Making Haste to Be Rich! CHAPTER 9.
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Instead of tracing the course of Riddell, step by step, during the first five years that elapsed after his marriage, we will pass over that period of time, and see what progress he has made. When we left him, he was doing business to the amount of about sixty thousand dollars a year; now his annual sales are not less than a hundred and fifty thousand, and he is looked upon, by some, as one of the most shrewd, enterprising, and fortunate merchants tn the city. His style of living is costly and elegant, and he gives, every year, two or three brilliant entertainments. But we will look deeper than the surface. We will go with him behind the scenes, and let the reader see the wheels and ropes by which the beautiful and attractive movements designed for the public eye are made.
Those who closely observed Mr. Riddell at this time, saw that, amid all his prosperity, he was far from having a quiet spirit. At home, there was no sweet fireside circle; for matters of business so engrossed his thoughts and his time, that he rarely spent an hour, day or evening, with his wife, who loving him devotedly, pined for some more marked return of love than she ever received. It was evident that he rarely thought of the dear ones at home; his affection was not there, and where the love is not — you will rarely find thethought. Money projects — gain, gain, gain — engrossed every power of his mind. And yet, his wife was beautiful, accomplished, and devotedly attached to him, and his two children were as sweet young creatures, as a father could wish to fold joyfully in his arms.
But where money is the god we serve, there can be no divided worship. The man who is making haste to be rich, has neither time nor taste for pure domestic joys. Even while he sits by his wife, or holds his prattling boy upon his knee — he is thinking of the ways and means of getting gold. And thus it was with Riddell. Instead of being satisfied with the gain of this year, he was sagely anticipating the increased gain of the next. What he already had, was lightly esteemed, except as the means of helping him to get what he had not.
In "financiering" matters, Riddell had gone pretty deeply, and these were occupying a larger portion of his thoughts; more than could well be spared from his business. Besides being director in a bank, he had become President in an Insurance Company, which dealt in post-notes pretty extensively, and more or less intimately connected with several money schemes that had but little intrinsic regard to the public good, although apparently originated for no other end. All these he made subservient, as far as it lay in his power to do so — to his own interest. Partridge, he had found a shrewd schemer, and as bold as shrewd; walking erect when few men would venture to creep — and he trod fearlessly by his side, more the tool of the older and deeper schemer, than he for a single moment imagined.
One day, about the time we introduce Riddell again to the reader, he sat in the private room of Partridge, after dinner, engaged in earnest conversation, with the individual who had initiated him into the mysteries of "financiering."
"There is one thing that you must do, Riddell," said Partridge; "it ought to have been done years ago."
"What is that?"
"Assume more style."
"It costs me, now, five or six thousand dollars a year to live."
"That does not matter. Build or buy a fine house, and let some noise be made about it. This will impress the public more deeply with your substantiality than anything you can do. The reputation of having made a handsome fortune in so short a time, will give you a credit far beyond what you now enjoy, and, of course, the use of money at your pleasure."
"But think how much actual money a splendid house and a corresponding style of living will eat up. That must also be taken into the account."
"I am perfectly aware of this. But, don't you know that you can get back the major part of your money, by mortgaging your house, a fact that one in a hundred will not know. You may depend upon it, Riddell, it is of the first importance to you to put forth as many palpable evidences of wealth as possible. You know that everything depends upon your sustaining an unimpaired credit. Let a breath of suspicion blow upon that at any time within the next five years — for it will take at least that time for you to make your large credit rest upon a real basis — and you are gone!"
"Of that, Mr. Partridge, I am too well convinced," replied Riddell, with some seriousness of manner. "I sometimes think it would have turned out better for me in the end, if I had kept my business within a safer limit, and been content with getting rich more slowly, as well as more surely!"
"You remember that I cautioned you in the beginning, of the danger you would have to encounter," said Partridge.
"I know. But I was of too impatient a temper, to plod along slowly, adding cent to cent and dollar to dollar, like the mass around me. Money, I knew, was to be made rapidly, by those who had the foresight, the skill, and the boldness to work with the material which was around them."
"It will not do to look back now, Riddell. Keep your eyes steadily in advance, and watch narrowly the whole troop of approaching circumstances, or you will trip in a moment, when you least dream that an obstruction lies in your path. You have walked with steady steps thus far; do not falter now."
