Making Haste to Be Rich! CHAPTER 8.
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"Does Wieland owe you anything?" asked a neighbor, coming into Riddell's store, two or three days after the occurrence mentioned at the close of the last chapter had taken place.
"Not a dollar."
"Indeed! I thought he was into you deeper than into anyone else."
"Has he gone by the board?"
"Yes. He stopped yesterday; and owes, I am told, six or eight thousand dollars borrowed money."
"So much?"
"And what is worse, has made no provision for it. I loaned him fifteen hundred dollars last week; and Bradford and Jordan loaned him two thousand. We shall, I fear, not get a cent. I am more sorry for Bradford and Jordan than for myself. They had enlarged their manufactory, by the addition of new and more extensive machinery, for a part of which their note was out and due last Saturday. The two thousand loaned to Wieland had been laid aside, to meet the note. At the last moment, Wieland informed them that he could not return what he had borrowed. There was no resource, and the note laid over. I am afraid it will go hard with them. Wieland tells some strange story about your disappointing him in a discount, but nobody believes him."
"Humph! Does he indeed!" with an air of contempt. "So much for trying to oblige the man. I offered a note for him last Friday, but it was thrown out. The next time I do a good turn for anyone, he will appreciate it. And so he has really busted up. Well, it's no more than I have been expecting for some time. I knew he would ruin himself, when he was so foolish as to come to the city."
"I understand that he says you advised him to come."
"I advised him? Preposterous! Why should I advise him?"
"When a man fails, he very naturally tries to throw the blame on somebody."
"Of course. Well, let him talk. It will harm no one in the end, and may be some relief to him."
"It won't pay me my fifteen hundred dollars, though. If I were as clear of him as you are, he might talk about me until doomsday."
"Words break no bones. Poor devil! Our city trade used him up in double quick time. How much will he divide?"
"Not twenty cents on the dollar."
"Where has everything gone?"
"Heaven knows. It's gone; and that is all that will ever be known, I'm thinking."
"He may have taken care of himself," was the outrageous suggestion of Riddell.
"No," replied the mercantile friend, "I will not believe that. Wieland may have erred, may have done business blindly — madly, if you will — but he is no deliberate villain. Any man of common observation will tell you that."
"I hope not," was returned in tones that involved a doubt.
Poor Wieland had indeed failed, as Riddell knew he must. He had lured him to the city by false promises, with the sole end of holding him up until he could get his ten thousand dollars, and then letting him fall with a crash, indifferent who might suffer — so he secured his own. He had succeeded in his iniquitous scheme but too well. Others were induced to credit Wieland through his example, and to continue the credit, even while he was steadily and rapidly withdrawing his sustaining arms from around his unfortunate debtor. From fifty to sixty percent of their claims, would have been realized by all the creditors of Wieland, had he closed up business at the time he proposed doing so, and he could have obtained light credits still enabling him to start again in a small way, and support his family. But as it was, through losses sustained in forcing off his old stock, by the payment of Riddell one hundred per cent of the amount due him, and from other causes attendant upon his embarrassed position, he was not able to divide among his creditors over eighteen cents on the dollar, and retired from view hopelessly ruined, and with the smiting consciousness that he had allowed himself to be duped, to the injury of the great bulk of his creditors.
Among these was the father of Anne Bradford, and the old friend of Riddell, who lost over fifteen hundred dollars — money loaned to go into the pocket of the young "enterprising" money-making merchant.
About a year after Jordan became the husband of Maria Bradford, the father of his wife proposed to the young man to give up his situation as a clerk, invest a thousand dollars that he had saved in his business, and join him as partner in its labor and profit. After due deliberation, Jordan accepted the offer, and took charge of the buying and selling department, while Mr. Bradford gave his entire attention to the manufactory. The good results of this system were soon apparent in a greater productiveness at the mill, and better sales of what was made. The young man, in his thorough acquaintance with merchandising, brought into the establishment just what was needed, and left Mr. Bradford, who was fit for a manufacturer, and nothing else, to center all his thoughts upon his cards, spindles, and looms.
The first and second years of this new system showed most encouraging results, and gave to Jordan an actual profit in the business of over two thousand dollars. At the end of the third year, they ventured upon considerable improvements, and the introduction of new, better, and more extensive machinery. Paying for these kept them very close, but they managed everything with such prudence, and looked ahead with such precise forethought, that all would have come out right — but for the unfortunate loan to Wieland, which came very near breaking them down, as mall a matter as it might appear to be.
Like most of those around them, a good credit was the mainstay of their business. They made their heaviest purchases of raw material on time, and as they had never asked an extension nor a loan of money from any of the merchants with whom they dealt, their credit was good to double the amount for which they used it. For nearly a month before the due day of the last note given for machinery, amounting to two thousand dollars, the money for lifting it had been in bank. Two or three days before the payment was to be made, Wieland, with whom Jordan had become acquainted, pressed hard for a temporary loan, assuring the latter that on the day he had use for the money, he would receive between four and five thousand dollars. Knowing nothing of Wieland's peculiar circumstances, and not doubting in the least that he would be perfectly able to return the amount, Jordan loaned him two thousand dollars.
After the dreadful discovery made by Wieland that Riddell had betrayed him into borrowing five thousand dollars to lift his note, and then deserted him — he lost his presence of mind, and so clearly exhibited the distress he felt, that all to whom he applied for loans to enable him to replace the sum due Bradford and Jordan, took the alarm, and deemed it prudent to be very short of funds. Half distracted, at two o'clock he called upon Jordan, who had several times sent to him during the day, and, almost with tears related the story of his cruel disappointment. The pressing nature of Jordan's own affairs, left him no time to sympathize with Wieland. He called upon one or two of their customers, and tried to borrow enough to lift the note, but failed in obtaining more than a few hundred dollars. The holder of the paper did not live in the city, and no application could, therefore, be made to him to have it withdrawn from the bank. There was no help for it. The note had to lie over and be protested. This was of course soon known, and further credit immediately refused by their old friends.
In this strait, Mr. Bradford went to a firm with which he had been doing business for twenty years, and gave the senior partner therein a plain history of the matter, which was clearly understood. Money was advanced to lift the dishonored paper, and such specific representations made in the quarters desired, as restored confidence, and Bradford and Jordan went on as usual, the latter resolved in future to look a little more narrowly into what he was doing.
It was thus, in the eager spirit of gain which ruled him, that Riddell, seeking to get his own interests, utterly regardless of others' interests, came nearly dashing his early friend to the earth, and adding another injury to the deeper one Mr. Bradford had already sustained at his hands. Riddell knew all this, and would have wished it otherwise — but it did not trouble him very deeply. He had managed to save himself from loss, and, in doing this, attained his highest wish in the matter. Moreover, he thought himself shrewder, and more wide awake than his neighbors, and indulged a little quiet exultation in the thought. As to the doubtful integrity involved in the matter, that never occurred to him. The doctrine, that "all is fair in trade," he thought a very good one, and generally acted up to its spirit; and the motto, "Every one for himself," was mentally repeated almost daily. Thus was hisruling love entering more and more into his thoughts and acts, and overshadowing and holding in subjection all other affections of the mind, not in agreement therewith.
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