!h«' ciicMlafion of national bank notes, secured, as now, by
the (h'liovjt of liiitcd States bonds for the redemption
ih»*r<M.r."" In snppoiiingthis resolution, he exi:)lained that
ii in\<il\.<l thr withdiawal and cancellation of legal ten-
<lers ill j.roi)orti()n as baidv currency was issued. These
i«l<'as weiv in ihiit t-nil)odied in the subsequent legislation
of Congress, but the provision for bank note redemption
was not iiKi.h' comijlete, and that for the withdrawal of
t!i<' Ciiiit'd Si.iics notes was abandoned.
Af!.-!- Iiis .â– l,.cfion to the House of Representatives, and
wh.Mi iJH^ i-«'stiiciioii on bank issues, properly secured, had
lu^<Mi r.Miiov.'d, All-. CiiiTTENDKx Urged unceasingly and
wiih great f.ice ih(? jtolicy and the necessity of reaching
re:il specie ] i.i \ n ieii f s through the restoratiou of the right
i'^' fund United Slates notes in interest-bearing bonds. In
F.'bniary, 1S70, he said: "A mountain of vicious legal
leiid.r (h-bt corifroiits us. AVe can neither get round it
'""â– l"*'^"'''*' '"' i' ill'' iNtii].. We must hew it away to the
hn-el of iiiiili. honor and (•(niimon sense, and there, and
tliere(,nly. can we stand to ivbuild and restore the waste
piac.-s. We iiiu^i fund the legal tender debt. And why
iM.J ; Are ihese notes not an unnatural product ? Were
»'"v no! Ih.im of.-in extreme exigvmc}', now happily passed
BrocilAPiircAL SKETCHES. 215
away, when tlie noise of battle was on land and sea i Was
it not ex|>licifly provided when they were first issued that
fhey shouhl at all times be fundable at the option of the
liolder^ Would their authors or Congress have tolerated
ihctii for a moment but for such a promise f
Had this simplf, effective and honorable conrse been
adopted, even at that late date, the country would have
bc.'u s.'ivf'd some serious evils, and the direct menace of
other and worsr evils. Congress was not, however, to be
I><'r.sua(i«'(j. It would do no more than it w\as forced to do.
TIk* d«Mii()i:ili/,ati()U of paper money had so enfeebled and
confus.'d the public mind and conscience that it could not
Ni'o. (.r, seeing, would not tike the straight and narrow
w.iy. TncbM- the dictation of this perverted sentiment the
light tu full' I the United States notes had been repudiated,
I hi- i-<'(l»'mi)tiun luid cancellation of the notes had been
siopjH'd, and when the day for resumption under the Act
of ivS7.l1 ajiproached. Congress weakly and wickedly ex-
1)11 ugrd the i)rovision for the withdrawal of notes ^^ari
passit, with that of bank curi'ency, and provided that the
notes rt'dft'iiird after 1870 should be re-issued and kept
afloat. In this last provision Mr. Ciiittexdex's clear
judgment perceived the crowning act of folly and bad faith.
On the jloor of the House he exposed its nature again and
again, witli convincing plainness of statement, and de-
nounced it with the most searching and indignant condem-
iiiitioii.
Oil th3 IDth of Januar}^ 1830, he said: "The United
S.Vites ou)c ^310, ();):"), GOD of legal tender war debt, payable
ou demand. We boast of paying it in good faith since
. January, 1870, but in truth we haoe not paid one dollar of
it yet. We owe just as many dollars on that account to-
day as we did in May, 1878." " When legal tander notes
ar.^ presented and redeemed, what then i You say it; is
honest payment of the war debt. I deny it. You do not
speak the truth. We boast of resumption for a full year,
but we have not paid a dollar of the legal tender debt in
that time; not one. The moment my ancient ten-dollar
note, which 1 exhibited at the Speaker's desk two or three
210 rORTUAIT GALLERY.
yenrs npo, wns redeemed, Secretary Siikkman straightway
h.rred a new loan of like nmount from some otlier person,
and put th.' disgraced rag afloat again. Such is the law ;
tlie Secretary must obey it." "The individual, firm, bank
(.!• railroad paying its d^ebts, as the United States Govern-
ment now pays its debt, would be without credit, exposed
to derision."
