Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-05-08

1t must be most gratifying to an hon
orable man, who, from force of circum
stances, has failed in business, but who
afterwards acquires fortune, to pay up
the cid debts.
In my long business career, of over
half century, have only known OF
three or four instances of this kind. The
fret was that of our brokers in Wall
Street, John G. Warren & Son, who fail
ed in 1884, owing to the heavy fall in
securities held by them for their custo.
mers. All Of their creditors (our firm
among the NUMBER cheerfully accepted
so per cent. of their claims and the firm
went on in business. Two years after,
Mr.. John Warren called at our store and
handed us cbeque for The other 80 per
cent. with interest. He explained that
the securities, the fall in value Of which
had caused their failure, had been held
by them, and had risen TO their old price
or higher, and that thus they had really
made no loss.
Another instance is that of my friend
Mr.. Cyrus w. Field, who owing to his
devotion 10 the laying Of the Atlantic
Cable, neglected his own business in pa
per, and had to fail. When the cable
was successfully laid he sent every credi-
tor cheque for the balance due to him
with interest. That must have been the
happiest day of his life.
| need not mention any other instance,
and in fact there are very few that |
could speak Of.
Ny own view of this matter is this-a
man in business takes certain risks, and
these risks are an iuseparable part of his
business. He is prepared for losses as
they occur, and makes up his mind TO
them. When a man is unsuccessful in
business, and is unable to pay in full, he
compromises with his creditors, and is le-
galy released from his obligations. The
question whether he is morally released
is a delicate one, and depends much on
circumstances.
| held that man who has done his
best for his creditors, and has obtained a
legal discharge, is not morally bound to
pay the balance, unless he can do so
without seriously injuriug himself and his
family. If fortune should smile on him,
and he should acquire wealth, | think
that, in that case, it would be privilege
and happiness to pay off the old debis.
am very glad to hear of your present
prosperity, aud trust it will continue. In
this country, man of your business abil-
ity, and indomitable energy is bound to
succeed in the long run.
Yours sincerely
EDWARD S. JAFFRAY.
That letter was written in 1884. In
1895, when it is feared Mr.. Rouss is
threatened with retirement from his enor-
nous business by reason Of blindness, the
conditions existing eleven years ago are
almost Numerically reversed. The erst-
while successful firm of Z. S. Jaifray &
Co. is in the process Of liquidation,
while the business of Charles Broadway
Rouss has grown to such enormous pro
portions as to tax even his brain and en-
ergy to keep abreast of it.
When Mr.. Ja6ray died three years ago,
Mr.. Rouss paid the following editorial
tribute to him in the June COZ number
of his Monthly Auction Trade Journal.
The peculiar phonetic style Of that publ
cation is produced.
IMMORTAL JAFFRAY the great hi
minded, MAGNIFICENT MAN that he was
Que single sentence of the great number
of ulogies covered the whole history Of bis
caracter,-'HIs WORD WAS HIS BOND =
He emerged from the ruins of the great
fire in 1885, and on the 23d Of April he
fel-Ar THE ToP-from the ashes to the
azure"
Mr.. Jaffray was not the only one to
fully appreciate the honor bright Of Mr..
Rouss, for many other prominent mer-
chants wrote similar Acknowledgements OF
cheques to pay old debts that Mr.. Rouss
was under no legal obligation to liquidale-
The present establishment of Charles
Broadway Rouss is the finest and most
complete of its kind iD the world. In It's
departments almost every conceivable
product can be found. would sooner
undertake to enumerate what is not there
than to tell what is. Perfect discipline
prevails among the four hundred or more
employees, and everything moves like
clockwork. Among other features is a
completely appointed postofice to handle
the big mail which includes the Auction
Trade Journal, over which one hundred
thousand copies are sent out each month