THE

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

FEBRUARY, 1864.

THOMAS TILESTON,

PRESIDENT OF THE PHOENIX BANK, NEW YORK.

ALL young men covet success, though comparatively few appear to know in what it really consists. Certainly it is not in the simple accumulation of wealth; for if it were, we should admire most the chest that contains the miser's gold. Nor yet is it in the show and glitter that too often accompany wealth. Only the weak, vain man will exult in his servants' livery, or the conceited, unsuccessful general bestow his time. and energy on his epaulets.

With the merchant, however, the acquisition of wealth must always be one ingredient of success, yet it is the acquiring it rightly, and using it rightly, that marks the truly successful. A life that centers on one's-self must be aimless and profitless indeed. It is true, that courage, energy, and persevering determination, if accompanied by economy, will, in most cases, work out a private fortune. Still, not until these qualities, guided by principle, are applied to the public good, and used in its behalf, can the possessor be entitled to public thanks. Thus, in giving, from time to time, these sketches of prominent merchants, our object is to show wherein they have obtained the true ends of life, gaining their wealth and governing their ambition by principle, and hence enriching, not only themselves, but also the public. In so far, only, as they have done this, are their lives worthy of study and imitation.

Among our many merchants, who have nobly fought their way to commercial and social eminence, few names are more honorably and favorably known than that which heads this article. Mr. THOMAS TILESAs we TON is certainly a remarkable instance of mercantile success. have already said, the acquisition of property, however rapid or vast, is not of itself success. If the ends proposed be selfish; if the means employed be unjust or dishonorable; especially, if no kindly feelings impel the possessor to meet, from his abundance, the urgent claims of a com

Entered according to act of Congress, in the year 1864, by WILLIAM B. DANA, in the Clerk's Office of the District Court for the Southern District of New York,

mon humanity; then he has not attained true success, for prosperity is not a blessing either to himself or to others. It is because Mr. TILESTON is a man of another stamp-because his whole course and example have been elevated in tone and wholesome in their influences-that we are glad to hang his portrait in our gallery of American merchants, and hold him up for the just appreciation of the mercantile community.

THOMAS TILESTON is a native of Boston, where he was born, August 13th, 1793. From the first, he was aware that the battle of life depended on his own exertions, for all the inheritance his father left him was a good name. His means for early education, therefore, were only such as the public schools afforded. Boston was then a city of about twenty thousand inhabitants, and we need not stop here to make any lengthy comparison between the public schools of 1793 and those of 1864; now they are an honor to any people-certainly not surpassed, if equaled, in any other State; then, of course, they were mere rude beginnings, furnishing comparatively few advantages. But even these opportunities could not long be enjoyed, for young TILESTON was a member of a large family, and he early saw that he ought to be up and doing, caring for himself. Yet his thirst for knowledge was not satisfied, and, knowing that where there was a will there was a way, he determined to seek such employment as would, at the same time, give him the best opportunity for educating himself. With such ideas, at the early age of thirteen, he accepted a situation as printer's boy in the printing establishment and publishing house of GREENOUGH & STEBBINS, of Boston, at a salary of thirty dollars a year and board. More than fifty years later, when seated at his own comfortable fireside and indulging in some reminiscences of the past, he told us that, on disclosing his new engagement to his mother, she remonstrated, but her tender remonstrances could not change his mind. His deliberate reply was, "Mother, by going into a printing office, I hope to educate myself, and thus, I trust, to be able to take care of you and the whole family." Here he stopped, and silently a tear filled his eye. How natural that tear was! It spoke of tenderness for that mother, and thankfulness in having been able to keep that vow of the apprentice, while, at the same time, a life of three score years and ten, without a single year in its history over which it is necessary to draw a veil, for fear of spoiling the effect of the whole, must have stood out in vivid colors before his eyes.

That vow of the apprentice boy was, we think, the key-note to his success. To commence life with a decided and good purpose, is half the battle won. Most of our young men, who look out for a situation, think little of the claims that others have upon them, and study only present ease and comfort, never considering whether they are best fitted for a law office or a clothing establishment. They simply seek an easy, paying situation, and so, at the end, find themselves in the wrong place, and the might-have-been-successful tailor has become an unfortunate, unsuccessful barrister.

Young TILESTON, as we might expect, made rapid progress in setting up type, and very soon the labor of proof reading was added to his other duties. Here, too, he was able to excel, for, working with his characteristic energy and perseverance, all obstacles seemed to vanish as quickly as they presented themselves. An evidence of his industry, at this time, may be found in the fact, that during that period he wrote and printed,

in extra hours, one or two literary compositions, which were a great success, pecuniarily at least. But he soon discovered that weak human nature was being driven too fast, for suddenly his eyes failed him, threatening total blindness. This was, of course, a very great affliction, sadly checking his ambitious plans; yet he did not despond, as many might have done, nor occupy himself with mourning over his misfortune, but showed the same energy and judgment in his endeavors to effect a cure that he had shown in every undertaking in life. He at once gave up all business, devoting himself, for five months, to restoring his eyesight, and at the end of that time, under the blessing of Providence, found he had succeeded. He learned, by this experience, how to use his eyes and they have never failed him since

About the same period the junior partner in the printing establishment and publishing house of GREENOUGH & STEBBINS was changed, and GREENOUGH & BURRILL, the new firm, removed their business from Boston to Haverill. Mr. TILESTON still continued with them, making himself so useful and showing himself so efficient, that the more important work was left to his charge and supervision. About this time, also, he took part in editing a paper. We have before us some numbers of the Merrimack Intelligencer, published by BURRILL & TILESTON previous to the war of 1812, and it would not be difficult to recognize many leaders as from Mr. TILESTON'S pen.

At the age of twenty one he was selected by his old employers to revise the American edition of King James' translation of the Bible. This was a very important position, and shows the confidence he had inspired; while the work itself still remains a monument to his judgment, untiring energy, perseverance, and care.

A year later, in 1815, he took one step more in his upward progress -the publishing and printing establishment of GREENOUGH & BURRILL being placed under his entire charge. When he accepted the position the house was in an embarrassed condition; but within the three years during which he managed its affairs he was able to discharge all its debts and build up a profitable business. Thus we see that the young appren-· tice, by diligence, perseverance, close application, and strict integrity had attained the highest position within the gift of his old employers, and had learned to direct the business he first sought to follow.

We now come to another important period in Mr. TILESTON'S career. He had passed through his boy experience successfully; he had mastered. the trade he was apprenticed to; he had shown himself capable of directing, as well as following, and now, at length, when he had thus successfully battled with the many difficulties of his younger days and overcome them, a wider field of operations opened before him. Previous to the war of 1812, Massachusetts was a commercial, not a manufacturing State. She readily found a market for her surplus breadstuffs and fish, and was content that, while she was a producer, England should manufacture for us. South Carolina, strange as it may seem, was then in favor of a protective tariff to build up our manufactures, while Massachusetts was opposed to it. The war of 1812 worked a decided change. By reason of it Massachusetts lost her market, her surplus capital was thus driven out of employment, the country became bare of English goods, and the necessities of the case drove this New England State into the manufacturing business. At first, however, her trade was of course very