The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-06
A FINANCIAL WIZARD.
The Spectacular Career of Henry
Meiggs.


10 tale of the fortunes which have
been built up by North Americans in the
republics OF Latin America" says Doug
lass White in Ainslees, would be com
plete without reference to the career of
Henry Meiggs. His opera tfons in Chilli
and Peru form the most spectacular
story of finance which South America
mas ever furnished, and beyond a doubt
had ne been granted but d few more
years of life he would have died one of
the richest men, if not the richest man.
in the world. To him the amount OF
money involved in a transaction cut no
figure and he dealt in millions with less
worry IMAM ordinary operators handle
thousands
Henry Meiges learned the lesson Of
finance in school where large figures
were common As young man he pass
ed through the years when California
was the worlds FL Dorado and gold was
more plentiful in Some sections tan was
the water with which 10 wash it, He
rose to the crest of the golden wave and
his fortune was estimated then at sew
eral millions. The time of reaction
caught him loaded with properties upon
which he could not quickly realize ready
coin. and with many others he sank be
fore the flood, not only losing his prop
erty. but buried under an Avalanche Of
debt
IN October. 1854. Meiggs left San
francisco not only ruined man. but
fugitive debtor.
For several years his wherea bouts
were unknown, ard then word came ~
from the south Pacific of the gigantic
operations then being engineered by a
daring speculator named Meiggs, Inves-
tigatiOn showed this 10 be none other
than Henry Meiggs. the man who had
fled from debt I'm CalhorAia Then
AfafEaE' creditors 1fr-arr IN
him, and one by one the California debts
were wiped out Even a waSherwOman
10 whom he owed a few dollars was
sought out by his agents, who were in
20 pay not only the long stand
ing laundry bill, but TO add enough gold
20 place the poor woman forever beyond
want. One lot of Gebts EIeiges declined
10 pay until By a readjUs ment the full
amount OF the claims mis- hit be passed
to the original creditors. These We're
song by spectators when the first ru-
NOR of Meiggs' South American success
reached the California coast To the
clamOrJus brokers he turned a deaf ear,
but declared himself ready at any time
10 meet the fun obligations, with inter-
est, il he could pay the sum claimed into
the hands OF MS original creditors. For
"a time the brokers held out but as
Meiggs was safe from attack they finally
were obliged 40 yield and the money for
forced by him into the possession of its
rIghtfUl owners.
Meanwhile the South American for
tune had grown. Meisgs cleared full
million from a contract sor the building
OF Chilli first railroad between the FORT
Of Valparaiso 8nd Santiago de Chilli.
- - -
Next came the construction of Peru
original railway line between AfoUendo
and AreQuira, which doubled Meiggs'
fortune. Every contract was made di-
ecuy with the government Of the r.
pub ic wherein the road was 20 be built
scheme after scheme each more gigantic
than the otner. was successfully carried
out Aieiges at one time offered to build
q bFeakWater at the mouth of Valpa-
raise $ harbor If the Gillian government
would give him q ninety-nine-yea lease
)f its sheltered side. Forty millions would
Ibis venture have cost. but the principal
larb0r OF Chilli would have been rendered
safe Tor ali time. The Chilians feared
Meiges rapid strides To wealth and de
uaudeQ "a large psice for the rental or
-he sheltered side Of the breakwater.
even should the work be done without
cost 80 the republic. Consequently the
project failed. and today the wind swept
nav is without protection.
"lu 1870 the financial world was
mazed by the magnitude of contract
entered into between Meiggs and the
Peruvian government This called Tor
he construction Of as complete Peruvian
'ailway system. even to a line crossing
Inc summit OF the Andes Meiggs was TO
ieliver the lines ready for operation and
receive the sum OF Sl25.000000 in gold,
payable in instaliments as The work pro
crossed.
AT first the money came promptly.
hen Peru was forced 20 borrow to meet
he Mclggs contract, and finally. when
European loans could not be effected.
Neiggs accepted the obligations OF the
Peruvian government until he practically
lwned the republic. Even the assassina-
Jon of his friend, Colonel Balt3, then
president of Peru. failed to interfere
Fitn the railway plans
Finally Peru eoul5 do no more, and
deiggs own fortune was tied up In the
money the work was stopped. $egot.a-
IONS for a further loan from Europe.
With Meiggs assistance. were almost
'onsummated when. I'm lSU, death cut
fh the most remarka Gle career Of any
anKce i'm South America. With his
leath the loan negotiations failed, AID
hen followed berus unfortunate war
with Chill Until 1854 the Meiggs rail- I
way operations siumbered. In that year
when peace came 20 the two REPUBLICS {
he firm of w. r.. Grace & Co. took up /
DE Meiggs contract
I'm spite Of his success Meiggs never /
'cvisited the state of California. His
rials there seemed to have created in
him AN aversion for the place. Even q
resolution passed by the California legis- !