Life of Hon. Phineas T. Barnum

by The Life Of The Honorable Phineas T Barnum [Rtf]

  The twenty-five bouquets were made, And round the village sent; And to whom thinkest thou, my friend, These floral jewels went? Not to the beautiful and proud-- Not to the rich and gay-- Who, Dives-like, at Luxury's feast Are seated every day.

  An aged Pastor, on his desk Saw those fair preachers stand; A Widow wept upon the gift, And blessed the giver's hand. Where Poverty bent o'er her task, They cheered the lonely room; And round the bed where sickness lay, They breathed Health's fresh perfume

  Oh! kindly heart and open hand-- Those flowers in dust are trod, But they bloom to weave a wreath for thee, In the Paradise of God. Sweet is the Minstrel's task, whose song Of deeds like these may tell; And long may he have power to give, Who wields that Dower so well!

  CHAPTER XXIV. THE JEROME CLOCK COMPANY.

  FOUNDING EAST BRIDGEPORT--GROWTH OF THE CITY--THE JEROME CLOCK BUBBLE--A RUINED MAN--PAYING HONEST DEBTS--DOWN IN THE DEPTHS.

  In the year 1851 Mr. Barnum had purchased from William H. Noble, of Bridgeport, Conn., the undivided half of his late father's homestead--fifty acres of land on the east side of the river, opposite the city of Bridgeport. Together they bought the one hundred and seventy-four acres adjoining, and laid out the entire property in regular streets, and lined them with trees. A beautiful grove of eight acres was reserved for a park. This they intended for a nucleus of a new city, to be known as East Bridgeport.

  They then commenced selling alternate lots, at the same price as the land had cost them by the acre, always on condition that a suitable dwelling-house, store or manufactory should be erected on the ground within a year; that every building should be placed at a certain distance from the street; that the style of architecture should be approved by the sellers; that the grounds be inclosed with suitable fences, and that in all respects the locality should be kept desirable for respectable residents.

  A new foot-bridge was built across the river, connecting the new town with the city of Bridgeport, and a public toll-bridge, which belonged to Barnum and Noble, was thrown open to the public free. They also erected a covered drawbridge at a cost of $16,000, which was made free to the public for several years.

  They built and leased to a union company of young coach-makers a large manufactory, which was one of the first buildings erected in the town, and which went into operation on the first day of the year 1852.

  In addition to the inducements of low prices for the lots, the owners advanced one-half, two-thirds, and sometimes all the funds to erect buildings, permitting the purchasers to repay them in small sums at their own convenience. The town, under such favorable auspices, began to develop and to grow with great rapidity.

  No one of Barnum's schemes had ever interested him as this one did. He was willing to listen to any one who thought they had a project favorable to the advancement of the new city. It was the man's weak spot, and it was this weak spot which was destined to be touched once too often.

  There was a small clock factory in the town of Litchfield, in which Barnum was a stockholder. Thinking always of his beloved enterprise, it occurred to him at length that if the Litchfield clock company could be transferred to East Bridgeport, it would necessarily bring with it numerous families to swell the population. A new stock company was formed, under the name of the "Terry and Barnum Manufacturing Company," and in 1852 a factory was built in East Bridgeport.

  It will be seen how recklessly the owners of the site were spending money. They looked for their profits wholly from the sale of the reserved lots, which they felt sure would bring high values.

  In 1855 Mr. Barnum was visited by the President of the Jerome Clock Company, Mr. Chauncey Jerome, with a proposition that the concern, which was reputed to be very wealthy, should be removed to East Bridgeport. Negotiations were opened, and at last Barnum was offered a transfer of the great manufactory with its seven hundred to one thousand employees, if he would lend his name as security for $110,000 in aid of the company.

  He was shown an official report of the directors of the company, exhibiting a capital of $400,000 with a surplus of $187,000. They were in need of money to tide over a dull season and a market glutted with goods. The company also was represented as being extremely loth to dismiss any of their employees, who would suffer greatly if their means of livelihood were taken from them. The company was reputed to be rich; the President, Mr. Chauncey Jerome, had built a church in New Haven, at a cost of $40,000, and proposed to present it to a congregation; he had given a clock to a church in Bridgeport, and these things showed that he, at least, thought he was wealthy. The Jerome clocks were for sale all over the world, even in China, where the Celestials were said to take out the "movements," and use the cases for little temples for their idols, "Thus proving that faith was possible without 'works,' " as Mr. Barnum said.

