MILLIONAIRES WHO BECAME PAUPERS.

Otago Witness, Issue 2298, 17 March 1898, Page 49

MILLIONAIRES WHO BECAME PAUPERS.

There are few life-stories of such thrilling interest as those of rcen. who have rapidly accumulated millions and as rapidly squandered them; rising from pauper to millionaire, and relapsing to psuper again within a few years.

One of the most ir-Urestv.? of these records of sudden weals*- %n-2 s\bfi2quent folly is that of Lezai-el Powers, a "red-headed Irishman," wSd, We !£C9, was a day labourer near Carson O\*? s Nevada. " Sandy," as he was familiarly called, vraa wooing a widow ■who farmed a fe- r v oor acres, near Carson City ffhea tho fa-iaocs Comstock Lode was discovered by Maekay and his three oolkagacs \rx 1863. S.mdy was quick to lortrn that the lode ian under the widow's farm ; ar.ti equally prompt to make the widow Mrs Bowers and himself owner of ths farm.

The reEult of this lucky stroke exceeded Lis wildest dreams. Within a few months the happy pair found themselves in receipt of sn income of £500 a day, and refused offers of many millions of dollars for their "silver farm." This sudden accession of wealth was celebrated in a novel way. Sandy engaged a special train, which he filled with his many friends and with the rarest delicacies, and went on a tour to Chicago and New York, where he entertained Li 3 travelling guests with princely lavir-fcaess.

His nexfc ambition was to build a " lordly plsasure house," snch as ho had seen in New York ; and within a year a F-tately cranite palace arose in the desolate Washce Valley, tc which " Sandy " had t&ken an tmcccountable fancy. The mansion -was f ur/nsbed and decorated with an utter disregard to cost.

The very door-knockers were exquisite designs in solid silver ; thestalr-rod3 were of silver tipped with gold, and his dinner service, even to the massive lureen?, was of pure gold. The marble ball was graced by a fountain, which threw out jets of the most exquisite scents, and the house was crowded with the most costly appointments that money could buy or travelling agents discover.

Here Mr and Mrs Bowers entertained on a scale uDknown even in America, and their hospitality frequently cost them £2000 a day. From this point disaster pursued " Sandy." The lode which had poured money into his pockets at the rate of nearly £200,000 a year " petered out," and the supply ceased.

Sandy's extravagance, however, continued until he was obliged to sell hi 3 palace and its contents and to live modestly in one room. He ultimately died penniless, and was buried by charitable friends ; while hia widow ragkes a scanty living to-day by fortunetelling. The story of Biward Schieffelin is little less interesting. Scbic-ffelin, who was the son of poor German emigrants, was a labourer in the Eldorado mines, when he conceived the project of prospecting on his own account.

For 11 years he tramped in fruitless search of fortune, aod underwent terrible privations. In 1878 be decided to prcspact in Southern Arizona, whare the Apaches had recently nsen and killed a number of settlers. His friends tried in vain to disßuade him, telling him that he would find not" a fortune, but a tombstone.

Schieffelin went and quickly discovered a rich mice of silver, which he satirically christened " Tombstone." Ha raised a little capital with great difficulty, and within a few months the mine was producing ore worth £500 a ton, and a net profit of £18,000 a month. When in 1880 the mine wa3 sold to a syndicate SchiefEelin took away with him a cheque for 1,180.000d01.

Within 10 years he had lost every penny of this princely fortune by foolish generosity and wild speculation. One example of hi 3 folly was the building of an opera bouse, at a cost of £16,000, in a small hainlst, the people of which had treated him with kindness in his days of poverty.

Edward Schieffslin died a few weeks ago, absolutely destitute and alone, in a cabin among the mountains near Canyonville.

Richard Gird, who also sold his share in tha Tombstone mines for over a million dollars, squandered his fortune within 16 years on farming and stock-raising.

Portune played strange pranks with Henry Fuller, an illiterate sailor, who deserted his ship for tha mines in California. For 20 years Faller had no success in prospeefciag ; and his wife, who maintained the family by washing, used to chaff him unmercifully about the mine he was always on the point of discovering.

One day Fuller disappeared, and for weeks nothing v/a3 heard of him. Meanwhile he had discovered the iniae of hio dreams, and, selling it promptly for 75,000d01, returned homo with a bag full of gold and greenbacks These he poured into the lap of his astonished wife as he said : " You won't be having no more fun about my Yankee mine, will you 1 " Fuller proceeded to build a house at a cost of £GOOO, and sent his wife and children, accompanied by a secretary, for a tour in Europe. Within two years his last dollar had gone, and Mis Fuller was again at the wash-tub. A second fortune followed on the heels of the firat ; and to- flay Fuller, a broken-down man in rage, earns a wretched liviag by picking up the refuse on tho beach at San Pedro.