To come, however, to my own affairs. The position of the firm of Charles E. Parkinson and Company, on that same first of January, was essentially and absolutely a sound one. The year after I commenced business anew, my mother died. The five thousand dollars I received from her proved, as was anticipated, to be about what I was entitled to from the estate, and thus that was settled. I had within a twelve-month repaid my friend the five thousand dollars borrowed from him. It was indeed so much in reduction of our capital, and the money to us was worth much more than seven per cent; but something whispered to me, 'Pay it!' and I did so. Strange to say, many years later this circumstance proved to be the final turning-point in my earthly career. Since we began, our capital had increased from the sum of twenty-eight thousand dollars, as the reader will recollect, to one hundred and thirty-eight thousand seven hundred and sixty dollars in stocks and assets, after deducting all probable bad debts and what the firm owed. In other words, that was our 'balance-sheet.' This was certainly doing well; at the same time we had acquired the reputation of having made still greater gains, so true is it that 'to him who hath shall be given.'
I was one of the few who were not carried away by the excitement consequent on the great rise in all species of produce. I believed when, stimulated by the high prices, the north of Europe began to pour in its large stores of grain, that a reäction must take place, especially if the coming season in Great Britain promised well. For this reason I did not permit myself to be tempted into a speculative course, in which my neighbors were clearing large sums rapidly. In April and May the financial distress in England, and distress from hunger in Ireland, were very great. An American Government store-ship, loaded with provisions, was sent to the relief of the Irish people, thousands of whom were dying from starvation. Still were we in this side prosperous; still taking in gold for food at high prices; still counting on more gold at higher prices. About the first of June these prices came to a stand-still in Europe. From the ports in the Baltic rich granaries were shipped to the British Isles, the harvests promised well, and the potato appeared to be without blight. We were then carried into the summer in the midst of a great speculation in produce; with falling prices in Europe, and purchases and contracts maturing here; grain shipped to a tremendous extent, bills drawn heavily against it; bankers, ancient and honorable firms, breaking all over the Continent; all through England, Scotland and Ireland, till the panic there reaching its height, the market here became utterly depressed, and bills of our best houses were floating about in all directions, offered at enormous rates without buyers. Then was Wall-street one morning taken suddenly all aback by the refusal of some of the largest bankers in London to honor the bills drawn on them, of an old and leading house here! What confusion, what consternation! It was all a mistake: oh! certainly a mistake! A matter of precaution only, till the arrival of the next steamer, then all the bills would be protected, all accounts arranged, and every thing be put right. Just wait for the next steamer.