So convinced was Mr. Ciiittp:ndf.n of the viciousness of
(he Art of Congress directing the re-issue of the "re-
deemed K'gal tenders, in a time of profound peace, when
ev«M-y ('(.ndition was lacking that had been pleaded in
justification of the original issue in time of war, that he,
in agreement with Gen. Bknjamits- F. Butlek, holding
til.' oj.i.osiir view, brought a test case to secure a judgment
of the I iiited States Supreme Court upon the constitu-
tional authority of Congress to make such enactment.
Til." <ouiis»'l em])loyed by him w^ere William Allen
r.i I i.i;i:. Ksq., and the Hon. Geoiige F. Edmunds. The
decision was favorable to the authority of Congress, but,
in .'jft'ct, it fully sustained Mr. Ciiittexdex's position,
that there was no authority in the Constitution for the
exercise of this i)0wer, for the Court was obliged to read the
authority into the Constitution by implication. It held, in
substaiic.'. that the Federal Court was possessed, as a sover-
eign (Government, of all tlie rights of sovereignty exercised
b\ oiht r (;o\ernments at the time it was established, unless
th«-^«' were explicitly excluded ; that the right to make its
own notes legal tender was such a sovereign right, and
\sas not definilrly forbidden, and was, therefore, possessed.
The jiidgnieiii of the ablest and most authoritative Consti-
tutional lawyt'is in the Union ])ronounced this doctrine to
be practically revolutionary, completely changing the na-
ture of the Constitution. It was so. The sound common
sense, the trained perception of the business man, combined
with liis rectitu<ie, disclosed to Mr. Chittenden the mon-
strousiiature of this innovation. If, in later years. Congress
shall use the jxjwer thus recognized, putting the property
• •f every man at its men^y, in the mischievous manner tliat
is possil)le, it will be to the credit of the merchants of
lilOGKAPIIICAL SKETCHES. 217
New- York, tlmt one of the most earnest and one of tlie
siriih'Mt of those who saw tl)e peril in advance and fought
if iiriw»-arviri^dy, was from th*-ir own ranks.
It is liaidly necessaiy to add, ihat while in Congress Mr.
CiiriTKMUN o])p()sed with all his influence the policy of
tin* iitiliriiit«'(i (-(iinagf' of dei)reciated silver in legal tender
(iollais. It was largely due to his efforts that the restiiction
finally |»lac<'d uiK.n the coinage was adopted, and that the
policy (.f the Treasury afterwards kept the coinage at the
miiiiriiiiiii ainount of s2,0()(>,000 worth of bullion per month.
'I'lie i»r<M'('(ling is but a sketch in outline of Mr. Ciiit-
tknukn's (aire)-, in wliich it has seemed best to give as
Tnu<-h jtroiiiinenc** as j)ossible to his service in promoting
ihosi' .MHind and lionoia])le principles of linancial policy to
which the ( 'hamlici- of Commerce has given its unwavering
suji|oit. On the J4tii of A])ril, 18F9, having just past his
7.'>th biitliday, Mr. CiinT>:>' den died at his home in Brook-
lyn. AViih llio!-e wliose privilege it was to know- him inti-
mately, he leaves, besides the memory of his unusual gifts
and his valued service to his country and to the community
in which lie ])assed his life, the still more precious memory
of a nature jture, sinii>le, just and loving. — Edwakd Caey.
HORACE B. CLAFLIN.
