Part 22 (1/2)

A new foot-bridge was built across the river, connecting the neith the city of Bridgeport, and a public toll-bridge, which belonged to Barnum and noble, was thrown open to the public free

They also erected a covered drawbridge at a cost of 16,000, which was made free to the public for several years

They built and leased to a union coe s erected in the town, and which went into operation on the first day of the year 1852

In addition to the inducements of low prices for the lots, the owners advanced one-half, two-thirds, and so the purchasers to repay them in small sums at their own convenience The town, under such favorable auspices, began to develop and to groith great rapidity

No one of Barnum's sche to listen to any one who thought they had a project favorable to the advancement of the new city It was the man's weak spot, and it was this weak spot which was destined to be touched once too often

There was a small clock factory in the town of Litchfield, in which Barnu always of his beloved enterprise, it occurred to hith that if the Litchfield clock coeport, it would necessarily bring with it numerous families to swell the population A new stock company was for Coeport

It will be seen how recklessly the owners of the site were spending money They looked for their profits wholly from the sale of the reserved lots, which they felt sure would bring high values

In 1855 Mr Barnum was visited by the President of the Jerome Clock Company, Mr Chauncey Jerome, with a proposition that the concern, which was reputed to be very wealthy, should be reotiations were opened, and at last Barnureat manufactory with its seven hundred to one thousand employees, if he would lend his name as security for 110,000 in aid of the company

He was shown an official report of the directors of the co a capital of 400,000 with a surplus of 187,000 They were in need of oods The co extremely loth to disreatly if their means of livelihood were taken from them

The company was reputed to be rich; the President, Mr Chauncey Jerome, had built a church in New Haven, at a cost of 40,000, and proposed to present it to a congregation; he had given a clock to a church in Bridgeport, and these things showed that he, at least, thought he ealthy The Jerome clocks were for sale all over the world, even in China, where the Celestials were said to take out the ”movements,” and use the cases for little te that faith was possible without 'works,' ” as Mr Barnum said

Further testimony came in the form of a letter fro the highest confidence in the financial strength of the company Barnum afterwards learned that his correspondent represented a bank which was one of the largest creditors of the concern

Barnureed to lend the clock company his notes for a sum not to exceed 50,000, and to accept drafts to an auarantee of the President, Chauncey Jerome, that in no event should he lose by the loan, as he would be personally responsible for the repay that his notes should be taken up and renewed an indefinite number of times just so the maximum of 110,000 was not exceeded Upon the representation that it was impossible to say exactly when it would be necessary to use the notes, Barnum was induced to put his na the date of pay stipulated that the blanks should be filled to make the notes payable in five, ten, or even sixty days froreed that the Jeroe its stock with the Terry and Barnu that concern, and unite the whole business in East Bridgeport

Three months later Barnum's memoranda showed that the entire 110,000 had been used He was then solicited by the New York agent of the company for five additional notes for 5,000 each

The request was refused unless they would return an equal aent assured hi these notes ”every week” The cancelled notes were brought him next day and he renewed them This he did afterwards very frequently, until at last his confidence in their integrity became so firmly established that he ceased to ask to see the notes that had been taken up, but furnished new paper as often as it was desired

But gradually the ru his paper ca at this, hediscovery that his notes had never been taken up, as represented by the Jerome Company, and that some of the blank-date notes had been hteen and twenty-four ation revealed the fact that he had indorsed for the company to the amount of over half a ed for old Jerome Company notes due to the banks and other creditors

Barnum simply went to work, paid every debt he owed in the world, and--failed!

The Jero Barnum's fortune, was able to pay only about fifteen per cent of its own obligations Of course it never reeport at all

The failure was a nine-days' wonder all over the country Never had Barnum achieved such notoriety As he expressed it, he was taken to pieces, analyzed, put together again, kicked, ”pitched into,” tumbled about, preached to, preached about, andworld could put him

Barnu of false friends and even the loss of fortune, but it s over the ”instability of ill-gotten gains” His fortune, if made quickly, had been honestly worked for and honorably acquired, though envious people pretended not to believe it

CHAPTER XXV THE WHEAT AND THE CHAFF

FALSE AND TRUE FRIENDS--MEETING OF BRIDGEPORT CITIZENS--BARNUM'S LETTER--TOM THUMB'S OFFER--shi+LLABER'S POEM--BARNUM'S MESSAGE TO THE CREDITORS OF THE JEROME CLOCK COMPANY--REMOVAL TO NEW YORK--BEGINNING LIFE ANEW AT FORTY-SIX

But while misfortune reveals a man his foes, it also shows him his friends Barnum was overwhelmed with offers of assistance, funds were declared at his disposal, both for the support of his family and to re-establish him in business ”Benefits” by the score were offered hi citizens of New York to give a series of benefits

Every one of these offers Barnu acorrespondence is taken from the New York papers of the time, and will show the stand he took in the matter:

NEW YORK, June 2d, 1856

MR P T BARNUM:

Dear Sir The financial ruin of a y and enterprise is a public calamity The sudden blow, therefore, that has swept away, from a man like yourself, the accumulated wealth of years, justifies, we think, the public sympathy The better to manifest our sincere respect for your liberal example in prosperity, as well as exhibit our honest ad reverses, we propose to give that sy your acceptance of a series of benefits for your family, the result of which may possibly secure for your wife and children a future home, or at least rescue them from the more immediate consequences of your misfortune

Freeman Hunt, E K Collins, Isaac V Fowler, Ja, James W Gerard, Simeon Draper, Thomas McElrath, Park Godwin, R F Carman, Gen C W