my failure, but in my taking a trip to New York with a large quantity of smuggled goods, belonging to Messrs. Pierpont and Lord, where I disposed of them to such advantage, that, on my return, I was persuaded to go into the retail haberdashery line, at 103 Court Street, next door to Pierpont and Lord, and just underneath the chamber, not chambers, which I had occupied at first with my wholesale establishment. I had for a partner, at first, Erastus, a brother of "Joe's," whom I had known as a bookbinder in Portland two or three years before. He was now manufacturing pocket-books, and appeared to be doing, not only a large and profitable, but safe business,—selling for cash, running a horse and gig, and paying the bills of all the "dear five hundred friends" who rode with him.
Our copartnership did not last long. His brother "Joe," being a shrewd man of business, of uncommon foresight and comprehensiveness, though rather adventurous, gave me a hint, and soon provided me with another partner, a graduate of Cambridge, named Fisher, with whom I was associated a few months longer. Then came the peace of 1815, which threw the whole country into a paroxysm of joy, unsettling business everywhere, at home and abroad, and setting people together by the ears upon all the great questions of the day.
And here began the new and very brief career of Mr. Pierpont as a man of business. Wholly unfitted as he was for even the regular course of trade, he was the last man in the world for the great emergencies of the hour. The whole business of the country was little better than gambling. Our largest importing houses were lotteries or faro-banks; and we had no manufactures worth mentioning. We made no woollen goods, and our few cottons, if sold at all, were sold for British, and stood no chance with the trash that came from beyond the Cape of Good Hope, "warped with hoop-poles, and filled with oven-wood." Our foreign merchandise came tumbling down so fast, that no prospective calculations could be made upon their value. Not having manufactured ourselves, we knew nothing about the cost of production, and had no idea how much our friends over sea could afford to fall, even from the lowest prices ever heard of. British calicoes, or prints, for example, which I sold by the case for eighty-five cents cash, at auction, were in every way inferior to our own, which were retailed before the Rebellion broke out for ten cents a yard. In fact, if we had known the real cost of production, it would have made but little difference; for long after all our foreign merchandise had fallen from thirty-three and a third to fifty per cent, some of our shrewdest calculators were utterly ruined by purchasing at much lower prices, on what they believed to be a rising market.
Under such circumstances, what was a poet, a scholar, and a lawyer, without any knowledge of business, to do? Pierpont and Lord were large dealers, and had a heavy stock on hand, not paid for. Their notes were maturing with frightful rapidity, and Mr. Lord wanted all his available funds for "transactions" in gold, and other perilous "operations" along the Canada frontier. Specie was twenty-five per cent above par, or rather banknotes, everywhere but in a part of New England, where they continued to pay specie to the last, were at twenty-five per cent discount; and "Boston money," upon the average, about one per cent above gold and silver, so as to cover the cost and risk of transportation.
But something had to be done. A consultation was held between the members of "our house," and it was finally arranged that Mr. Pierpont, as the man we could best spare from the salesroom and the shop, and the partner who would best represent what was called, with singular propriety, "our concern," should go to Baltimore with the best of letters, and open a way for me in that city, which I had visited once, and once only, for the purpose of buying exchange on England,—though for a time it was thought I had run away with all the funds intrusted to me. I had taken a prodigious liking to Baltimore from the first, though I had no idea of going there to live, and was not easily persuaded to give up my little establishment in Boston. I was doing very well, and did not care to do better, till business got settled; but we were three, and I was always in the minority,—Mr. Lord being a shrewd "operator," and Mr. Pierpont, of course, deferring to him. They were my partners, to be sure; but I never had anything to do with their business, apart from my own.
Nevertheless, when Mr. Pierpont returned, and gave an account of his doings there, and of the opening there was for just such a man as I had proved myself to be, I consented to pull up stakes, and transplant myself to that beautiful city.
