeathing to ones
offspring such legacy of discomfort?
The happiest OF the benefciaries Of the
Drexel will are those grandchildren who
receive million in approved securities or
first mortgages. They will have all the
money they can use. They need deny
themselves no rational pleasure tor want
of money. They can live generously,
literally, enjoying the good things of this
world without stint, and able to relieve
the poor and succor the distressed. They
need not have a care beyond the choice of
bay or black horses for their carriage.
Financial storms will sweep over them
without impairing their appetite for din
ner. Revolutions may pass and they not
lose an hours sleep. Ii the old million
aires sons had been restricted to similar
allowances they would have had better
prospect of happiness. and the sum be-
queathed to charity might have been five
times as large as it is. Their fate now
will be that Of other millionaires. who
work as hard at their offices as clerks at
800 a month. How much comfort they
will take out of their millions may be in
ferred from the recent story of Russell
Sage. He is worth not less than fifty mil
lions, but he has lately lost few hundred
thousand on his puts and calls, and accord
ing to the papers he goes home every day
in worried state Of mind.