← Table of ContentsFifty years in Wall Street

CHAPTER IV.

IMPORTANCE OF BUSINESS TRAINING.

SONS OF INDEPENDENT GENTLEMEN MAKE VERY BAD CLERKS.—THEY BECOME

UNPOPULAR WITH THE OTHER BOYS, AND MUST EVENTUALLY GO.—NIGHT DANCING

AND LATE SUPPERS DON’T CONTRIBUTE TO BUSINESS SUCCESS.—GIVE MERIT

ITS TRUE REWARD.—KEEPING WORTHLESS PRETENSE IN ITS TRUE

POSITION.—RUNNING PUBLIC OFFICES ON BUSINESS PRINCIPLES.—A PIECE OF

GRATUITOUS ADVICE FOR THE ADMINISTRATION.—A COLLEGE COURSE NOT IN

GENERAL CALCULATED TO MAKE A GOOD BUSINESS MAN.—THE QUESTION OF

ADAPTABILITY IMPORTANT.—CHILDREN SHOULD BE ENCOURAGED IN THE

OCCUPATION FOR WHICH THEY SHOW A PREFERENCE.—THOUGHTS ON THE ARMY

AND NAVY.

I have usually found that the sons of independent gentlemen, who have

great expectations, make very poor clerks and don’t develope into Good

Wall Street men.

Their expectations seem to dwarf the ability that might develope under

the more favorable auspices of being obliged to paddle their own canoe.

Like the light under a bushel, referred to in the Good Book, their

brilliant qualities are obscured and circumscribed by the paternal

protection in prospect. They have not a sufficient incentive to work,

because they know that all they require for their natural wants will

fall easily into their laps. The motives, therefore, which usually

develope the greatest mental qualities are absent and the qualities

themselves lie dormant, and frequently decay like poppy seeds in their

seed vessels, without being productive of the fruits which are the

result of industrial habits and the desire for acquisition. Such young

men, instead of being a help to an office into which they happen to be

thrust, often through friendship and favoritism, are a great hindrance

and a stumbling block in the path to promotion of other young men.

After many ineffectual attempts to reform and remodel them, they have

generally to be discarded, as the drone bees are ejected from the rest

of the industrious hive. And they usually become as unpopular with the

other boys as the drone does with his comrades who make the honey and

will not suffer the idle fellow to feast on the fruits of their labor.

Young men who have nothing but their own resources to depend upon will

be found far more meritorious than this higher class. There are some

eminent exceptions, but it takes a large amount of good sense to

counteract the conceit instilled by the idea of financial independence

by birth.

The latter are more liable to youthful and enervating excesses, as they

have the means to indulge in nocturnal amusements that are not conducive

either to clear brains or active habits during the day.

Night dancing and late suppers, with some of their social concomitants,

when habitually indulged, don’t contribute to business success. I know

how this is myself, and therefore speak feelingly; but I don’t lay

myself open to the charge of egotism when I say that I have never

permitted the habit to get the better of me.

I am not setting myself up as a censor of other men’s habits, nor

attempting to utter mere moral or religious cant. I am simply discussing

the question from a scientific and physical standpoint, and I say that

these habits don’t contribute to business success, but, on the contrary,

form one of the greatest hindrances to it. They make any man, no matter

how strong he may be, physically unfit for ordinary business. These

“recreations” up town, however attractive and delightful they may be,

don’t fit a young man for business down town. The line must be drawn

somewhere. Let us draw it, say, at Fourteenth street.

There has been much said and written about Civil Service Reform by

various authorities from President Cleveland down to Dorman B. Eaton and

the Custom House officials. The great rule to follow is to give merit

its true reward This draws out the best efforts of the recipient, where

real merit is found, and keeps the drones beyond the pale of

competition. It develops the qualities that are worthy of being

encouraged, and keeps worthless pretense in its true position. This is

the role I have adhered to in my office, and it works like a charm. My

office, though not quite so large as the Custom House or Post Office of

New York city, I think affords a fair test of what could be done on the

largest possible scale.