I went with no large expectations, intending to open a retail shop, such as I had left; but within a week, finding that I could sell even my cut goods for prices much beyond what I had been retailing them for over and above the exchange, I went into the wholesale business, and with one clerk, Mr. Jenkins Howland, greatly distinguished in after life as a man of enterprise at Charleston, S.C., sold more goods, and for cash too, than perhaps any three or four of what were called the large dealers about me, with two or three clerks apiece, and at prices which fairly took away my breath at first;—Irish linens, for example, by the case at two dollars and fifty cents all round, worth not over eighty cents before the war; and assorted broadcloths by the bale at fourteen dollars a yard all round, which, within a twelvemonth, would have hung fire at three dollars and fifty cents. And this, it will be remembered, was after goods had been falling—falling—falling—for six months.
No wonder people's heads were turned—those of Pierpont and Lord among the rest. We, who had large stocks on hand, were growing rich too fast. I remember selling fourteen thousand dollars' worth of goods one day for a clear profit of more than forty per cent, and this while my poor friends at Boston were gasping for breath in that exhausted receiver; but they were kept alive by the remittances I made from Baltimore, which not only furnished them with funds for immediate use, but gave them for a few months almost unbounded credit.
This was in the fall and winter of 1815, only a few months after the Bramble arrived with the news from Ghent that our last negotiations had been successful, and that the war was over most gloriously for us, the United States. We were almost ready, in our thankfulness and joy, to canonize the ship and crew, and cut her up into snuffboxes and toothpicks.
And now—what next? "as the tadpole said, when he his tail dropped off." Weary of the growing distrust they saw, after my remittances began to fall off, and heartily sick of the Gerrymandering about them, of the usurers and money-changers and Shylocks, who were bleeding them to death, by lending them money upon pledges of merchandise, the two elder partners, Pierpont and Lord, lost no time in following their junior. He had opened on South Calvert Street; they took the whole of a large building opposite, opened below their wholesale business, and after a few months went to housekeeping overhead, both families living together. Then, to get rid of our stock, Mr. Pierpont went off to Charleston, S.C., where he had served his time as a tutor, and there set up a retail establishment, under the charge of a former clerk in their service, and of another man, a heartless vagabond, whom they had happened to get acquainted with at a boarding-house on their first arrival, and took a fancy to, nobody ever knew why. He was an Englishman, had probably been upon the stage, and lived from hand to mouth, nobody knew how, until we took him up, and he took us in most pitiably.
After a brief struggle, and the establishment of another retail store in Calvert Street, which I took charge of, with what there was left of the Charleston adventure, we failed outright, and all this within six or eight months after we had called our creditors together and obtained an extension of twelve months and testimonials in our favor of the most gratifying character, and within little more than a year after leaving Boston.
And then, for want of anything better to do, I began writing for the papers, for the "Portico," and at last for the public, as an editor and as an author, mainly at the instigation of Mr. Pierpont, for whom I wrote both "Niagara"1 and "Guldau," and a part of "Allen's" American Revolution, studying law, and languages by the half-dozen at the same time, and laboring upon the average about sixteen hours a day, while Mr. Pierpont struck out boldly for a far-off perilous and rocky shore, with a lighthouse, in the shape of a pulpit, before him, and achieved the "Airs of Palestine" while undergoing the process of regeneration, and starving by inches upon what there were left of his wife's teaspoons, which were sold one by one to pay the rent of a cheap room in Howard Street. So poor indeed were we at one time, that we could hardly muster enough between us to pay our bootblack.
And here I may as well mention a curious incident. When I wrote my poem, I had never seen Niagara; but we agreed to go together on a pilgrimage at our earliest convenience. One thing and another happened, until I had been abroad and returned, without our seeing it together. At last, being about to go to the South of Europe, I made a new arrangement with him; but just as we—my wife and I—were ready to go, he was called away to consecrate some church in the West, and we started on a journey of two thousand miles through portions of our country I had never seen, and was ashamed to go abroad again without seeing. On my way back we stopped in Buffalo, and as I stood in the piazza I saw a little card on one of the pillars saying that the Rev. Mr. Pierpont would preach in the evening somewhere. I found him, and we went