"Don't misunderstand me," said Riddell, speaking in a different tone. "I have really no wish to look back. I spoke from a momentary impression."
"Send back, instantly, all such impressions from whence they came. You must not, now, doubt, hesitate, or fear, for the space of an instant. You are treading a narrow path, but there is an El Dorado at its termination. Think of this, hope, and be strong. Take my advice, and build yourself a splendid mansion. Set about it at once. First purchase a good lot, and I'll get Gray to notice in his paper the fact that 'Franklin Riddell, Esq., one of our wealthy and enterprising merchants, has just bought an eligible site for a dwelling, and intends erecting thereon, immediately, a splendid mansion, which will be an ornament to our city.' This will have its effect. Then let your builder go to work, and as speedily as possible get the shell above ground, and be far advanced that the design can be seen. Another blast through Gray's newspaper, will tell, wonderfully, at this stage of affairs. Depend upon it, that by the time your elegant residence is completed, and you ready to take possession, with your family, your name will be good for just as much money as you may happen to want."
"But are there not men in the community who have shrewdness enough to see through all this?"
"Yes. And men who will see through it all; and, what is more, express their opinions freely."
"And ruin all."
"Very far from it. Few, if any, will believe them. Your architect, your builder, your workmen, will be paid promptly; and this cannot be done without money. The fact that the money is forthcoming at every demand, will be sufficient evidence of your ability. All that you have to do, is to be very sure that the channel through which the money comes is not seen. Mere talk does no harm. Mere suspicion hurts no one's credit. But once let the narrow basis upon which the latter rests be seen, and a breath may destroy it. The deeperand more concealed we work — the more surely will our ends be accomplished."
"But there is one thing to be considered," said Riddell, who was beginning to see things less clearly than before. In fact, Partridge had carried him on so rapidly for some time, that he had been unable to take accurate observation of the way along which he had come, nor fully to understand the nature of the ground upon which he was standing. "But there is one thing to be considered. Money, as you justly say, must be forthcoming, if I go to building. Forty, fifty, or sixty thousand dollars, abstracted from my present business and money operations, will inevitably swamp me, unless some new and enlarged sources for the attainment of capital are opened."
"I am aware of that. But your ability to get capital may be enlarged."
"How?"
"Let me divulge a new scheme over which I have been pondering for some months. I shall need your cooperation; but that cooperation will give you just what you want, larger money-facilities. Are you prepared for a bolder step than any yet taken?"
"I am, if it gives ordinary promise of a rich harvest."
"You shall judge for yourself. You are aware that the Eagleton Bank failed two years ago, and that its stock is not worth five dollars a share?"
"Yes."
"Its charter remains inviolate, and is perpetual. Luckily, no clause making the suspension of specie payment a forfeiture, was introduced. Now, I propose to unite with you and two or three others upon whom we can fully calculate, and get the whole of this stock into our possession. The capital is two hundred thousand dollars. As soon as we commence buying up the depreciated scrip, it will begin to rise, but will not reach above twenty dollars a share before we have nearly all of it in our hands. So that, for about twenty thousand dollars, we can get possession of the bank, and set it going once more. Eagleton, you know, is a hundred miles from here, with a stage route nearly the whole way. Little or no business is done in the neighborhood. In fact a bank was never needed there. As a natural consequence, the issue of bills would find a circulation at a distance; the largest amount in this city, where we could have such arrangements for redemption, as would keep it from finding its way, except in small quantities, to Eagleton. A specie basis of ten thousand dollars would be ample. All the officers needed, would be a president and cashier, and these we could select and send down. They would be, of course, men whom we could bind to us by a selfish interest. I know where to put my hand upon them. It would take a short time to establish confidence in the bank, but there are ways of doing that. As soon, however, as the notes of the Eagleton Bank began to go freely, we would begin to derive a benefit, for we would be the real issuers of them."
"But you forget," said Riddell, "that the moment the bank resumes, the old note holders and depositors will come in."
"No, I don't forget that," replied Partridge. "There were not five thousand dollars on deposit when the bank failed. It had been run upon by depositors for a week before it suspended. Of this amount, one half has since been paid."
"But there was a large circulation out at the time."