If public office is a public trust, and we have the high authority of

President Cleveland and of the New York _Tribune_ for saying so, I think

it can be administered on the same business principles that have

contributed to the success of some of the largest and most successful

firms in the world; and among these, I think I can say without egotism,

as the matter is capable of demonstration, that the house of which I

have the honor to be the head, stands second to none in the attributes

to which I have referred.

The reader may say, “This is a puff for his own house.” Well, even so.

If it is, it is true, and will bear the strictest investigation. So I

don’t see why I should feign any false modesty about the assertion. It

would be sheer affectation to do so.

Collegiate education is a great question for debate among literary men,

journalists and business men, as to its utility in forming the character

of youth for business life. As the college curriculum and training stand

at present, the ordinary course is not in general calculated to make a

good business man. It is erroneously regarded by some people as a kind

of substitute for business training in the earlier years of a young

man’s life. There could be no greater mistake in the beginning of a

business career. It is in many instances not only a hindrance, but

absolutely fatal to success. To put a young man in an office fresh from

college, on a level with one of the same age who has been training in

business methods since he left the common school, is demoralizing to

both.

I wish to have it distinctly understood that in the foregoing remarks I

have not made any attempt to cast the slightest reflection on the

personal attributes and abilities of any young man in any line of life

or status of society, and I make this statement perfectly independent of

the mere social incident as to whether the young man in question may

part his hair in the middle or assume other dudish airs. That is his

business, and I have no right to trench on the sacred precincts of his

individuality, nor do I mean to do so. As a rule I stick to my own

business. I simply intend to imply that when a dude happens to come into

my office, where I think he will find the most æsthetic appointments in

the way of furniture and the business arrangements, if he should, upon

thus entering into my employment, come to the sudden conclusion that

this æstheticism of office furnishing implied any plea for idleness or

assumption of airs on his part, he would very soon experience a rude

awakening from his charmed lethargy of conceit, and if he were not

prepared to undertake in a calm and appreciative tone of mind the first

lessons of business industry, I would politely bid him an affectionate

adieu, and on parting tell him very kindly that though his great natural

gifts might be thoroughly adapted to shine in another sphere of life, he

was both by nature and education totally unfitted to play the most

humble part in a business career, such as that of which my firm affords

a fair and most successful example.

The same remarks will apply to any other young man who does not

appreciate his vocation, and try to know himself as old Seneca taught.

I don’t insidiously single out the dude for an odious comparison. The

remark will apply just as appropriately to the young man who is better

fitted for a blacksmith or a farmer, or perhaps a preacher, than a

business man or a financier.

“All blacksmiths,” says the Rev. Robert Collyer, “can’t become

preachers, and it would be bad for the world if they did.” There is a

good deal of philosophy in the remark of this popular preacher, and

quite to the point on the subject which I am now attempting to handle.

In fact, there is nothing in this world would grieve me more than the

prospect of being obliged to reflect in future years on the fact that I

had been instrumental in keeping a young man’s “nose to the

grind-stone,” so to speak, in my office, where he would make a very poor

employee without the chance of attaining average success, while in a

career for which nature and education had fitted him, he might not only

be happy and successful, but make his mark as a star of the first

magnitude.

When viewed in this light, the question of adaptability becomes a

serious affair, for young men starting in life, and for their parents,

who often sacrifice a great deal of their worldly comforts and peace of

mind to launch their fond offspring.

The best thing for parents to do, then, as a general rule, is to

encourage their children in that occupation or avocation for which they

show a decided preference. Whatever young men do voluntarily, as a rule,

they do well. This is especially illustrated in the lives of youths who

exhibit an inclination for a military pursuit, which offers the least

inducement to human avarice, and attracts the mind through the more

sentimental motives of patriotism and the love of glory. But in our

present civilization there are national feelings that must be inculcated

and encouraged.

I entertained at my Newport residence, during the past Summer, the

officers of the 23d Brooklyn regiment of the National Guard of the State

of New York, because I felt it a matter of duty to do so, as well as a

privilege to do my part in contributing to the encouragement of the

young men who have taken it upon themselves voluntarily to be members of

that militia company.

