Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1895-05-14
Was Written Eleven Years Ago By
the Late Edsc. s. Ja6rdy.
The Man addressed Had Been Hi.
Debtor but scas Released from
Part of the Debt.
Hoa0 That Was Subsequently Paid.

Hoao That Vas Subsequently, Paid.
The business changes which re-
Gently eliminated in the winding up
of the old and honored firm of E. S.
Jaffray & Co. are sincerely deplored
by everybody who ever had any
dealings with that house. The late
Edw. S. Jaffray was always looked
upon as one of the most upright and
reputable of New York's successful
merchants, and for years his firm
divided first honors in the wholesale
dry goods trade of America with the
houses of Clafiin and Stewart.
During Mr.. Jaffray's career the
historian can find hundreds of impor-
tant events and incidents which have
had great influence and bearing on
the subsequent commercial prosper
ity of New York. Prominent among
these were his business relations with
Chas. Broadway Rouss, then strug-
Cling dealer in small way, doing
business under more or less serious
disadvantages. This incident is of
great interest at this time because of
the coincidental occurrences of the
past few weeks and illustrating as it
does the remarkable changes which
time brings about.
In the early seventies, when Mr..
Rouss wanted supplies for his limited
stock in trade, he could not, as now,
draw upon his bank account for imme-
diate needs. He had to have credit,
among others he applied for and got
it from E. S. Jaffray & Co. The
time came when Mr.. Rouss found he
could not longer fightagainst the odds
that confronted him, so, like many
other men who have been placed in
the same position, he decided to pro-
tect his creditors as far as possible
by making general assignment
After a careful investigation his
creditors granted him settlement on
the basis of 40 cents on the dollar.
This was paid and Mr.. Rouss started
anew.
Success crowned his efforts, aud
later on, although absolutely und Ter
no legal or business obligation to do
so, Mr.. Rouss sought out his old
creditors and paid them the 60 per
cent. of the old debts, from which he
had been honorably released. This
unusual act of ultra honesty made a
great impression on Mr.. Jaffray and
resulte d in his writing letter to Mr..
Rouss, which is masterpiece in its
| way, and is now given to the public
for the first time. 1t is here repro
| duced in its original form, just as
it was written, eleven years ago.
In it Mr.. Jaffray makes references
nd comments which are of deep in
terest to men in all walks in life, and
the letter is therefore an invaluable
addition to commercial literature.
The bit of history it contains, per-
tanning to the failure of Cyrus w.
Field, its causes and results, is moi
generally known. Further on Mr..
Jaffray discusses business ethics in
so simple and direct manner that
every reader must be convinced OF
the excellence of his logic and the
justice of his deductions
So much for the letter.
OFFICE OF E. S. JAFFRAY & Co.,
New York, February 6, 1884,
G. B. RoUss, ESQ.
Dear Sir:
Your long and interesting letter OF
the 10 tn inst, enclosing a cheque for
one hundred dollars on account OF
your old indebtedness to my firm,
came to hand this morning, and
afforded me much pleasure.
1t must be most gratifying to an
honorable man, who from force of
| circumstances has failed in business
but who afterwards acquires fortune
to pay up the old debts.
In my long business career, of
over half century, / have only known
| of three or four instances of this kind.
The first was that of our brokers in
Wall Street, John G. Warren & Son,
who failed in 1884. owing to the heavy
fall in securities held by them for
their customers. All of their credi-
tors (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 cheque for the other 80
per cent, with interest. He explain
ed 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 high er, and that
thus they had really made no loss.
| Another instance is that of my
friend Mr.. Cyrus w. Field, who ow-
| ing to his devotion to the laying OF
the Atlantic Cable, neglected his
own business in paper, and had to
| Gail Vhau tho pahIa was auccasS-