two partners (who were both masons) stated the masons would take a lease of it for forty or fifty years, and pledge thirty shares which they owned in the Manufacturer's bank as security for payment of the rent, but some years after, I learned the shares had not been pledged, for some reason or other, Some of the candid masons have frequently observed to me, that it was the intent and meaning to pledge that stock, and although it had not been done, still it ought to be. I have no surplus cash to spend in the law, but still I, for one, consider a part of my duty to my fellow beings to aid and assist in trying to make people to be honest and upright in all their contracts, Hoping the many years which have passed over your honourable head, still permit you to enjoy your usual state of health and activity, I remain with every respect, your obedient servant,

SAMUEL SLATER.

Mr. Slater's business, up to the year 1829, had progressed, and was established on a permanent basis. And such was the snug and punctual manner in which he managed his concerns, that he did not owe, in all his purchases and debts, one thousand dollars; while he had fifty thousand dollars in mortgages on real estate. No one could justly accuse him of want of prudence and foresight in his loans or responsibilities. It, however, appeared, when the village of Pawtucket was shaken to its foundation, that Mr. Slater's endorsements were very heavy and extensive; and during the panic which followed, he was unable to take up all his endorsed paper, without great sacrifice, yet he knew that, with some accommodation, and with perfect safety, he could meet all demands and save much property from destruction. It was with these views that he applied to William Almy, one of his first partners in his business, and who was then a partner in Pawtucket and in Smithfield, but his application did not receive that prompt and cheerful attention which Mr. Slater had reason to expect; but was considered as a refusal.

This circumstance increased the alarm and shook credit, in Rhode Island, to its centre. All confidence was lost, when Mr. Slater said that, without some accommodation, to gain time, to meet his endorsed paper, he should stop his mills, till he could turn himself round. There was something strange, passing strange, that William Almy should not have fully entered into Mr. Slater's views; having known his circumstances, and being convinced, as he must have been, of his immense property. A meeting of wealthy men was held in Providence, at which meeting Mr. Slater gave a schedule of his property, when Cyrus Butler, Brown & Ives, Moses Brown, and others, expressed a wish for an arrangement, that Mr. Slater should go on with his business. He finally sold out his third in the " Old Mill" in Pawtucket, and his fourth

of the Smithfield property; and Wm. Almy became the purchaser of those places.

Mr. Slater was concerned in the new steam mill, in Providence, and it was found necessary to take the whole of that into his hands; so that he weathered the storm and settled his affairs in a much shorter time than was expected. Not without a considerable loss of property, and what was of more consequence, a loss of confidence in men of business in general. It was very evident that his mind and feelings were very essentially affected, and, with his poor state of health, he never fully recovered his tone of

assurance.

Some of his letters, about this time, discover a sensibility that was never observable before; for he was remarkably free of all remarks on those with whom he was connected in business. This was, however, a rebuff that he little expected, and a kind of trial that he was unaccustomed to; he never before knew what it was to be unable to meet every demand, and could generally anticipate such calls. He said to me: "I felt the more, because I had never been used to it." He felt his dignity, as a business man, hurt, when his proposition did not meet with prompt and cheerful attention and acquiescence.

About this time I find, on some of his papers, the following passages copied. "As the partridge sitteth on eggs, and hatches. them not, so he that getteth riches, and not by right, shall leave them in the midst of his days, and at his end shall be a fool."Jer. xvII. 11.

"Bread of deceit is sweet to a man, but afterward his mouth shall be filled with gravel."

Messrs.

