Struggles and Triumphs: or, Forty Years' Recollections of P. T. BarnumBarnum, P. T. (Phineas Taylor)
General
Struggles and Triumphs: or, Forty Years' Recollections of P. T. Barnum
Barnum, P. T. (Phineas Taylor)
Barnum, P. T. (Phineas Taylor), 1810-1891; Circus owners -- United States -- Biography
Shortly after this sympathetic meeting, a number of gentlemen in
Bridgeport offered me a loan of $50,000 if that sum would be
instrumental in extricating me from my entanglement. I could not say
that this amount would meet the exigency; I could only say, “wait, wait,
and hope.”
Meanwhile, my eyes were fully opened to the entire magnitude of the
deception that had been practised upon my too confiding nature. I not
only discovered that my notes had been used to five times the amount I
stipulated or expected, but that they had been applied, not to relieving
the company from temporary embarrassment after my connection with it,
but almost wholly to the redemption of old and rotten claims of years
and months gone by. To show the extent to which the fresh victim was
deliberately bled, it may be stated that I was induced to become surety
to one of the New Haven banks in the sum of $30,000 to indemnify the
bank against future losses it might incur from the Jerome company after
my connection with it, and by some legerdemain this bond was made to
cover past obligations which were older even than my knowledge of the
existence of the company. In every way it seemed as if I had been
cruelly swindled and deliberately defrauded.
As the clock company had gone to pieces and was paying but from twelve
to fifteen per cent for its paper, I sent two of my friends to New Haven
to ask for a meeting of the creditors and I instructed them to say in
substance for me as follows:
“Gentlemen: This is a capital practical joke! Before I negotiated with
your clock company at all, I was assured by several of you, and
particularly by a representative of the bank which was the largest
creditor of the concern, that the Jerome company was eminently
responsible and that the head of the same was uncommonly pious. On the
strength of such representations solely, I was induced to agree to
indorse and accept paper for that company to the extent of $110,000--no
more. That sum I am now willing to pay for my own verdancy, with an
additional sum of $40,000 for your ‘cuteness, making a total of
$150,000, which you can have if you cry ‘quits’ with the fleeced showman
and let him off.”
Many of the old creditors favored this proposition; but it was found
that the indebtedness was so scattered it would be impracticable to
attempt a settlement by an unanimous compromise of the creditors. It was
necessary to liquidation that my property should go into the hands of
assignees; I therefore at once turned over my Bridgeport property to
Connecticut assignees and I removed my family to New York, where I also
made an assignment of all my real and personal estate, excepting what
had already been transferred in Connecticut.
Public-domain text, read in full here on John Shaqi.
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