llniiAcK H. Ci-AKLiN was bom in Milford, Massachusetts,
on the ISth of December, 1811. His father, Joiix Claflix,
was a farmer and owner of a general store ; a man greatly
respected by his neighbors, well known throughout the
neii^hboring* country as Justice of the Peace and Member
of the State Legislature, and reputed rich, in days when a
large farm and a little ready money betokened affluence in
II New-Endand village. His mother was an amiable and
excellent woman, and taught her children many lessons of
piet V and of j^oodness. In boyhood Hokace exhibited much
of tiie gayet v and energy which distinguished him through-
21 S PORTRAIT GALLERY.
out life. Ills early comrades admired and loved him, and
liis schoolmaster became so deeply attached to him that he
afft-rward follow^Ml with all'ectionate interest the progress
of all his nif-rraiiiil"' enterprises. When Horace was well
advanced in his studies, his father proposed to send him
to Colh'.L: •. luir he preferred not to go. He felt confident,
pven then, that he sliould do something important in the
l)usin;'ss woi-ld. and In- wished to enter it as early as possi-
1»1<'. Accoi-dingly, a ft.-r graduating at the Milford Academy,
lie went into the paternal store, and worked diligently
th'^re in jtrepai-ation for a broader field. When he was
twenty Vf-ars old his father gave him a thousand dollars,
and h". in cMinitany with his elder brother, Aaron, and
hi-^ biothi-r-iii law, Samuel Daxiels, (each recipient of a
liU" gift. I bought his father out, and assumed the respon-
sibility of the business. His lirst act, as manager of the
st<uv, was to pour 0:1 to the ground the stock of strong
li<lM'>r. which. :it tliai time, was generally considered a
sf iph' arti(de of merchandise in a good country store.
II njACK dill not bdieve in selling intoxicating liquors,
evi*:i for sui)i)osed family use, and he never was deterred
by iM'cuiiiary considerations from acting up to his convic-
tions. The following year, 1832, the young men opened
anitlKM- store at Worcester, Mass. ; that town was better
suited to ll<>i;\( i;'s ]>lans, and in 1833 Aarox took sole
possession r>f tilt' Milford stock, and Horace was master
:ii W'orc.-ster. liis iiiwdc of doing business there astonished
llie neighborhoo 1. Ills energ}^ seemed untiring, and his
eiit M-prisc Mild good hiiMinr l)ecanie i)roverbial.
IIis(,Jd s(dn)ol tea(dit'i\ who had also removed to Wor-
{'<*ster, writes :
â– â– -\' 'I"' li'U" he h-fi \V()r<'ester I think all kinds of
biisjiM-ss in that place ]i;id become impregnated wdth the
si.irii (.(• his business system. I do not think, with all the
r<»HisioMs whirdi t..ok place, he ever made an enemy who
remained so twenty loin- hoiiis. Worcester was too small
to carry out his plans. New- York had superior attractions
and drew liini awav."
BIOfJKAJ'JllCAL SKETCHES. 219
^ In 1H.'J7ho Tiinrned Agnes, daiigliter of Colonel C^lvix
Sangki:, .,1' S}i»'il)oiirne, Mass., and thenceforward every
lioiir Hiat could he spared from his hiisiness was devoted
to liis horn.'. He was happy in all relations, but in his
rtiani.'d liH- j.n'-^'niinently. In 1^43 he sold out his Wor-
c.'st.-r hiisin^'ss, mc.vfMl to tliis City, and, Mith William F.
liri.Ki.KV, formed tlie firm of Bilkley & Claflix, and
W<:uu l.iisiiH'ss at No. 40 Cedar Stivet. Soon the energy
of til*' y(»inig«M- member of the house surprised the whole-
sale iiM'iTlianls (.f the metropolis, as it had startled the
M't:ij| <|.;ihM'.s of W(»rcester. By lF46the sales of Bulkley
it ('i. All. IN had liscM to a million dollars per annum ; and
in is.M, iiotu iilistandingMi-. Claflin's strong anti-slavery
opinions, w liicli drove away some Southern trade, the sales
ainoiiiifi'd to nearly five millions. Tii January of that year
ilie liiiii moved to Xo. 57 Broadway, and in July Mr.
r>i i.Ki.i.v letiivd from mercantile life. Mr. Claflix then
eiiier»-(l into a c(»partnersliip witli William H. Mellfx
and several juniors, under the style of Claflix, Mellex
A: Co., and I lie laj.id progress of the business continued.
Small |>rolits, a low ])er centage of expense, hard work,
and the utmost libei-ality in credits, were Mr. Claflix's
rules, and tliev(»lume of trade increased so rapidly, that,
ill l^.">:i, it was necessary to seek more spacious quarters,
at No. Ill P.roadway. Tliere the fiim found accommoda-
tions whicii sulliced for some years ; but in 1859 the sales
had nearly readied ten millions, and another move had
to l)e con^idei-ed. Tiien the great warehouse on Church
and Worth Stivets and West Broadway was built, and in
January, IM'.I, the firm moved into it. The change was
uiifortiMiately timed. In April the war broke out; a con.
siderable ]>ortion of the assets of Claflix, Mellex & Co.
was rut oir, or locked up in Southern accounts, and their
recently increased liabilities could not be met at maturity.