These young men visit Newport at very great cost to each one, as they

themselves have to contribute to the expenses attending the trip, and

their presence in Newport in going through, regularly each day, their

drills and parades with as much precision and correctness as though they

all had been graduates of West Point, all well equipped and well attired

in plain but most becoming military apparel, made a most interesting

scene to witness, contributing not a little to the amusement and

gratification of the residents of that famous watering place. They are

becoming disciplined to be soldiers. They are mostly young men of good

families, of profitable occupation, many in business for themselves and

others trustworthy clerks in the employ of others, with good salaries;

consequently they make a great sacrifice to themselves in the time that

they thus bestow upon such excursions as well as ordinarily in the

drills which they have to go through, when at home, once or twice each

week, frequently oftener. What is the incentive in this personal

sacrifice on their part?

The answer is, the spirit of patriotism, and that really is what it

means, for in the event of a foreign invasion or internal disturbances,

their services are pledged to the State and to the Government. They are

therefore liable to receive at a moment’s notice a call from any quarter

to go to the front with their lives in their hands, leaving their

families, their wives, their children, their old parents, their

business, leaving all and requiring a farewell at their departure, as

the dangers they may have to encounter are threatening in character and,

not unlikely, may prevent their ever returning alive.

Taking this view of the subject, therefore, these young men should be

encouraged by all who have the means and power at their hand, and to the

full extent of their ability. Whenever they go on missions of State

defense, it is only just and fair that they should be received as

soldiers, and accorded the honors which soldiers merit. They are

entitled to it to a greater extent than the regular soldiers of the

United States standing army. These men do not make one-half the

sacrifice that the young militia do, nor do they make any better

soldiers on the battle-field.

These militia soldiers, when they go to the front, leave behind them

enough, in the way of properly, good homes and families, to make them

more enthusiastic to fight for victory, than the regular army, so that

they may return to their own domestic circles with the laurels that

victory gives.

In thin country we do not desire standing armies, for we do not wish the

expense entailed upon the Government to sustain them, but we do want the

young men encouraged to do military duty and be prepared for action when

it comes. The only money, therefore, that the Government need expend to

protect our continent is a good militia force in each of the various

States, to be well disciplined. In that case our country will be

prepared to meet foreign foes.

I am also opposed to a large standing naval force, not only on account

of the expense, but also because our country is less likely to get into

trouble with other nations, providing we have no ships to send into

their waters. Naval officers are often very impetuous and chivalrous and

sometimes fancy they have grievances to repel, which are largely

imaginary, and with them it is a word and a blow.

With a thoroughly equipped and largely efficient naval force, we might

thus not unlikely be driven into a conflict without cause or reason with

some friendly power. Our country is happily located far in the distance

from the quarrelling nations of Europe, and our being so removed is our

protection. It is not desirable to be brought in closer contact by

sending our naval vessels into their waters, to be under their fire. The

policy of this nation is peace and good will to all mankind. What gain

would it be to America to have a conflict with England, even though we

should conquer in the end, or France, or Germany, or Russia? We couldn’t

tow any of these countries to ours, nor could we hold on to our conquest

as a permanent possession; neither should we desire to do so, as we have

territory enough in the 38 States which comprise the United States of

America, already, without desiring to annex that of any of our far-off

neighbors.

And if an emergency should arise in what has been called the last resort

of kings, namely, the necessity of going to war, it would be found that

the importance of this training in the special business of war could

then be appreciated at its true value.

The importance of business training, that is, training for the special

occupation in which a man’s energies are to be developed, is always made

apparent when those energies are put to the test of competition, or are

called upon to put forth an extraordinary effort. If a man has not got

the special training, whether in the army or in civil life, he is never

reliable in an emergency, but is like that weak and vacillating friend

which old Solomon compared to a broken ankle.

I say, therefore, to the young man of the rising generation, while you

don’t relax any effort to procure all the education that your time and

means will afford, above all things, don’t neglect the paramount

importance of business training.

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