Great Fortunes, and How They Were Made

ss in the mind of man, find a perfect refutation in the career of the subject of this memoir, who

exploits, and that he owed the greater part of his success to the wise and beneficent institutions of the "New Land," as he termed it. In his own country he would have had no opportunity for the display of his great abilities, and it was

he hands of England. He was the youngest of four sons, and was born of Protestant parents. He was early taught to read Luther's Bible and the Prayer-book, and throughout his whole life remained a zealous Protestant. He was trained to the habit of rising early, and giving the first of his waking hours to read

and fatten it against harvest time. As that season approached, the village butcher passed from house to house to slaughter the animal, cure its flesh, or make sausage meat of it, spending, sometimes, several days at each house. This season brought Jacob Astor an abundance of work, and enabled him to provide liberally for the simple wants of his family; but during the rest of the ye

is misfortunes, his mother died, and his father married again, and this time a woman who looked with no favor upon the son. The newly-married pair quarreled continually, and the boy was glad to escape occasionally to the house of a schoolmate, where he passed the night in a garre

lentine Jeune in the rudiments of a plain education, and the tutor and the Protestant minister of the village together succeeded so well in his religious instruction that at the age of fourteen he was confirmed. Confirmation is the

btain money enough to pay for his tuition as an apprentice in any other calling. No workman in the village would receive him as an apprentice for less than fifty dollars, and fifty dollars were then further beyond his reach than as many millions in after years. The harvest was approaching, an

theless, he knew that the war could not last always, and he resolved to go as soon as peace would allow him. Meanwhile he wished to join his elder brother, who had removed to London, and was now engaged with his uncle in the manufacture of musical instruments. In London he thought he could acquire a knowledge of English, and save from his wages the amount necessary to pay his passage from England to America. He could reach some of the seaports of the Continent by walking. But he needed

ossessed of a good plain education, and a remarkable degree of common sense. He had no vicious habits or propens

rue German in his attachment to his home and family. This attachment he never lost. After providing liberally for

h for his purpose. The Rhine was not far distant from his native village, and this part of his journey he easily accomplished on foot. Upon reaching the river, he is said to have secured a place as oarsman on a timber raft. The timber which is cut in the Black Forest for shipment is made up into rafts on the Rhine, but instead of being suffered to float down the stream, as in this country, is rowed by

s-the largest sum he had ever possessed-and took passage in a vessel for London, where h

imself understood in that language, and some time before starting for America could speak it with ease, though he never could at any period of his life rid himself of his strong German accent. He was never able to write English correctly, but after being some years in this country acquired a style which was striking and to the point, in spite of its inaccuracy. England, however, was not a favorable place for acquiring information respecting America. The Colo

besides his ordinary wearing apparel, and fifteen guineas in English money, which he had saved from his slender earnings by the absolute denial to himself of every thing not essential to his existence. The way to America was now open, and he resolved to set out at onc

est was unusually violent, and the ship in imminent danger, he made his appearance in his Sunday clothes. In reply to those who asked his reason for so

aged to become a fur trader. He bought his furs from the Indians, and from the boatmen plying on the Hudson River. These he sold at a small profit to larger dealers, until he had accumulated a considerable sum for one in his position. Believing that he could find a better market in Europe than in America, he had embarked all his capital in skins, which he had taken to England and sold at a heavy advance. The proceeds he had invested in toys and trinkets valued by the savages, and was now on his way back with them, intending to go into the wilderness himself and purchase an additional stock of furs from the Indians. He recommended Astor to enter upon the same business; gave him valuable information as to the value of peltries in America and in England; told him the best way of buying, packing, preserving, and shipping the skins, and gave him the names of the leading f

advantages of the fur trade, and convinced Henry Astor that it was a fine field for the energies of his brother; and it was agreed that it would be best for the young man to seek employment in the service of some furrier in the city, in order that he might thoroughly learn the business, and familiarize himself with the country and its customs. To his great delight, young Astor learned that, so far from being compelled to pay