This was an almost crushing disappointment to Mr.
Clafi.in : but when the creditors determined that his firm
could pay no more than seventy cents on the dollar, and
that per centage on long time, he made the best of the
situation, gave compromise notes to all who would accept
220 roRTRATT GALLERY.
ili-'Mi. ltoiiL:lit up outstanding claims for cash through the
lielp of frit^nds. and soon Avas vigoronsly at work again,
(letiTMiined eventually to i)ay his debts in full. Once more
lie prospered. 'IMie extension notes were speedily paid,
an<l. before it seemed possible that it could be accom-
]»li>-lnMl. lie bad accuiuulated a sufficient surjilus to send a
rlit'ck for tli<' ihiity ])er cent, -which had been deducted in
settlement, witli full interest on every dollar deferred,
TIm'U lie sought oil I nil who had refused to accept conipro-
miM' notes, but had sold llieir claims for cash, and to each
of iImmu lie made good all their loss, both of principal and
inttMcst ; so that no creditor of Claflin, Mellen & Co,
lin:dly received less than dollar for dollar, with full interest
to tin- !;i>t ei'iit. The ])usiness now increased more rapidly
tii:in ever before. It was a time of excitement and of en-
itMjtrise, and no undertaking was too great for Mr. Claflij^.
Sellers of niercliandise knew that no lot could be too large
for him to buy, and they found out, also, that whatever
li*' bouirht was sure to be sold quickly and completely.
J lis ability to dispose successfully of the greatest accumu-
lations (»f goods withcmt demoralizing the market, and his
]M'rsonal ]»opularity, gave liis firm advantages which made
it .•■•e^ily outstri]) all competitors in volume of trade. Mr.
Mii.i.KN retired .m tli.- 1st of Januar}', 1864, and at that
liuK' tilt' s:ih's were nearly fifty millions of dollars per
annuni. Th.* style of the hrm was then changed to H. B.
Ci.AKi.iN «.\: Co., :ind the business still increased,
Subs.vpirntly, in one year the sales of the Claflin house
reach. -d ih.' enormous total of seventy-two millions of
dollars. an<l it is said that its sales for a single day
amounied to a million and a half of dollars,
liis generosity to his associates, most of whom had re-
tired with large fortunes, and liis helpfulness to many
youn:,^ ineichints throughout the country, occasioned him
th'^ distress ..f t-mp ,iaiy enihaiiassment in the great panic
"f ^^'â– '- III did iK.i g.-t needed accommodation then in
places when, he thought he could rely upon liberal dis-
count.s, an<l he uas comj.elled to ask a short indulgence on
(•l.en accounts fi(. in tlie liirn's creditors, to afford time for
BIOGRAPHICAL SKETCHES. 221
tlie r-on version of assets into money. Finding it impossible
to iK'gotiiite large amounts of the choicest of bills receivable
at any rate of disrount, he made sweeping reductions in
the III rirs stock of merchandise, and sold immense amounts
I'oi- cash at a. great sacrifice, nntil the notes given in exten-
sion of ((pen accounts were taken np long before matinitv,
and the ci-edit of the lionse was comx>letely restored. In
this panic the direct liabilities of H. B. CLAFLm & Co.
were veiy great, and the contingent liabilities mucli greater ;
but every note that bore their indorsement was paid at
niatnrity, and (»idy a portion of the open accounts were
delayed in setth^ment some ninety days. The gathering
togeihei- :ind successful consolidation of the vast business
aftei- the severe shock of 1878 was not the least of Mr.
( 'i.Ai i.in's acliievements. A remarkable exemplification of
willingFH'ss to overlook injuries was shown at this time.
