my memories of eighty years-第71章

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et；　though　not　on　the　programme。　　He　talked　until　the　committee　of　arrangements　succeeded　in　persuading　him　that　the　company　was　entirely　satisfied。

Jay　Gould　told　me　a　story　of　Sage。　　The　market　had　gone　against　him　and　left　him　under　great　obligations。　　The　shock　sent　Sage　to　bed；　and　he　declared　that　he　was　ruined。　　Mr。　Gould　and　Mr。　Cyrus　W。　Field　became　alarmed　for　his　life　and　went　to　see　him。　　They　found　him　broken…hearted　and　in　a　serious　condition。　Gould　said　to　him：　　〃Sage；　I　will　assume　all　your　obligations　and　give　you　so　many　millions　of　dollars　if　you　will　transfer　to　me　the　cash　you　have　in　banks；　trust；　and　safe…deposit　companies；　and　you　keep　all　your　securities　and　all　your　real　estate。〃　　The　proposition　proved　to　be　the　shock　necessary　to　counteract　Sage's　panic　and　save　his　life。　　He　shouted；　〃I　won't　do　it！〃　jumped　out　of　bed；　met　all　his　obligations　and　turned　defeat　into　a　victory。

Sage　could　not　personally　give　away　his　fortune；　so　he　left　it　all；　without　reservations；　to　his　wife。　　The　world　is　better　and　happier　by　her　wise　distribution　of　his　accumulations。

One　of　Mr。　Sage's　lawyers　was　an　intimate　friend　of　mine；　and　he　told　me　this　story。　　Sage　had　been　persuaded　by　his　fellow　directors　in　the　Western　Union　Telegraph　Company　to　make　a　will。　　As　he　was　attorney　for　the　company；　Sage　came　to　him　to　draw　it。

The　lawyer　began　to　write：　　〃I；　Russell　Sage；　of　the　City　of　New　York；　being　of　sound　mind〃　。　。　。　　（Sage　interrupted　him　in　his　quick　way　by　saying；　〃Nobody　will　dispute　that〃）　〃do　publish　and　devise　this　to　be　my　last　will　and　testament　as　follows：　First；　I　direct　that　all　my　just　debts　will　be　paid。〃　。　。　。　（〃That's　easy；〃　said　Sage；　〃because　I　haven't　any。〃）　　〃Also　my　funeral　expenses　and　testamentary　expenses。〃　　（〃Make　the　funeral　simple。　　I　dislike　display　and　ostentation；　and　especially　at　funerals；〃　said　Sage。）　　〃Next；〃　said　the　lawyer；　〃I　give；　devise；　and　bequeath〃　。　。　。　　（Sage　shouted：　　〃I　won't　do　it！　　I　won't　do　it！〃　and　left　the　office。）

Nothing　is　so　absorbing　as　the　life　of　Wall　Street。　　It　is　more　abused；　misunderstood；　and　envied　than　any　place　in　the　country。　Wall　Street　means　that　the　sharpest　wits　from　every　State　in　the　Union；　and　many　from　South　America　and　Europe；　are　competing　with　each　other　for　the　great　prizes　of　development；　exploitation；　and　speculation。

I　remember　a　Wall　Street　man　who　was　of　wide　reading　and　high　culture；　and　yet　devoted　to　both　the　operation　and　romance　of　the　Street。　　He　rushed　into　my　room　one　night　at　Lucerne　in　Switzerland　and　said：　　〃I　have　just　arrived　from　Greece　and　have　been　out　of　touch　with　everything　for　six　weeks。　　I　am　starving　for　news　of　the　market。〃

I　enlightened　him　as　well　as　I　could；　and　then　he　remarked：　　〃Do　you　know；　while　in　Athens　our　little　party　stood　on　the　Acropolis　admiring　the　Parthenon；　and　one　enthusiastic　Grecian　exclaimed：　'There　is　the　wonder　of　the　world。　　For　three　thousand　years　its　perfection　has　baffled　and　taught　the　genius　of　every　generation。　It　can　be　copied；　but　never　yet　has　been　equalled。　　Surely；　notwithstanding　your　love　of　New　York　and　devotion　to　the　ticker；　you　must　admire　the　Parthenon。'　　I　answered　him；　if　I　could　be　transported　at　this　minute　to　Fifth　Avenue　and　Broadway　and　could　look　up　at　the　Flatiron　Building；　I　would　give　the　money　to　rebuild　that　old　ruin。〃

While　conditions　in　the　United　States　because　of　the　World　War　are　serious；　they　are　so　much　better　than　in　the　years　following　the　close　of　the　Civil　War；　that　we　who　have　had　the　double　experience　can　be　greatly　encouraged。　　Then　one…half　of　our　country　was　devastated；　its　industries　destroyed　or　paralyzed；　now　we　are　united　and　stronger　in　every　way。　　Then　we　had　a　paper　currency　and　dangerous　inflation；　now　we　are　on　a　gold　standard　and　with　an　excellent　banking　and　credit　system。　　The　development　of　our　resources　and　wonderful　inventions　and　discoveries　since　the　Civil　War　place　us　in　the　foremost　position　to　enter　upon　world　commerce　when　all　other　nations　have　come　as　they　must　to　co…operation　and　co…ordination　upon　lines　for　the　preservation　of　peace　and　the　promotion　of　international　prosperity。