NORTH PROVIDENCE, Feb. 3, 1829. Gentlemen,-S. Slater & Sons have come to a determination to place that ignoble establishment in Dudley, called Slater & Howard's woollen factory, in a state of respectability. Whether or not it was got up in iniquity I cannot say; but I fear some things, during the life of it, are mysterious. It is the united wish of S. Slater & Sons to sink into oblivion the past inroads that have been made, one way or another, on that establishment. They are very anxious to place the business, in future, on a fair mutual ground, so as to pay about six thousand dollars a year for extra stock, raising the wind, bad debts, and too liberal commissions. Perhaps you may think that I am rather severe in my remarks; but I think I can say, as the Earl of Essex said, when Queen Elizabeth boxed his ears. A noble lord told him to submit. His reply was: You are only a looker on, but I feel it. However, waiving the allegory, I would just observe to you that, in the course of this month, I contemplate remitting to you from twelve to sixteen thousand dollars, in

bills on the south, and bank bills on Slater & Sons' account, providing the negotiations can be made on as favourable terms in your city (where neither Jew nor Quaker has an abiding place,) as can be done elsewhere. I should like your reply on the subject, both as it respects bills of exchange, and Providence and current bank bills. Yours, &c.

SAMUEL SLATER.

Messrs.

N. PROVIDENCE, Jan. 7th, 1829.

Gentlemen,-In my last, under date of the 31st ult., I wrote you that I had drawn on you, for ten thousand dollars, on four months, in favour of the Steam Cotton Manufacturing Company, in order to meet a demand nearly due in Philadelphia, since which, have altered a five thousand draft into three, two of $1500 each, and one of $2000, all payable at the same time.

It is rather a pinching time here for money; though many of the money borrowers say times are becoming more easy. Since the failure of Mr. Hurd, money-jobbers and anti-tariff folks have propounded almost every one, who has seen, or at least touched of late a cotton or woollen factory, that he must go down stream, and amongst them, some whose chins are barely above water, are (friendly) afraid that I have a very heavy load on my back, &c. It is true, I am on two neighbours' paper, but am partially secure, and hope in a day or two, to be fully secured against an eventual loss, providing Mount Etna should not extend its lava much beyond the usual limits. Last week, my sons George, John, and Nelson, bought out my old friend Edward Howard, in the woollen business, which relieves my mind considerably. The business in future will be transacted by myself and sons; and as it respects the Amoskeage and Steam Cotton Manufacturing Company, including the woollen factory and all my private concerns, (which I consider very trivial,) I think I can boldly say, after the whole company debts are paid, (all of which I have to meet,) there will be left from 800,000 to 1,000,000 of dollars to all concerned. I barely mention these circumstances to in some measure rebut any flying reports that may reach your city, and of course will not retard your acceptance of my paper so long as you have my funds in your hands to make you perfectly secure : I shall probably spend (at least) several weeks here, therefore, if you have not already forwarded your last quarter's sale and account current to Oxford, you will send it to Pawtucket. In great haste, your obedient servant,

SAMUEL SLATER. N.B. It is a general time of health in my family. Hope you and all connections are well. S. S.

To the same.

NORTH PROVIDENCE, June 15th, 1829. Gentlemen,-Since I wrote you under date of the 12th inst., there has been a dreadful storm in and about Pawtucket. I believe on Friday last, Samuel B. Harris made an assignment of his property without even consulting his endorsers, A. I. & W. On Saturday A. & I. W. made an assignment of their property, and as a great amount of paper was lying over, both of their own, and that which they had endorsed for W. Harris & S. B. Harris,

as soon as the alarm was given in Providence, the Providence people, with their lawyers and sheriffs, were busy enough here until midnight on Saturday night, but the conjecture is, they were too late. It will not be necessary for you to make known the name of your informant of the above. Yours, &c. S. SLATER.

To the same.·

July 29th, 1829.

Gentlemen, On the 22d inst., I drew on you in favour of B. & C. Dyer & Co. at four months, for $1000 to take up my son Nelson's draft on A. & I. Wilkinson, which was by them dishonoured. Nelson received the draft in part payment of his legacy. Since I wrote you last, D. W. has gone down the falls. His failure is a serious one, and it affects my mind and body seriously, and purse too for the present, but hope eventually to meet with but little loss.*

Nelson started the Kennedy factory on my account last Monday, I hope shortly to have some goods for you. To-day Jonathan Congdon & Sons, Charles Hadwin, and others, made assignments; so we slide along. I should write you oftener would my health and spirits permit. Yours, &c.