"Not so large as many supposed. Four-fifths of it were bought up at a discount by those who owed the bank, and paid in liquidation of the dues against them: so that but a small balance is out. Now look at the other side. For twenty thousand dollars we get stock, worth two hundred thousand dollars. By proper management, this scrip may be made to stand in the stock market at from eighty cents to par, thus affording collateral security for loans nearly equal to the moneyed value of the whole capital of the bank — say at least one hundred and fifty thousand dollars. You know what you can do in this way, and so do I. Besides, it will be possible to get out the bills of the bank to a large amount. My calculation is, to push the circulation until it reaches half a million. The president and cashier, understand, are to be men fully in our interest; men not over scrupulous, nor troubled with a very tender regard for the good of the much lauded, and much flattered, dear public. Do you see the matter now in its true light?"
"I do."
"I thought you would see it. Your position in the 'Citizens Bank,' in the 'Mutual Insurance Company,' and in the 'Mutual Savings' Fund,' will enable you to play directly into our hands in carrying out the grand scheme. In fact, there might be a separate issue payable at the 'Mutual Savings' Fund,' which would afford that institution a medium of circulation, and at the same time give confidence to the entire issue of the Eagleton Bank. This is a good thought."
The "Mutual Savings Fund," here alluded to, was an institution somewhat similar to a Savings Bank, in which weekly deposits of from two to ten dollars were received, to be converted into stock whenever the sum amounted to the price of a share. The depositors were, mostly, people in moderate circumstances, to whom were held out the prospect of liberal dividends on the profits of the institution, which received, likewise, regular business deposits, and discounted upon its funds. Riddell held a position of influence in this Savings Fund Society, from which the Legislature, in granting a charter, had wisely withheld the privilege of issuing its "promises to pay;" and this position, Partridge was quick to perceive, would enable him to draw the institution into an arrangement of great importance to the credit of the Eagleton Bank.
"A good thought, truly," replied Riddell to the last remark of Partridge. "Without doubt, if the scheme you propose can be carried through, we may gain such an advanced position, by the aid of the Eagleton Bank, as to defy any efforts to break us down."
"Assuredly so. I saw that at the first blush."
"It is a grand project!" said Riddell, rising and walking about the floor, perfectly elated with the idea of the ease with which he might, in conjunction with two or three others as little scrupulous as himself, get the control of hundreds of thousands of dollars.
Up to this time, Riddell had struggled hard to repress all feelings of elation. Indeed, the necessity which had all along existed for a most earnest application of himself to the ways and means of raising money, in order to preserve his business in its integrity; and the doubts that often hung over the future, had kept down a feeling of self-congratulation. But now he saw such a golden harvest before him, all ripe for the sickle, that, like a bird upon whom the sunshine falls suddenly, he could not refrain from giving vent to his feelings of delight.
"Capital! capital! capital!" he ejaculated, as he walked the floor, and the whole idea of the thing grew larger before the eyes of his mind. "I wonder that no one has thought of this before."
"Others have thought of it, no doubt. But not all who are able to see clearly the ways and means of making money, have the boldness to enter upon their execution. Don't forget, Riddell, that, in carrying out this plan, great coolness, forethought, and prudence will be required. There must be no false steps made; no faltering in a moment of alarm and danger, no betrayal of weakness, nor sacrifice of interest to feeling, at any point. The end to be attained, is all we have to look at. Moreover, the fewer we have in our confidence, the better. Our mercantile transactions must go on as usual, and we must devote enough time to them to keep all in a healthy condition, lest entanglements there, bring ruin into our other and really more important interests."
All this, Riddell saw clearly enough, and he calmed down his buoyant spirits.
"With such a magnificent project to be carried out, as the one I have introduced," added Partridge, "it is necessary that the real actors, although the public may not fully understand their relation to the matter, should be men who are looked upon as possessing undoubted wealth. For, in case of an emergency, it might be necessary to raise, on their credit alone, vast sums of money, to sustain the splendid scheme of profit they had united to carry through. You are now looked upon as an enterprising young merchant, who has made a good deal of money; but, until you assume an imposing style of living, such as I have suggested, you will not make the desired impression on the public mind. Build, an elegant house — the Eagleton Bank will give ample means and to spare — order a splendid carriage; and purchase a pair of horses at a thousand dollars a-piece. This will do more for you than if you were to dig from the earth an hundred thousand dollars in gold!"
"I will do it!" was the earnest reply of Riddell.
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