  Further testimony came in the form of a letter from the cashier of one of the New Haven banks, expressing the highest confidence in the financial strength of the company. Barnum afterwards learned that his correspondent represented a bank which was one of the largest creditors of the concern.

  Barnum finally agreed to lend the clock company his notes for a sum not to exceed $50,000, and to accept drafts to an amount not to exceed $60,000. He also received the written guarantee of the President, Chauncey Jerome, that in no event should he lose by the loan, as he would be personally responsible for the repayment. Mr. Barnum was willing that his notes should be taken up and renewed an indefinite number of times just so the maximum of $110,000 was not exceeded. Upon the representation that it was impossible to say exactly when it would be necessary to use the notes, Barnum was induced to put his name to several notes for $3,000, $5,000 and $10,000, leaving the date of payment blank, it being stipulated that the blanks should be filled to make the notes payable in five, ten, or even sixty days from date. On the other hand, it was agreed that the Jerome Company should exchange its stock with the Terry and Barnum stockholders, thus absorbing that concern, and unite the whole business in East Bridgeport.

  Three months later Barnum's memoranda showed that the entire $110,000 had been used. He was then solicited by the New York agent of the company for five additional notes for $5,000 each. The request was refused unless they would return an equal amount of his own cancelled notes, since the agent assured him that they were cancelling these notes "every week." The cancelled notes were brought him next day and he renewed them. This he did afterwards very frequently, until at last his confidence in their integrity became so firmly established that he ceased to ask to see the notes that had been taken up, but furnished new paper as often as it was desired.

  But gradually the rumor that the banks were hesitating about discounting his paper came to Barnum's ears. Wondering at this, he made a few inquiries, which resulted in the startling discovery that his notes had never been taken up, as represented by the Jerome Company, and that some of the blank-date notes had been made payable in twelve, eighteen and twenty-four months. Further investigation revealed the fact that he had indorsed for the company to the amount of over half a million dollars, and that most of the notes had been exchanged for old Jerome Company notes due to the banks and other creditors.

  Barnum simply went to work, paid every debt he owed in the world, and--failed!

  The Jerome Company also failed, and in addition to absorbing Barnum's fortune, was able to pay only about fifteen per cent. of its own obligations. Of course it never removed to East Bridgeport at all.

  The failure was a nine-days' wonder all over the country. Never had Barnum achieved such notoriety. As he expressed it, he was taken to pieces, analyzed, put together again, kicked, "pitched into," tumbled about, preached to, preached about, and made to serve every purpose to which a sensation loving world could put him.

  Barnum declared that he could stand the abuse, the cooling of false friends and even the loss of fortune, but it made him furious to read and hear the moralizings over the "instability of ill-gotten gains." His fortune, if made quickly, had been honestly worked for and honorably
acquired, though envious people pretended not to believe it.

  CHAPTER XXV. THE WHEAT AND THE CHAFF.

  FALSE AND TRUE FRIENDS--MEETING OF BRIDGEPORT CITIZENS--BARNUM'S LETTER--TOM THUMB'S OFFER--SHILLABER'S POEM--BARNUM'S MESSAGE TO THE CREDITORS OF THE JEROME CLOCK COMPANY--REMOVAL TO NEW YORK--BEGINNING LIFE ANEW AT FORTY-SIX.

  But while misfortune reveals a man his foes, it also shows him his friends. Barnum was overwhelmed with offers of assistance, funds were declared at his disposal, both for the support of his family and to re-establish him in business. "Benefits" by the score were offered him, and there was even a proposition among leading citizens of New York to give a series of benefits.

  Every one of these offers Barnum declined on his unvarying principle of never accepting a money favor. The following correspondence is taken from the New York papers of the time, and will show the stand he took in the matter:

  NEW YORK, June 2d, 1856.

  MR. P. T. BARNUM:

  Dear Sir. The financial ruin of a man of acknowledged energy and enterprise is a public calamity. The sudden blow, therefore, that has swept away, from a man like yourself, the accumulated wealth of years, justifies, we think, the public sympathy. The better to manifest our sincere respect for your liberal example in prosperity, as well as exhibit our honest admiration of your fortitude under overwhelming reverses, we propose to give that sympathy a tangible expression by soliciting your acceptance of a series of benefits for your family, the result of which may possibly secure for your wife and children a future home, or at least rescue them from the more immediate consequences of your misfortune.

