REMARKABLE CAREER OF AN AMERICAN SPECULATOR.

Wellington Independent, Volume XXIV, Issue 2984, 23 April 1870, Page 7

REMARKABLE CAREER OF AN AMERICAN SPECULATOR.

4. The " New York Herald" of the 7th insfc, gives a history of -Jamas Fisk, jun, one of the most remarkable men in the United States at the present time. The story fills several closely printed columns ; and, as it contains many passages of general interest, we propose to give the substance thereof in a condensed forms. An extraordinary money panic took place in New York some time ago, brought about by the operations and manipulations of the " Gold lling" — a knot of speculators who seemed determined to enrich themselves by a stroke of policy which may well be called stupendous. The whole country was to be taught the power of the " Eing" ; stocks of all kinds were to be laid under contribution; foreign exchanges thrown iuto confusion and values unsettled, so that the speculators might be enabled to carry away enormous fortunes from the national gambling board. The scheme, we are told, was Herculean as well as complicated. It included vast transactions in gold looking to a rise, and transactions no less vast in stocks looking to a fall. It ramified far into politics. If high officials could not be got into the conspiracy directly,, means must be devised to create a belief that they were implicated, for the purpose of producing effects upon others. The President was therefore waylaid on his summer journeys by members of the clique; traps were cunningly set for him and for the Secretary of the Treasury, and both were persecuted with impertinent letters of advice. Members of General Grant's Btaff were approached with audacious bribes in the form of gold- purchasers, with the clique money on their behalf. The relatives of Mrs Grant were inveigled into the ring, and shamefully garbled telegrams were handed about, tending to create the impression that the Administration could be relied on. The project ultimately failed through the prompt action of the American Government, but its very conception proved beyond question that the " ringleaders" were capable of daring ventures. Of these leaders the most intrepid and the most subtle was James Fisk, jun., the subject of the present notice. Young Fisk was born in the State of Vermont, and began life in the employment of his father, and soon proved himself more than a match for the old man. The latter became alarmed at the pushing character of Jim, who seemed to fear for nothing. The senior partner believed that the schemes of his junior were too wild ; that he would bring ruin upon him ; and that their liabilities—then frightfully large -would, with the young man's reckless management, result in thefather's early and complete failure. It was when the old man gave vent to these fearful anticipations that the enterprising son made the bold proposition to buy out the father's interest, but retain the father in his employ at a regular salary. They wore both riding upon the box of the wagon between Putney and Brattleboro ; and, after having discussed the matter pretty freely, the elder Fisk said : — " Well, James, how much of a salary will you give me ?" " I will give you $3000 a year, father," was the quick reply of Fisk, jun. " It's a bargain, then," responded Fisk, sen. " All right," said young Jim ; " but I want you to understand distinctly that you are my clerk, and I don't want you to put on any of your cursed airs," After this Jim had it all his own way, and the country merchants in New Hampshire, Vermont, and Western Massachusetts soon found him a formidable rival among their customer, s and his visits were anything but welcome in their respective neighborhoods. The teams which ho used to drive through the country were very elegantly and elaborately decorated, and his advent into the country towns of the Connecticut valley was long and eagerly anticipated by his lady patrons. Sometimes he would drive four, and often six horses, and his heavy wagon, a respectable sized retail store in itself, was always tastefully painted and ornamented, and was an admired sight as well as a good advertisement all along its various routes. Sometimes he and his father went together, and occsionally they would take separate teams and drive over different routes. Jim, different routes. Jim, as well as his father before him, purchased a large portion of their goods from the firm of Jordan, Marsh and Co, of Boston. The business qualifications of young Fisk at length attracted the attention of the firm, and he was induced to enter their service. About this time the war broke out, and immediately thereafter all kinds of business became paralysed, or rather demoralised. But the army needed clothing, and Jim Fisk set himself out to obtain a share of the Government plunder. He learned that a Mrs Moore, wife of Erasmus D. Moore, of Boston, through the influence of Senator Wilson, of Massachusetts, had obtained a i contract for furnishing the troops in the field with underclothing. To make the acquaintance of this lady was Fisk's ambition, and the result was that she awarded the subcontract to his firm. From this contract grew others from the same source, and the profits realised by the Jordan and Marsh firm were immense, Mr Jordan and the other partners at once became convinced that Fisk was more useful in other spheres than that of