, as many of the trappers themselves. He is said to have been in his prime the best judge of furs in America. He appreciated the fact that no man can succeed in any business or profession without fully understanding it, and he was too much determined upon success to be satisfied with a superficial knowledge. He was resolved that there should be no detail in the business, however minute, with which he was unfamiliar, and he toiled patiently to acquire information which most salesmen in his place would have esteemed trivial. Nothing was trivial with him, however, and it is remarkable that he never embarked in any scheme until he had mastered its most trifling details. Few men have ever shown a deeper and more far-re

IRST TRIP

urney to that city for the purpose of replenishing his stock. The journey was long and fatiguing, and as soon as the old gentleman found that he could intrust the mission to his clerk, he sent him in his place. Ascending the Hudson to Albany, Astor, with a pack on his back, struck out across the country, which was then almost unsettled, to Lake George, up which he passed into Lake Champlain. Sailing to the head of the lake,

the peace of 1763, the French and English divided the control of the fur-bearing regions of America. The British possessions, extending from Canada to the unexplored regions of the North, had been granted by a charter of Charles II. to Prince Rupert

ng the natives, thenceforward entirely devoting themselves to the life of the trapper and hunter. These marriages produced a race of half-breeds who were especially successful in securing furs. The cession of Canada to England was a severe blow to the

dustry as gatherers of furs. To check the evil results of this irregular trading, a company was established in 1785, called the North-west Company. It was managed by twelve partners, some of whom resided at Montreal, and others at the trading posts in the interior. Their chief sta

y, and its field of operations was the country bordering Lake Superior, and that lying between the Mississippi and the Rocky Mountains. The compan

The Indian tribes continued hostile, being under English influence. No company had as yet been formed in the United States. Several French houses at St. Louis traded with the In

anadas, the Mackinaw Company in the territories of the United States-and the few American traders in the field had to rely on their individual resources, with n

and the announcement made upon the return of the expedition drew large numbers of adventurers to the west coast of America,

as not dismayed. He began business in 1786, in a small store in Water Street, which he furnished with a few toys and notions suited to the tastes of the Indians who had skins to sell. His entire cap

tlers, farmers, trappers, savages, wherever he could find them. He tramped over nearly the entire State in

towns, and predicted that one day they would be the centers of business and population. Particularly he noted the spots where Rochester and Buffalo now stand, one having a harbor on Lake Erie and the other upon

ty was managed by a partner, with whom he

ions which enabled him afterward to ship his goods direct to London, and draw regularly upon the houses to which they were consigned. He also made an arrangement with the house of Astor & Broadwood, in which his brother was a partner, by which

rneys made him acquainted with the trappers, and enabled him to win their good will. The savages sold their

position than her husband. She entered heartily into his business, doing much of the buying and beating of the furs herself. She was a tr

ness. It was of the greatest service to Mr. Astor. It enabled him to enlarge the field of his operations, and, at the same time, to send his agents on the

which he sent his furs to London, occasionally making a voyage thither himself. He manifested the greatest interest in the markets of the Old World, especially in those of Asia, and informed himself so accurately concerning them that he was

ys to fully comprehend his task, to examine it from every possible point of view, so that he should be prepared to encounter any sudden reverse, or ready t

back exercise and the theater, of both which he was very fond. It was only after he had amassed a large fortune that he ever left his business before the close of the day. Then he would leave his counting-room at two in the afternoon, and, partaking of an early dinner, would pass the rest of the day in riding

tor, "how much do you

te amount, at which the

e sufficient?" asked Mr. Astor, naming several

the reply. "Each one of t

you think e

sums in connection wit

re than any of them. I will not tell you how much I

said, bluntly, "Then you are a greater fool th

g this story, which he regarded a

rs. The house was plain and simple, but he was satisfied with it. He was now worth a quarter of a million dollars, and his business was growing rapidly. The fur trade was exceedingly profitable. A beaver skin could be bought from the trappers in wester

uld sometimes reach seventy thousand dollars, and the average gain on a lucky venture of this kind was thirty thousand dollars. The high prices produced by the war of 1812-15 were also in Mr. Astor's favor. His ships were all

ollowing revelation of the manner in which Mr. Astor found

ork in the month of May, with a cargo of perhaps $30,000 worth of ginseng, spelter, lead, iron, etc., and $170,000 in Spanish dollars. The ship goes on the voyage, reaches Whampoa in safety (a few miles below Canton). Her supercarg

