The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-08
GEORGE SMITHS FORTUNE.
England Collects More Than the
Price of a Narship on His Estate.
From the New York journal.

London, March 5.-Sir Michael Hicks
Beach, Chancellor of the Exchecquer in
Introducing the annual budget in the
House of Commons to-day, said he had to
collect $500, coo (about $450a00O from the
estate of one man, foreigner who lived
on Is shiiings 1913 a day in a West End
London club. That one person, he con-
tinued, had contributed to the exchequer
more than the cost of an ironclad.
The man referred to was George Smith
the Chicago banker, who died in the Re
form Club, London, on Oct. T. 1899.
As the death duty" on estates of more
than $1000030 is Z per cent this brings the
value of his estate as assessed here, some
where near $65,0O000
AS a great portion of Mr.. Smiths estate
had been decided away before the statutory
twelve months required under the law,
and therefore not subject to death duty. -
it is probable that Mr.. Smith was really
worth $100O0O,0G0.
George Smith came to this country from
London about sixty years ago. He was a
youth of small means but of settled de-
termination to make a fortune. In those
days many young Englishmen journey to
America inspired by a like ambition but
their system was less perfect than that of
George Smith.
Realized His Ideal.
81 shall go to America he told a Lon
don friend, t'make a fortune there, and
return here to build a palace and live at
leisure. That is my ideal"
The ideal he kept always before him
until he returned to England with the for
tune Then he substituted the Reform
Club, where he died, for the palace. He
demonstrated his theory that America was
the place TO make money, and England
the place to keep il.
He settled in Chicago in the beginning
of the period Of wildcat" banks. He en-
tered the private banking business with
performances that were as good rs his
promises. He made it a religious duty
to redeem any note Of one of his banks.
of which he organized many, the moment
the holder wanted it redeemed.
one of his concerns was in an almost in
accessible region in Georgia. Once the
banker, who was then in Chicago, heard
of an unfriendly movement in the South,
to present the Georgia bank notes for col
lection Smith was equal to the emer-
gency He shipped the necessary amount
of gold to the nearest river steamboat
landing, and had it transported from there
to the bank over the mountains on the
backs of mules.
The mule train arrived at time when
half the population of that part of the
South was ClamOrlng Tor It's money. Ihey
got it, But when some of the heavy de-
postors tried to buy mules of Smith as
a means of Transporting the gold to their
homes, he had none to sell. Consequently
most of the depositors declared that
Smiths notes were good enough for them
and went home fuH of confidence in the
bank.
ChicagO's Pioneer Banker.
Banker Smith was a heavy dealer in
Chicago real estate. 1t was there that he
his first bank-the first bank
In Chicagos history. lie also bought
much land in Wisconsin, where Milwau-
kee now stands. All his landed property
he sold in 1885, taking one-quarter cash
and the balance in notes. He went back
to Scotland, but returned during the
depression of the following year
and reclaimed his property.
For many years George Smith was the
financial Gibraltar OF the West. Chicago
had unbounded faith IN him. In the crude
state of industrial society of the time
where an adequate and sound circulating
medium was absent. he supplied the
want Paying everything he owed on de-
mand. he had no mercy on delinquent Gus
toners OF his bank. He would never al
low a man TO renew a note, but the mo-
ment IL was paid he would say:
by the by: could you not use a little
money I'm your business2'
Alexander Mitchell was for many years
1fr Smiths banking partnpr When in