Great Fortunes, and How They Were Made. James Dabney McCabe
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His immense estate was left to his children, the bulk of it being bequeathed to his eldest son. All of his relatives were made comfortable. The village of Waldorf, his native place, received a legacy of fifty thousand dollars for the benefit of its poor, and an amount in land and funds equal to four hundred thousand dollars was left to certain trustees to establish the Astor Library in the city of New York. Besides these, several charitable and benevolent associations received handsome donations from him.
His career has been related in these pages as an example to those who are seeking to rise in legitimate commerce. It is the Best instance on record of the facility with which success may be won by patient and intelligent industry. In his capacity for grasping and carrying out an enterprise, in his prudent and economical management of his business, in his tact, courage, sagacity, Mr. Astor's example is one which will lead many to success, and none to injury.
He was a thoroughly upright man, his transactions were rigidly honest; but as a man, candor compels the acknowledgment that he was not a safe or admirable model. He was utterly devoid of generosity. Liberal to an extreme with his own family, he was close and hard with others. He paid small wages to his employés and never gave more than the man bargained for, no matter what extra service might be rendered. He carried his economy to a degree of meanness painful to contemplate. At his death, out of his vast estate, he left to his friend and faithful manager an annuity of only two hundred dollars, which his son increased to fifteen hundred.
One of his captains once succeeded in saving for him property in China to the amount of seven hundred thousand dollars, which had become jeopardized by the sudden death of the agent in charge of it. This service was purely voluntary, and was one which required the greatest skill, determination, and courage on the part of the captain, and Astor acknowledged it, frequently saying: "If you had not done just as you did, I should never have seen one dollar of my money; no, not one dollar of it." This was the only acknowledgment he made, however. He was worth ten millions of dollars, and the captain had only his pay—twelve hundred dollars a year—and a family. At his father's death Mr. William B. Astor sent a considerable sum to the old seaman in return for this service.
"We have all heard much of the closeness, or rather the meanness, of this remarkable man. Truth compels us to admit that he was not generous, except to his own kindred. His liberality began and ended in his own family. Very seldom during his lifetime did he willingly do a generous act, outside of the little circle of his relations and descendants. To get all he could, and to keep nearly all that he got—those were the laws of his being. … He enjoyed keenly the consciousness, the feeling, of being rich. The roll-book of his possessions was his Bible. He scanned it fondly, and saw, with quiet but deep delight, the catalogue of his property lengthening from month to month. The love of accumulation grew with his years, until it ruled him like a tyrant. If at fifty he possessed his millions, at sixty-five his millions possessed him. Only to his own children and to their children was he liberal; and his liberality to them was all arranged with a view to keeping his estate in the family, and to cause it at every moment to tend toward a final consolidation in one enormous mass."
This is the estimate of his character formed by Mr. James Parton. His friend Dr. Coggswell presents him in quite a different light. He says:
"Mr. Astor lived to the good old age of four score and four years and eight months. For some years previous to his death, which happened March 29, 1848, his manly form was bowed down by age, and his bodily strength greatly enfeebled, but his mind retained much of its original Vigor and brightness. Considering his extraordinary activity until a late period of his life, he submitted to the helplessness of age with uncommon resignation. When his impaired eye-sight no longer permitted him to read, his principal relief from the wearisomeness of unoccupied time was in the society of his friends and near relatives. All who knew him well were strongly attached to him, and none but those who were ignorant of his true character believed him unamiable and repulsive.
"His smile was peculiarly benignant and expressive of genuine kindness of heart, and his whole manner cordial and courteous to every one entitled to his respect. There was something so impressive in his appearance, no one could stand before him without feeling that he was in the presence of a superior intelligence. His deep, sunken eye, beneath his overarched brow, denoted the prophetic—it might almost be said the inspired—mind within. Although he lived many years beyond the age when the grasshopper is a burden, and was the victim of much suffering, he did not murmur, nor did he become unreasonable and peevish. He was not wont to talk much on the subject of religion, or freely communicate his views in relation to the life beyond the grave; but it can not be doubted that such tranquility as he exhibited in his near approach to it must have been derived from 'that peace which the world can neither give nor take away,'"
Perhaps a medium between Mr. Parton's bitterness and Dr. Coggswell's enthusiasm will be as correct an estimate of his personal character as can be formed. It is a singular fact that Mr. Astor managed, in spite of the closeness which marked his operations, in spite of the small wages he paid, to inspire his employés with a zeal in his service that made them willing to undertake any thing, to endure any amount of labor, for him.
"He once lost seventy thousand dollars by committing a piece of petty injustice toward his best captain. This gallant sailor, being notified by an insurance office of the necessity of having a chronometer on board his ship, spoke to Mr. Astor on the subject, who advised the captain to buy one.
"'But,' said the captain, 'I have no five hundred dollars to spare for such a purpose; the chronometer should belong to the ship.'
"'Well,' said the merchant, 'you need not pay for it now; pay for it at your convenience,'
"The captain still objecting, Astor, after a prolonged higgling, authorized him to buy a chronometer and charge it to the ship's account, which was done.
"Sailing day was at hand. The ship was hauled into the stream. The captain, as is the custom, handed in his account. Astor, subjecting it to his usual close scrutiny, observed the novel item of five hundred dollars for the chronometer. He objected, averring that it was understood between them that the captain was to pay for the instrument. The worthy sailor recalled the conversation, and firmly held to his recollection of it. Astor insisting on his own view of the matter, the captain was so profoundly disgusted that, important as the command of the ship was to him, he resigned his post. Another captain was soon found, and the ship sailed for China.
"Another house, which was then engaged in the China trade, knowing the worth of this 'king of captains,' as Astor himself used to style him, bought him a ship and dispatched him to Canton two months after the departure of Astor's vessel. Our captain, put upon his mettle, employed all his skill to accelerate the speed of his ship, and had such success that he reached New York, with a full cargo of tea, just seven days after the arrival of Mr. Astor's ship. Astor, not expecting another ship for months, and therefore sure of monopolizing the market, had not yet broken bulk, nor even taken off the hatchways. Our captain arrived on a Saturday. Advertisements and handbills were immediately issued, and on the Wednesday morning following, as the custom then was, the auction sale of the tea began on the wharf—two barrels of punch contributing to the eclat and hilarity of the occasion. The cargo was sold to good advantage, and the market was glutted. Astor lost in consequence the entire profits of the voyage, not less than the sum previously named. Meeting the captain some time after in Broadway, he said:
"'I had better have paid for that chronometer of yours,'"
Yet he could do a kind act when he was in the humor. When he was poor and struggling for fortune, he had a friend in the city named Pell, a coachmaker. As he advanced in the world he lost sight of his friend. One day a young