a pedler, and he was soon taken into the concern. He continued as actire and energetic as before, and in every speculation iD , which he engaged the capital invested was speedily doubled, and in some instances tripled and quadrupled. Tbere was a large lot of cotton blankets in the store, wbich had been on hand for several years, and the ' stock was regarded as almost worthless. One day Fisk told his partners that he thought he could dispose of them to good advantage, but precisely how he would not or did not explain. They laughed, and told him to go ahead and sell them at any price. He went to "Washington and hired an elegant suite of apartments in Willard's and commenced entertaining on a grand scale, the various officers of the army. Tue Quartermaster General, among others, became fascinated with his aquaintance and hospitality, and it was not long before Fisk found out that the army was in pressing need of a large supply of just such blankets as those he had in Boston, fortunately, if not accidentally, he happened to have a few hundreds with him as specimens, and when they were exhibited the Government not only bought all that Jordan, Marsh, and Co. had on hand at a fabulous price, but awarded them a contract for alarge number in addition. It is estimated that from this transaction the contracts obtained exceeded over a million dolkrs, with a clear profit of from §200,000 to $300,000. The next original stroke for wealth was in the purchase of cotton, which was now selling for from $1 75 c to 1$ 80c per pound in New York and Boston. Large quantities of it he ascertained were held inside the rebel lines, and could be bought for a mere song, say from ten to thirty cents per pound. How to get it through was an enigma which had been considered by many, but Fisk was the first to solve it. There was a young man from Boston, an old friend of Fisk'u who was Government superintendent of the military railroads in Tennessee, an<J in that vicinity was stored a large amount of the desired cotton. He took a hasty trip to Memphis to ascertain the situation, and learn if there were not some way by which it could be purchased and brought safely through the lines to the Northern Market. He was at once satisfied that the thing could be done if the co-operation of some military officials could be obtained, and this having been assured, he returned to Boston to make his preparations. To do the buying and shipping inside the rebel lines was a difficult and somewhat dangerous task ; but if it could be done successfully there was an immense fortune to be made. He did not care to engage in the business himself; but, like the late Artemus Ward, he was willing to sacrifice his relatives. He therefore secured the services of his father ; also those of a woman, the latterdoing most of the business inside the rebel lines, and Mr. Fisk, sen., attending to the shipping of the cotton North after it had been purchased. Every, thing, as previously arranged by young Fisk and carried out under his direction, worked to a charm, and not less than a million dollars profit was realised by the operationHe also engaged in other schemes in rapid succession, as opportunities were afforded from time to time by the war, and in nearly every instance large amounts of money were made. Notwithstanding Fisk made the Jordan, Marsh, and Company firm the foremost in | Boston, its business was not sufficient to ; satisfy his ambition. He, therefore, after a connection of about two years, drew out, with a large fortune. He then engaged indiscriminately in cotton and other speculations, and had a store at the corner of Sumner and Chancery streets in Boston. During his business career in this city, as well as sinceFisk .dealt with life everywhere on a grand scale. He was always before the public in some form or other, but of course not so conspicuously as during the past year or two. He sailed round upon the surface of the best society in Boston ; and upon all social occasions there were few present more gay and festive than Jim Fisk. About the time that lie left the firm of Jordan, Marsh & Co, there was a grand complimentary ball in honor of him at the Boston Music Hall, and at the time it was justly regarded as one of the most brilliant and magnificent affairs of the season. Everything was provided in the most elegant and liberal manner, and the occasion was the theme of happy gossip 'in Boston for many weeks after. When his military reputation was at its height General M'Clellan came on a visit to Boston, and there was much dissatisfaction on the part of the public because he became the guest of Mr Fisk and a few other gentlemen. Wherever the General went, his movements were directed by the irrepressible Jim, and the then great military hero of the day seemed to be very much carried away with him. He started a line of steamers, which proved a great success, and purchased an Opera House in New York for 820,000 dollars, which proved a decided failure. But even in this speculation the irrepressible Fisk rose superior to circumstances. Although he failed as a theatrical manager, he contrived to get the Erie Eailway Company to occupy the building as offices, and to pay him a rental of $75,000 per annum for the same. At lenth he became supreme dictator of this important corporation, and intrenched himself as such in the directorate in spite of the most determined opposition. Fisk outgeneralled all of his opponents, and obtained and now maintains the supreme management of the road — a thoroughfare hardly second in importance to any other in the country. That he acquired great wealth from his operations is a fact generally admitted, but there are many who always have and always will question whether or not his transactions were uniformly guided by an honest purpose. Whether this is so or not, it is absolutely certain that those who fought against him were not slow to resort to any available means to carry their point, but at every corner Fisk met and defeated them. Suits and litigations almost without number have grown out of his manipulations, and there is probably not a Court in New York and few in Now Jersey, where the name of James Fisk, jun., docs not appear upon the records in from one to a hundred cases, in which the Erio Railroad is involved as plaintiff or defendant. A great deal having been said at one time and another about the inflation i of Erie stock by Fisk and Gould, it may be well to record it here, as a matter of history, that the stock of the corporation was increased from $34,265,300. dollars, July 1, 1868, when i'isk ousted Drew, to $57,766,30 C on the 24th of October of the same year, or to the amount of 235,000 shares in foui months, all of which was done without any consultation of the Board of Direotors During all this inflation there was thf wildest excitement in New York, and greal interest throughout the country. It was ai one time given out in some of the papers that Fisk had run away to Canada witl millions of the Erie funds, and so creduloui was the public concerning anything in whicl Fisk was implicated, that the story wai

partially believed. He denied ifc most indignantly the day following, however, and commenced several suits against the newspapers for defamation of character— but nothing has ever yet been heard from them.