SAMUEL SLATER. N.B. Kennedy's debts amount to $115,000, which greatly surprised me and every other person it is about double what I expected.

I exposed myself very much and got cold in my left arm, so that, now, I may almost say, that I am armless. As soon as the humble-bee makes his appearance, hope my infirmities will leave me.

I hope the great scarcity of money at this time, 1828, will have some effect on those dealers in negroes, who are so opposed to the woollen and other bills before congress.

As the great-gun of the brokers has made an assignment, and failed, it creates a fear in me that they are not so safe to place funds with as many of the state banks. Notwithstanding I own forty shares in the United States Bank, Slater, Wardwell & Co, who have made use of my name as a stockholder, have in no one solitary instance been able to get one cent of the best paper discounted at that bank. I wish the mother bank would take a peep into the business.

1829. You may rely on one thing, that, if you do, or are obliged to sell cotton goods much lower, you will bankrupt a number of poor cotton spinners. I am not very partial to this mode of drawing, but money is extremely scarce in Providence and its vicinity, that if people do not resort to some stratagem or other, (who can,) nothing but a general bankruptcy would ensue. I have the unpleasant news to give you, that J. Green & Son and John Gardner made an assignment last night, (June 18th 1829,) and their mills are motionless to-day.

*This was the most trying time in Mr. Slater's life, he was unable to sustain those who relied on him for assistance any longer; he found himself responsible for $300,000, when the pressure of money was so great as to shake the confidence of the capitalists of New England, and the community in general.

June 11th, 1829.-My health has been at a very low ebb, I have suffered almost every thing from a violent distress at my stomach, which produced indigestion, and nearly a total loss of appetite; and in addition to other afflictions, about three weeks past, I was violently attacked in my old emaciated knee, with the rheumatism, to that degree, which deprived me of motion. I am now rather creeping up hill, and make out with the assistance of my crutches to hobble about my room two or three times a day.

Connoisseurs say, that the steam factory is now making the best goods in the country.

To the same.

N. PROVIDENCE, August 3, 1829.

Gentlemen,-Your two letters under dates of the 27th and 28th ult. are at hand. In regard to my endorsements for D. Wilkinson, they are heavy without doubt, but I am secured for the whole eventually. The steam mill is in debt to a large amount, but as $70,000 have been paid in, and as the whole establishment is holden for her debts, I conceive, taking all things into view, that the depreciation will not exceed the amount paid in. As I have to look up entire new friends to aid me in my unexpected liabilities, makes my task more arduous.

There is coming due at different periods, at the Merchant's bank, Providence, on'D. W. and J. K.'s account, about $62,000, which some of the directors say I can have my own time to pay. Brown & Ives and C. Butler sent me out word, that they wished to have an interview with me; they say I must be carried through, and I doubt not they will do it,

My brother is down here, and he and Mr. Sayles made out a sketch of my real and personal property, valued in their judgment, at what they consider it worth now, at $690,000, leaving out the Dudley woollen establishment. As respects your observations relative to your fears not being unreasonable, I make every allowance, after taking into view your informant, whom I for years have thought was a near-ox, but now I have reason to believe the off-side is more congenial to his feelings. It is contemplated to make some arrangements to-morrow, so as to put my affairs in a proper train. When I see any of you face to face, I will give you a history of human or inhuman generosity. Two of my consignees have already offered to loan me $10,000 each, over and above the amount of invoices, whom I have not been acquainted with forty years. The failures round here are pretty frequent, the names, no doubt, you have already heard. I shall endeavour to advise you frequently of what is going on here. Respectfully your obedient servant, SAMUEL SLATER.

Samuel Slater, Esq. Oxford, Massachusetts.

NEW YORK, 10th mo. 21, 1831. We take the liberty of writing to thee on a subject which has been discussed by our mutual friend John B. Toulmin and ourselves. In the course of every year we receive a great many letters of recommendation with emigrants from Europe, who come out here to seek employment, as labourers, manufacturers, servants, &c. and we are frequently at a loss to procure situations for them. This city is such a general resort for emigrants, there