, when it had paid duty of seventy-five cents per pound (which would be $400,000), amounted to $600,000. The

t four and six months-say for $700,000. In those years there was credit given by the United States of nine, twelve, and eighteen months! So that the East Ind

e notes could be turned into specie very easily, and the owner had only to pay his bonds for duty at nine, twelve, and eighteen months, giving him ti

fits. Then the cargoes of tea to New York would pay enormous duties, which Astor did not have to pay to the United States for a year and a half. His tea cargoes would be sold for good four

uld not sell, and the rest in buying property in fee simple. These leases, some of which have but recently expired, were extremely profitable. In his purchases of land Mr. Astor was very fortunate. He pursued a regular system in making them. Whenever a favorable purchase could be made in the heart of the city, he availed himself of the opportunity, but as a rule he bought his lands in what was then the suburb of the city, and which few besides himself expected to see built up during their lifetime. His sagacity and foresight have been more than justified by the

haser for cash was found at once, and this gentleman, after the sale, expressed his surprise that Mr

d dollars. I shall buy eighty lots above Canal Street, and by the time your one lot i

ations wer

ho survived her husband some years, Mr. Astor presented his claim. The occupants of the land were thunderstruck, but the right was on his side. The State of New York had simply robbed the heirs of their rights. There was no weak point in the claim. Having given defective titles to the farmers, the State was of course responsible for the claim; and upon finding out their mistake, the authorities asked Mr. Astor to name the sum for which he would be willing to compromise. The lands were valued at six hundred and sixty-seven thousand dollars, but Mr. Astor expressed his willingness to sell for three hundred thousand dollars. His offer was refused. In 1819, a second proposition was made to Mr. Astor by the Legislature of the State. He replied: "In 1813 or 1814 a similar proposition was made to me by the commissioners then appointed by the Honorable the Legislature of this State when I offered to compromise for the sum of three

Van Buren, on the part of the State, and by Thomas Addis Emmett, Ogden, and others for Astor. The State had no case, and the matter was decided in Astor's favor. Then the State c

e designed establishing a central depot and post at the mouth of the Columbia. He proposed sending regular supply-ships to the Pacific posts around the Horn. By these, stores were to be sent also to the Russian establishments. It was part of his plan, if possible, to obtain possession of one of the Sandwich Islands as a station, for from the Pacific coast he knew that the Chinese market for his peltries could be most conveniently reached, and thus the necessity for

us, the rights of self-government.' Even Jefferson's mind, wide as it was, could not take in the idea of a national unity embracing both ends of the continent; but not so thought Astor. The merchant saw farther than the statesman. It was precisely this political unity which gave him hope and chance of success in his worldwide schemes. When the Constitution was adopted, the chief source of apprehension for its permanence with men like Patrick Henry, and other wise statesmen, was the extent of our territory. The Alleghanies, it was thought, had put asunder communities whom no paper constitution could unite. But at that early day, when Ohio w

of Oregon and California, the constant communication by steam to the Pacific coast, render it easy now to feel the nearness of that region, and the oneness of the nationali

Mr. Astor was as anxious to do an act which, by building up the continent, should hand his name down to posterity as a nat

, however, and his partners and agents not only betrayed him in every instance, but sold his property to a rival British company for a mere trifle. His pecuniary loss was over a million of dollars, and his disappointment bitter beyond expression. When the enterprise was on the point of failure, and while he was still chafing at the conduct of his treacherous subordinates, he wrote to Mr. Hunt, the most faithful of all his agents: "Were I on the spot, and, had the management of affairs, I would defy them all; but

readiness which seemed like intuition. He was always careful of the present, but he loved to undertake enterprises which extended far into the future. He was a man of the utmost punctuality in all his habits. He rose early, and, until he was fifty-five years old, was always in his office before seven o'clock. His capacity for work was very great, so that, in spite of his heavy labors, he was always able to leave his office

ady supporter of the Whig party. Henry Clay was his personal friend, and his last donation to any political

en erected, and which were considered the finest in the street, and had then made a vow that he would one day build a larger and finer house than any in Broadway. He now set to work to carry out the plan he had cherished ever since. He owned the entire block on Broadway, between Vesey and Barclay streets, with the exception of one house, which was the property of a Mr. Coster, a merchant