Many　incidents　personal　to　me　occur　which　illustrate　conditions　following　the　close　of　the　war　between　the　States。　　I　knew　very　rich　men　who　became　paupers；　and　strong　institutions　and　corporations　which　went　into　bankruptcy。　　I　was　in　the　Union　Trust　Company　of　New　York　when　our　financial　circles　were　stunned　by　the　closing　of　its　doors　following　the　closing　of　the　New　York　Stock　Exchange。

One　of　my　clients　was　Mr。　Augustus　Schell；　one　of　the　ablest　and　most　successful　of　financiers　and　public…spirited　citizens。　　The　panic　had　ruined　him。　　As　we　left　the　Union　Trust　Company　he　had　his　hat　over　his　eyes；　and　his　head　was　buried　in　the　upturned　collar　of　his　coat。　　When　opposite　Trinity　Church　he　said：　〃Mr。　Depew；　after　being　a　rich　man　for　over　forty　years；　it　is　hard　to　walk　under　a　poor　man's　hat。〃　　When　we　reached　the　Astor　House　a　complete　reaction　had　occurred。　　His　collar　was　turned　down；　his　head　came　out　confident　and　aggressive；　his　hat　had　shifted　to　the　back　of　his　head　and　on　a　rakish　angle。　　The　hopeful　citizen　fairly　shouted：　　〃Mr。　Depew；　the　world　has　always　gone　around；　it　always　will　go　around。〃　　He　managed　with　the　aid　of　Commodore　Vanderbilt　to　save　his　assets　from　sacrifice。　　In　a　few　years　they　recovered　normal　value；　and　Mr。　Schell　with　his　fortune　intact　found　〃the　world　had　gone　around〃　and　he　was　on　top　again。

I　have　often　felt　the　inspiration　of　Mr。　Schell's　confidence　and　hope　and　have　frequently　lifted　others　out　of　the　depths　of　despair　by　narrating　the　story　and　emphasizing　the　motto　〃The　world　always　has　gone　around；　the　world　always　will　go　around。〃

Illustrating　the　wild　speculative　spirit　of　one　financial　period；　and　the　eagerness　with　which　speculators　grasped　at　what　they　thought　points；　the　following　is　one　of　my　many　experiences。

Running　down　Wall　Street　one　day　because　I　was　late　for　an　important　meeting；　a　well…known　speculator　stopped　me　and　shouted：　　〃What　about　Erie？〃　　I　threw　him　off　impatiently；　saying；　〃Damn　Erie！〃　and　rushed　on。　　I　knew　nothing　about　Erie　speculatively　and　was　irritated　at　being　still　further　delayed　for　my　meeting。

Sometime　afterwards　I　received　a　note　from　him　in　which　he　said：　〃I　never　can　be　grateful　enough　for　the　point　you　gave　me　on　Erie。　I　made　on　it　the　biggest　kill　of　my　life。〃

I　have　often　had　quoted　to　me　that　sentence　about　〃fortune　comes　to　one　but　once；　and　if　rejected　never　returns。〃　　When　I　declined　President　Harrison's　offer　of　the　position　of　secretary　of　state　in　his　Cabinet；　I　had　on　my　desk　a　large　number　of　telegrams　signed　by　distinguished　names　and　having　only　that　quotation。　There　are　many　instances　in　the　lives　of　successful　men　where　they　have　repeatedly　declined　Dame　Fortune's　gift；　and　yet　she　has　finally　rewarded　them　according　to　their　desires。　　I　am　inclined　to　think　that　the　fickle　lady　is　not　always　mortally　offended　by　a　refusal。　　I　believe　that　there　come　in　the　life　of　almost　everybody　several　opportunities；　and　few　have　the　judgment　to　wisely　decide　what　to　decline　and　what　to　accept。

In　1876　Gardner　Hubbard　was　an　officer　in　the　United　States　railway　mail　service。　　As　this　connection　with　the　government　was　one　of　my　duties　in　the　New　York　Central；　we　met　frequently。　　One　day　he　said　to　me：　　〃My　son…in…law；　Professor　Bell；　has　made　what　I　think　a　wonderful　invention。　　It　is　a　talking　telegraph。　　We　need　ten　thousand　dollars；　and　I　will　give　you　one…sixth　interest　for　that　amount　of　money。〃

I　was　very　much　impressed　with　Mr。　Hubbard's　description　of　the　possibilities　of　Professor　Bell's　invention。　　Before　accepting；　however；　I　called　upon　my　friend；　Mr。　William　Orton；　president　of　the　Western　Union　Telegraph　Company。　　Orton　had　the　reputation　of　being　the　best…informed　and　most　accomplished　electrical　expert　in　the　country。　　He　said　to　me：　　〃There　is　nothing　in　this　patent　whatever；　nor　is　there　anything　in　the　scheme　itself；　except　as　a　toy。　　If　the　device　has　any　value；　the　Western　Union　owns　a　prior　patent　called　the　Gray's　patent；　which　makes　the　Bell　device　worthless。〃

When　I　returned　t