  Freeman Hunt, E. K. Collins, Isaac V. Fowler, James Phalen, Cornelius Vanderbilt, F. B. Cutting, James W. Gerard, Simeon Draper, Thomas McElrath, Park Godwin, R. F. Carman, Gen. C. W. Sanford, Philo Hurd, President H. R. R.; Wm. Ellsworth, President Brooklyn Ins. Co.; George S. Doughty, President Excelsior Ins. Co.; Chas. T. Cromwell, Robert Stuyvesant, E. L. Livingston, R. Busteed, Wm. P. Fettridge, E. N. Haughwout, Geo. F. Nesbitt, Osborne Boardman & Townsend, Charles H. Delavan, I. & C. Berrien, Fisher & Bird, Solomon & Hart, B. Young, M. D., Treadwell, Acker & Co., St. Nicholas Hotel; John Wheeler, Union Square Hotel; S. Leland & Co., Metropolitan Hotel; Albert Clark, Brevoort House; H. D. Clapp, Everett House; John Taylor, International Hotel; Sydney Hopman, Smithsonian Hotel; Messrs. Delmonico, Delmonico's; Geo. W. Sherman, Florence's Hotel; Kingsley & Ainslee, Howard Hotel; Libby & Whitney, Lovejoy's Hotel; Howard & Brown, Tammany Hall; Jonas Bartlett, Washington Hotel; Patten & Lynde, Pacific Hotel; J. Johnson, Johnson's Hotel, and over 1,000 others.

  To this gratifying communication he replied as follows:

  LONG ISLAND, Tuesday, June 3d, 1856.

  GENTLEMEN: I can hardly find words to express my gratitude for your very kind proposition. The popular sympathy is to me far more precious than gold, and that sympathy seems in my case to extend from my immediate neighbors, in Bridgeport, to all parts of our Union.

  Proffers of pecuniary assistance have reached me from every quarter, not only from friends, but from entire strangers. Mr. Wm. E. Burton, Miss Laura Keene, and Mr. Wm. Niblo have in the kindest manner tendered me the receipts of their theatres for one evening, Mr. Gough volunteered he proceeds of one of his attractive lectures; Mr. James Phalon generously offered me the free use of the Academy of Music; many professional ladies and gentlemen have urged me to accept their gratuitous services. I have, on principle, respectfully declined them all, as I beg, with the most grateful acknowledgments (at least for the present), to decline yours--not because a benefit, in itself, is an objectionable thing, but because I have ever made it a point to ask nothing of the public on personal grounds, and should prefer, while I can possibly avoid that contingency, to accept nothing from it without the honest conviction that I had individually given it in return a full equivalent.

  While favored with health, I feel competent to earn an honest livelihood for myself and family. More than this I shall certainly never attempt with such a load of debt suspended in terrorem over me. While I earnestly thank you, therefore, for your generous consideration, gentlemen, I trust you will appreciate my desire to live unhumiliated by a sense of dependence, and believe me, sincerely yours, P. T. BARNUM.

  To Messrs. FREEMAN HUNT, E. K. COLLINS, and others.

  And with other offers of assistance from far and near, came the following from a little gentleman who did not forget his old friend and benefactor in the time of trial:

  JONES HOTEL, PHILADELPHIA, May 12th, 1856.

  MY DEAR MR. BARNUM: I understand your friends, and that means "all creation," intend to get up some benefits for your family. Now, my dear sir, just be good enough to remember that I belong to that mighty crowd, and I must have a finger (or at least a "thumb") in that pie. I am bound to appear on all such occasions in some shape, from "Jack the Giant killer," Up-stairs, to the door-keeper down, whichever may serve you best; and there are some feats that I can perform as well as any other man of my inches. I have just started out on my Western tour, and have my carriage, ponies, and assistants all here, but I am ready to go on to New York, bag and baggage, and remain at Mrs. Barnum's service as long as I, in a small way, can be useful. Put me into any "heavy" work, if you like. Perhaps I can not lift as much as some other folks, but just take your pencil in hand and you will see I can draw a tremendous load. I drew two hundred tons at a single pull to-day, embracing two thousand persons, whom I hauled up safely and satisfactorily to all parties, at one exhibition. Hoping that you will be able to fix up a lot of magnets that will attract all New York, and volunteering to sit on any part of the loadstone, I am, as ever, your little but sympathizing friend, GEN. TOM THUMB.

