“Q. You stated, in your examination yesterday, that you were the
poorest kind of business man. Do you mean to convey the impression that
you are _non compos mentis_? A. I mean to say that I do not understand
the details of accounts and a credit business; my business has always
been a cash business--‘pay before you go in,’--I never knew the meaning
of the expression ‘bills payable’ until within a year.” This is one
more proof that Barnum was always a poor business man. During his
early career he understood nothing of ordinary business methods and
was not interested in them. He had also had no experience in financing
his large operations. The Museum was bought on its receipts, and the
Jenny Lind enterprise was refused financial backing. When Barnum was
approached with a financial statement as complicated as that of the
Jerome Clock Company must have been, he was undoubtedly at a loss. In
fact, whenever he turned from showmanship to the ordinary operations
with which the average small business man and clerk are occupied daily,
he was completely bewildered.
Soon after Barnum’s bankruptcy the Wheeler & Wilson Sewing Machine
Company bought property in East Bridgeport for its large factories.
This caused Barnum to renew his faith in the future of East Bridgeport,
and he repurchased some of his property from creditors with $5,000
loaned to him by Mr. Wheeler, of Wheeler & Wilson. This property
eventually brought him more money than he had lost in the Jerome Clock
Company failure.
Barnum had received one letter of sympathy which he now took advantage
of. General Tom Thumb wrote from Jones’ Hotel, Philadelphia:
“MY DEAR MR. BARNUM,--I understand your friends, and that means
‘all creation,’ intend to get up some benefits for your family.
Now, my dear sir, just be good enough to remember that I belong to
that mighty crowd, and I must have a finger (or at least a ‘thumb’)
in that pie. I am bound to appear on all such occasions in some
shape, from ‘Jack the Giant Killer,’ upstairs, to the doorkeeper
down, whichever may serve you best; and there are some feats that
I can perform as well as any other man of my inches. I have just
started out on my western tour, and have my carriage, ponies, and
assistants all here, but I am ready to go on to New York, bag and
baggage, and remain at Mrs. Barnum’s service as long as I, in my
small way, can be useful. Put me into ‘heavy’ work, if you like.
Perhaps I cannot lift as much as some other folks, but just take
your pencil in hand and you will see I can draw a tremendous load.
I drew two hundred tons at a single pull to-day, embracing two
thousand persons, whom I hauled up safely and satisfactorily to all
parties, at one exhibition. Hoping that you will be able to fix up
a lot of magnets that will attract all New York, and volunteering
to sit on any part of the loadstone, I am, as ever, your little but
sympathizing friend,
Public-domain text, read in full here on John Shaqi.
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