While he was most depi'essed by the great losses he was
(naUiti<j, the wife of a man who had outrageously imposed
ii|M.ii his former fiiendship by fraudulently converting
funds ijit rusted to him, called upon Mr. Claflin, told him
that sh*' and lier family would lose their home unless she
coidd raise seveial thcuisand dollars, and asked to loan her
the amount she needed. lie disliked the woman, but he
piti.'.l her, and. after some reflection, he handed her a
«'heck for the money she needed, although he knew that il^
wouhl i^robably never be repaid, and it woidd benefit a man
wJK. had pia<'tically robbed him of hundreds of thousands
of (b.Uars. After *1874, Mr. Claflix slightly relaxed his
attention to business, and, although still a regular occu-
pant <d" hiscfru-e, he distributed some of his work among
his associates.
In bS77 he went to Europe for a short pleasure trip, and
on liis return, as he stepped ashore, lie said to one of his
sons : - Il(»w glad I am to be back." "Didn't you enjoy
the tripr' " O, ves, very much," he replied ; " but I
should liave had tw'ice as good a time if I had stayed at
home." This was characteristic. Home was full of joy to
him, and he nuule it glad to all his household. Few men
have been so happv. His habits were of the simplest, his
0-22 TOIITHAIT GALLEllY.
lii-:iltli w:i^ ]iri-fect, and lie was continnally doing good and
spreading cheer wlierever he went. There seemed no limit
!.. his benevolence. His hand was always open, and it was
:i i>le:isiire to him to give. The poor were as welcome to
liim as the rich, and were treated with equal consideration.
lie was deeply interested in the prevention of cruelty
to animals, andhe gave IIknuv Beugk great encourage-
ment in the <ai-1y stages of his noble w^ork, when it was
meeting with liiile public appreciation. Indeed, he en-
couraged every earnest worker in any humane cause. Al-
though sparkling witli humor, yet he was tilled with the
deepest and most helpfid sympathy for all in suffering or
in troubl.'. Those who saw him casually never failed to
be im]»ressed l»y Ids bright personality, and those who
knew him iniiiniiti'ly a[)preciated the depth as well as the
biilMancy (.f his nature. The Rev. Hexry Waud Beeciier,
wiio knew till' value of liis friendship, testified:
'• lb- has l)een lo me a refuge, and more than ever he or
his own knew, I have been strengthened by him in days that
wen* weary and burdened. Ills face was never clouded,
and nevei- tniiK'd from me — no, not for a moment."
And in a memoi-ial sermon the great preacher said : " His
clieerfidness was umpienchable. He was like a bright
lire, that sends out tlame and spark and warmth, not
bec.iuse it is i.)ld to, but because it cannot help itself.
liis tli<mghts rusiieil forth in endless streams like the
shining rays of a lam]>. Uis head seemed to be a globe of
]:imb<'iii Ihiiiie. |"'iill of merriment, cpiips and jests iutinite,
he Ijiing (iir ins iMiiling and jocose spirits like sparks from
an umpiencliablti brand and this, too, without regard to
wind or weather, winieror Miiiimer, prosperity or adversity.
Wh»-(h»'i- in ti-oulde of oiir kind or another, he tlamed still
about the same. Indeed, I have sometimes thought that
it to(»k tin- iiird knocks of adversity to bring out all the
lire fnun t Im- Hint that wasiii liim. Yet he was not a jester ;
he was not a mere sport-loving man. At hours of quiet no
man surpassed him in sobriety, in thoughtfulness, in out-
reaching (piestiMiis with regard to destiny and life and im-
BIOGllAPTIICAL SKETCHES. 223
irir»ri[ilily. Sobriety of judgment, serious and conscientious
views of lif»*, ^vere fundamental witli Ijim. To the end
of liis days, wliatever might liave been the outward play
and coruscation, the jest and Ijanter, at the bottom of ail
was a sincei-e l^elief in truth, in honor, in purity, in
loyalty. >foral quality was everything with him. To
I lie «'ii(l oi liis life the inner stream of religious sensi-
bility widened and deepened in him. In this, as in nil liis
laig«* ))enevolence, he shrank from publicity. In his very
iialur*' ht' abhorred ostentation ; and to him pretence, Avith
all falscuess and hypocrisy, was an unforgivable sin. His
frirudsliips were deep. He was loyal to them with a disin-
Icrcstrduess seldom seen in men, seldom even in wompu,
whosuipass men in loyjilty of undying love. For those that
wer<' liis friends iiolliing was too much. Again and again
lie jx'rik'd everything that he owned, to rescne a friend from
ilaimcr. At one time^I will mention no circumstance that
shall point t<' I he event except the fact— he made himself
resjionsible for a million dollars to save a neighbor from
bankrujitcy ; and that at a time when his own affairs re-
(piiivd til.' most searching care. A quarter of a million, a
hair million— wliat were they to him? He pledged them,
he (•ll'ered them, with the freedom with which one would
give a cup of cold water to a child of those whom he
loved ; and not to kindred alone, not to his own, but to
neighbors and friends. He grew^ gentle and tender where
men are apt to become suspicious and cynical."