  All the prominent papers published editorials and paragraphs full of sympathy for the great man's misfortune, the Saturday Evening Gazette of Boston breaking out in the following poem.

  BARNUM REDIVIVUS.

  A WORD FOR BARNUM.

  BARNUM, your hand! Though you are "down," And see full many a frigid shoulder, Be brave, my brick, and though they frown, Prove that misfortune makes you bolder. There's many a man that sneers, my hero, And former praise converts to scorning, Would worship--when he fears--a Nero, And bend "where thrift may follow fawning."

  You humbugged us--that we have seen, WE GOT OUR MONEY'S WORTH, old fellow, And though you thought our MINDS were GREEN, We never thought your HEART was YELLOW. We knew you liberal, generous, warm, Quick to assist a falling brother, And, with such virtues, what's the harm All memories of your faults to smother?

  We had not heard the peerless Lind, But for your spirit enterprising, You were the man to raise the wind, And make a coup confessed surprising. You're reckoned in your native town A friend in need, a friend in danger, You ever keep the latch-string down, And greet with open hand the stranger.

  Stiffen your upper lip. You know Who are your friends and who your foes now; We pay for knowledge as we go; And though you get some sturdy blows now, You've a fair field--no favors crave-- The storm once passed will find you braver-- In virtue's cause long may you wave, And on the right side, never waver.

  The editor of the paper was Mr. B. P. Shillaber, better known as "Mrs. Partington," and to him Barnum years later wrote to find out the author of this effusion. Mr. Shillaber replied as follows: CHELSEA, April 25th, 1868.

  MY DEAR MR. BARNUM: The poem in question was written by A. Wallace Thaxter, associate editor with Mr. Clapp and myself, on the Gazette--since deceased, a glorious fellow--who wrote th poem from a sincere feeling of admiration for yourself. Mr. Clapp (Hon. W. W. Clapp) published it with his full approbation. I heard of your new trouble, in my sick chamber, where I have been all winter, with regret, and wish you as ready a release from attending difficulty as your genius has hitherto achieved under like circumstances. Yours, very truly B. F. SHILLABER.

  The manifestations of sympathy from his fellow-citizens in Bridgeport gratified Barnum more than all the rest. The Mayor headed and more than 300 leading citizens signed a call for a mas
s meeting of sympathy.

  At the hour appointed for the meeting a large assemblage crowded Washington Hall, the principal hall of the city. Many people thronged the door, unable to gain entrance.

  Mr. Charles B. Hubbell, President of the Pequonnock Bank, was appointed President; Messrs. Charles Foote, Cashier of the Connecticut Bank; Stephen Tomlinson, President of the Farmers' Bank; Samuel F. Hurd, President of the Bridgeport City Bank, Hanford Lyon, Dwight Morris, E. Ferris Bishop, A. P. Houston, and Wm. H. Noble, Vice-Presidents, and Messrs. Samuel M. Chesney and Julius L. Hanover, Secretaries.

  Mr. Dwight Morris said that they had met for the purpose of expressing their sympathy with their former fellow-citizen, P. T. Barnum, in his pecuniary reverses. It was well known how much Mr. Barnum had done for Bridgeport. He had expended large sums to build up their city, had accommodated many of them with the means of securing themselves homes, and it was principally to him that they owed their present beautiful resting-place for the dead. [Applause.] The citizens of Bridgeport hoped that his misfortunes would soon pass away, and that he would ere long resume his position in Bridgeport, and among the citizens of Fairfield County. [Prolonged applause.]

  Mr. Wm. H. Noble read the following resolutions.

  WHEREAS, Our late neighbor and friend, P. T. Barnum, has become involved in financial misfortune which seems likely to be irretrievable, and to prevent his again residing in our vicinity--Resolved, That we as citizens of Bridgeport deem it an act of justice no less than a slight return for the many acts of liberality, philanthropy, and public spirit in our midst, which have marked his prosperity, to offer him our tribute of respect and sympathy in this the hour of his trouble.

  Resolved, That in his intercourse with us in the private and social relations of life, Mr. Barnum is remembered as a man of upright dealings and honorable sentiments--a kind and genial neighbor, and exemplary character, a beneficent philanthropist, and a most generous friend.