he. "I have got all the other

e her the next morning. Mr. Astor was punctual to the appointment, and his offer was accepted by the good lady, who sai

ne could afford to exhibit such condescension after

ngs, and on their site reared the Astor House, then the largest and most elegant hotel i

tossing in the channel for many days. The great man was very sick, and still more alarmed. At length, being persuaded that he should not survive the voyage, he asked the captain to run in and set him ashore on the coast of England. The captain dissuaded him. The old man urged his request at every opportunity, and said, at last, 'I give you tousand dollars to put me aboard a pilot boat.' He was so vehement and importunate, that one day the captain, worried out of all patience, promised him that if he did not get out of the channel before next morning, he

d Astor, 'can't I insu

l the perils, endure all the consequences, only let him once more feel the firm ground under his feet. The gale having abated, the captain yielded to his entreaties, and engaged, if the other passengers would consent to the delay, to stand in, and put him ashore. Mr. Astor w

his?' asked

for ten thousand dol

one can

it is. My hand trembles so th

the ship, and I can not risk their property for a piece of paper that no one can read. Let

nsent to this mode of proceedin

nt of his estate to the hands of others. He was exceedingly fond of literary men. Irving was his friend, and Halleck his business manag

tive place, received a legacy of fifty thousand dollars for the benefit of its poor, and an amount in land and funds equal to four hundred thousand dollars was left to ce

e facility with which success may be won by patient and intelligent industry. In his capacity for grasping and carrying out an enterprise, in his prudent

xtreme with his own family, he was close and hard with others. He paid small wages to his employés and never gave more than the man bargained for, no matter what extra service might be rendered. He carried his econ

ed the greatest skill, determination, and courage on the part of the captain, and Astor acknowledged it, frequently saying: "If you had not done just as you did, I should never have seen one dollar of my money; no, not one dollar of it." This was the only ac

e could, and to keep nearly all that he got-those were the laws of his being.... He enjoyed keenly the consciousness, the feeling, of being rich. The roll-book of his possessions was his Bible. He scanned it fondly, and saw, with quiet but deep delight, the catalogue of his property lengthening from month to month. The love of accumulation grew with his years,

y Mr. James Parton. His friend Dr. Coggswell p

much of its original Vigor and brightness. Considering his extraordinary activity until a late period of his life, he submitted to the helplessness of age with uncommon resignation. When his impaired eye-sight no longer permitted him to read, his princip

gence. His deep, sunken eye, beneath his overarched brow, denoted the prophetic-it might almost be said the inspired-mind within. Although he lived many years beyond the age when the grasshopper is a burden, and was the victim of much suffering, he did not murmur, nor did he become unreasonable and peevish. H

be formed. It is a singular fact that Mr. Astor managed, in spite of the closeness which marked his operations, in spite of the small wages he

ptain. This gallant sailor, being notified by an insurance office of the necessity of having a chr

undred dollars to spare for such a purpose;

ou need not pay for it now; pa

ged higgling, authorized him to buy a chronometer a

the chronometer. He objected, averring that it was understood between them that the captain was to pay for the instrument. The worthy sailor recalled the conversation, and firmly held to his recollection of it. Astor

ew York, with a full cargo of tea, just seven days after the arrival of Mr. Astor's ship. Astor, not expecting another ship for months, and therefore sure of monopolizing the market, had not yet broken bulk, nor even taken off the hatchways. Our captain arrived on a Saturday. Advertisements and handbills were immediately issued, and on the Wednesday morning following,

paid for that chro

named Pell, a coachmaker. As he advanced in the world he lost sight of his friend. One day a young man called on him to ask

s your name

ll," was

, "I knew a man by that name once; he was a dear f

d the visitor,

our father? Why, he used to give me rides i

smiling as he recalled th

papers drawn, come here at eleven o'clock on Thursday,

s kept punctually

money about you? Well, no matter, Bruce will keep the lease till you come and pay. I've given you two thousand dollars, young man. Don't

upon him to solicit a donation for some charitable object. The old man took the subscription list, and, after examining i

Mr. Astor. Your son gav

dryly, "William has a rich

will bear in mind that the abo