Part 4 (2/2)

This juvenile captain had nothing in the way of a chart on board except a small map of the world in Guthrie's Geography. He made the trip successfully. Later, when he became a rich Boston banker, the tale of this feat was one of the proud annals of his life and, if true, deservedly so.[47]

Whitney's notable invention of the cotton gin in 1793 had given a stupendous impetus to cotton growing in the Southern States. As the s.h.i.+powners were chiefly centered in New England the export of this staple vastly increased their trade and fortunes. It might be thought, parenthetically, that Whitney himself should have made a surpa.s.sing fortune from an invention which brought millions of dollars to planters and traders. But his inventive ability and perseverance, at least in his creation of the cotton gin, brought him little more than a mult.i.tude of infringements upon his patent, refusals to pay him, and vexatious and expensive litigation to sustain his rights.[48] In despair, he turned, in 1808, to the manufacture in New Haven of fire-arms for the Government, and from this business managed to get a fortune. From the Canton and Calcutta trade Thomas Handasyd Perkins, a Boston s.h.i.+pper, extracted a fortune of $2,000,000. His s.h.i.+ps made thirty voyages around the world. This merchant peer lived to the venerable age of 90; when he pa.s.sed away in 1854 his fortune, although intact, had shrunken to modest proportions compared with a few others which had sprung up. James Lloyd, a partner of Perkins', likewise profited; in 1808 he was elected a United States Senator and later reelected.

William Gray, described as ”one of the most successful of American merchants,” and as one who was considered and taxed in Salem ”as one of the wealthiest men in the place, where there were several of the largest fortunes that could be found in the United States,” owned, in his heyday, more than sixty sail of vessels. Some scant details are obtainable as to the career and personality of this moneyed colossus of his day. He began as an apprenticed mechanic. For more than fifty years he rose at dawn and was shaved and dressed. His letters and papers were then spread before him and the day's business was begun. At his death in 1825 no inventory of his estate was taken. The present millions of the Brown fortune of Rhode Island came largely from the trading activities of Nicholas Brown and the accretions of which increased population and values have brought. Nicholas Brown was born in Providence in 1760, of a well-to-do father. He went to Rhode Island College (later named in his honor by reason of his gifts) and greatly increased his fortune in the s.h.i.+pping trade.

It is quite needless, however, to give further instances in support of the statement that nearly all the large active fortunes of the latter part of the eighteenth and the early period of the nineteenth century, came from the s.h.i.+pping trade and were mainly concentrated in New England. The proceeds of these fortunes frequently were put into factories, ca.n.a.ls, turnpikes and later into railroads, telegraph lines and express companies. Seldom, however, has the money thus employed really gone to the descendants of the men who ama.s.sed it, but has since pa.s.sed over to men who, by superior cunning, have contrived to get the wealth into their own hands. This statement is an antic.i.p.ation of facts that will be more cognate in subsequent chapters, but may be appropriately referred to here. There were some exceptions to the general condition of the large fortunes from s.h.i.+pping being compactly held in New England. Thomas Pym Cope, a Philadelphia Quaker, did a brisk s.h.i.+pping trade, and founded the first regular line of packets between Philadelphia and Baltimore; with the money thus made he went into ca.n.a.l and railroad enterprises. And in New York and other ports there were a number of s.h.i.+ppers who made fortunes of several millions each.

THE WORKERS' MEAGER SHARE.

Obviously these millionaires created nothing except the enterprise of distributing products made by the toil and skill of millions of workers the world over. But while the workers made these products their sole share was meager wages, barely sufficient to sustain the ordinary demands of life. Moreover, the workers of one country were compelled to pay exorbitant prices for the goods turned out by the workers of other countries. The s.h.i.+ppers who stood as middlemen between the workers of the different countries reaped the great rewards. Nevertheless, it should not be overlooked that the s.h.i.+ppers played their distinct and useful part in their time and age, the spirit of which was intensely ultra-compet.i.tive and individualistic in the most sordid sense.

FOOTNOTES:

[40] ”Hunt's Merchant's Magazine,” 11:516-517.

[41] Allen's ”Biographical Dictionary,” Edition of 1857:791.

[42] Hunt's ”Lives of American Merchants”:382.

[43] Allen's ”Biographical Dictionary,” Edit. of 1857:227.

[44] Stryker's ”American Register” for 1849:241.

[45] ”The American Almanac” for 1850:324.

[46] ”An Economic and Social History of New England,” 11:825.

[47] Hunt's ”Lives of American Merchants”:139.

[48] Life of Eli Whitney, ”Our Great Benefactors”:567.

CHAPTER V

THE s.h.i.+PPERS AND THEIR TIMES

Unfortunately only the most general and eulogistic accounts of the careers of most of the rich s.h.i.+ppers have appeared in such biographies as have been published.

Scarcely any details are preserved of the underlying methods and circ.u.mstances by which these fortunes were ama.s.sed. Sixty years ago, when it was the unqualified fas.h.i.+on to extol the men of wealth as great public benefactors and truckle to them, and when sociological inquiry was in an undeveloped stage, there might have been some excuse for this.

But it is extremely unsatisfactory to find pretentious writers of the present day glossing over essential facts or not taking the trouble to get them. A ”popular writer,” who has pretended to deal with the origin of one of the great present fortunes, the Astor fortune, and has given facts, although conventionally interpreted, as to one or two of Astor's land transactions,[49] pa.s.ses over with a sentence the fundamental facts as to Astor's s.h.i.+pping activities, and entirely ignores the peculiar special privileges, worth millions of dollars, that Astor, in conjunction with other merchants, had as a free gift from the Government. This omission is characteristic, inasmuch as it leaves the reader in complete ignorance of the kind of methods Astor used in heaping up millions from the s.h.i.+pping trade--millions that enabled him to embark in the buying of land in a large and ambitious way. Certainly there is no lack of data regarding the two foremost millionaires of the first decades of the nineteenth century--Stephen Girard and John Jacob Astor. The very names of nearly all of the other powerful merchants of the age have receded into the densest obscurity. But both those of Girard and Astor live vivifyingly, the first by virtue of a memorable benefaction, the second as the founder of one of the greatest fortunes in the world.

COMMERCE SURCHARGED WITH FRAUD.

Because of their unexcelled success, these two were the targets for the bitter invective or the envy of their compet.i.tors on the one hand, and, on the other, of the laudation of their friends and beneficiaries. Harsh statements were made as to the methods of both, but, in reality, if we but knew the truth, they were no worse than the other millionaires of the time except in degree. The whole trading system was founded upon a combination of superior executive ability and superior cunning--not ability in creating, but in being able to get hold of, and distribute, the products of others' creation.

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