It was lifting that this joyous spirit should walk through
the valley of death without pain. On Thursday, the 12th
of November, 1885, he suddenly became nnconscious, and
never spoke afterwards. On the following day he seemed
to reirain partial consciousness ; but a pronounced effu-
sion of blood in the brain ensued, and on Saturday, the
Hth of November, he peacefully breathed his last, in his
citv home on Brooklyn Heights. Rarely has a private
citizen been mourned more widely. His name was known
in nearly every city and town in the United States, and
hundreds of eulogies of him appeared in the public press.
224 PORTRAIT GALLERY.
JEREMIAH MILBANK.
.Ikiikmiah MiLHANK was born in this City, April 18th,
THIS was cdncated in its schools, and remained until his
deatii a l..val and devoted citizen of New- York. Formany
years W was engaged in a large business which gave luni
the rewards wliirli belong to wise forethought and diligence
and g()():l judixnient. When he retired from it he still
fiirihrr proved his capacity in the larger enterprises which
»Migair«'d his atr«Mition, and soon after became a Director in
th^riiicago, Milwaukee and St. Paul Railway Company,
wlwns as on(^ of the Executive Committee, he served with
conspicuous ability in the nuinagement and development
of its property. In the memorial records of that Company
it is written of him : '* He was always faithful, earnest and
devoted in the discharge of his trust as Director, and his
:i(lvic(* an<l counsel in regard to the management of the
alfairs of llic Company were wise and prudent, and highly
ai.pi-.'«'iated by his associates." Rochester University ac-
knowledged his "great liberality" in contributing to its
••ndowmnnt ; the town in Dakota bearing his name was en-
riched liy a church andaTublic Lilmiry, which were his ow^n
gifts ; and the Madison Avenue Baptist Church, of this City,
in wiiich he was a conimuiiicant, uttered this testimony by
the lips of the Rev. Dr. Charles D. W. Bridgman, the
jiastor : " .\ strong iiiiin litis fallen who was well worthy of
all the trust and liMiior we gave him. Wise, devout, gene-
rous, how can we speak of liini, how can we think of what
lie was to us, without a sense of the mystery of his
• h'.-iih r
Mr. .Mil. HANK had breadth of mind. He swept a broad
hoii/.(.n. In th<' srtl lenient of his i^lans he arranged for
coniingenci«'>> whidi a, smaller mind would never have
thought of. h u:is this mental reach, this ability to take in
the whole li'ld of :i(tion. with all the dilliculties he would
liave tcM'iicouniei-. w hi( li la vat the foundation of the fortune
he HO steadily and anqdy built up. He was broad minded
and practical. In addition to this, there was a conscien-
BIOGIiAPIIICAL SKETCHES. 225
tioiisFM'ss wliicli gave such a strength and dignity to his
d:iily lif^^ as attracted the confidence of his fellow-men.
'I'nisty is til.' word tliat supremely befitted him. He never
.sri):ii-;il«'(| liiirist'ir from tliose who confided in his wisdom
iiM<l iioU(.i-. l[>i guarded their interest; and so did he
in.'iiiitaiii his integrity under all circumstances ; that it was
said of hiui '" if he could have made a million dollars by
;i si ugh' Met of dishonesty, he would have scorned the
tciuplnticu." Such men constitute the true glory of the
romuiuuily :iud of the State, and not only because of their
uicrMbcrsiiii) in the Chnm])er of Commerce, but because of
their fxciiiphiry worth, tlicir portraits are hung on the