El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-11-16
AN AMERICAN
MONTE CHRISTIE
Henry Meiggs Has Rather a
Remarkable Career.
he Left California Years Ago in Debt
But Went To Ssuth America,
Mher. Millions Were Amasstd.

NO tales OF the FORTUNES ""Nh
have been built up by North Ameri-
cans in the republics of Latin Amer1-
ca would be complete without refer
ence to the career of Henry Meiggs.
His operations in Chile and Peru from
the most spectacular story OF nnance
which South America has ever FURNISH
ed. and beyond doubt. mad ne Deeeh
granted but few more years OF me-
he would have died one OF the rlcnest
III not the richest, men in the Woriu.
To him the amount of money involved
in transactions cut no figure. ana ne
dealt in millions with less worry imam
ordinary people handle thousands
Henry Meiggs learned the lesson
of finance IN a school where large ng-
ures were common. AS young man
he PASSED through the Years when Gail
fornia was the worlds Eldorado and
gold was more plentiful in some sec
lions than was water with whlch 10
wash il. He rose to the crest of the
golden wave. and his fortune was esti-
mated then at several millions. me
time of reaction caught him loaded
with properties upon which he could
not quickly realize ready coin. and
with many others he sank before the
flood. not only losing his property. but
buried under an avalanche of debt
I'm October. 1854. Meiggs left San
Francisco not only ruined man. but
fugitive debtor.
For several years his whereabouts
were unknown and then word came up
from the South Pacific of the gigantic
operations then being engineered by
daring speculator named Meiggs- In
yestigations showed this to be none
other than Henry Neiggs. the man who
had fed from debt in California Then
Meiggs's creditors began to hear from
him and one by one the California
debts were wiped out. Even a wash
erwoman to whom he owed few dol
lars was sought ont by his agents. who
were instructed not only to pay the
Iong-standing laundry bill. but to add
enough gold to place the poor woman
forever beyond want. One lot of debts
Meiggs declined to pay until by a re-
adjustment the full amount of the
claims might be passed on 10 the orig
inal creditors. These were claims
which had been purchased for a song
by spectators when the first rumor of
Meiggs's South American success
reached the California coast. To the
cIamorous brokers he turned a deaf
ear. but declared himself ready at any
time to meet the full obligations with
interest IL he could pay the sum claim
ed into the hands of his original cred
itors. sFor a time the brokers held out.
but as Meiggs was safe from attack
they finally were Obliged to yield. and
the money for thousands of Meiggs's
debts was thus forced by him into the
possession of it's rightful owners
Meantime the South American for
tune had grown. Meiggs cleared full
million from a contract for the build
ing of Chile's first railway between the
port of Valparaiso and Santiago de
Chile
Next came the construction of
Peru's original railway line between
Mollendo and Arequipa. which doubled
Meiggss fortune. EVERY contract was
made directly with the government of
the republic wherein the road was to
be built Scheme after scheme. each
more gigantic than the other. was
successfully carried out Meiggs at
one time offered to build breakwater
at the mouth of Valaparaiso's harbor
if the Chilean government would give
him ninety-nine year lease of its
sheltered side Forty millions would
this venture have cost. but the prin-
cipal harbor of Chile would have been
rendered safe for all time. The Chill
cans feared Meiggss rapid strides to
wealth. and demanded large price for
the rental of the sheltered side of the
breakwater. even should the work be
done without cost to the republic |
Consequently. the project failed. and
today the wind-swept bay is without |
protection. |
I'm 1870 the financial world was
amazed by the magnitude of a contract |
entered into between Meiggs and the |
Peruvian government. This called for |
the construction of a complete Peru |
Wan railway system even TO a line /
crossing the summit of the Andes.
Meiggs was to deliver the lines ready |
for operation and receive the sum of /
one hundred and twenty-five millions
in gold. payable in installments. as the
work progressed.
AT first the money came PROMPTLY
then Peru was forced to borrow to meet
the Meiggs contract. and finally when
European loans could not be effected
Meiggs accepted the obligations of the
Peruvian government until he practi-
cally owned the republic Even the as
sassination of his friend. Colonel Bal
ia. then president of Peru failed to
Interfere with the railway plans.
FINALLY Peru could do no more and
Meiggss own fortune was tied up in
the building of the railways So for
lack OF money the work was stopped
Negotiations for a further loan from
Europe. with Meiggss assistance. we're
also consummated when in 1877 death
cut of the most remarkable career OF
any Yankee in South America. With
his death the loan negotiations failed
and then followed Peru's unfortunate
war with Chile. Until 1881 the Meiggs
railway operations slumbered. In that
year when peace came to the two re-
Dublics the firm of w. r. Grace & Co:
took up the Meiggs contract. and the
work has since been pushed intermit-
tently.