But nothing in the world
would ever induce me to be guilty of endorsing the paper of that
construction company or of any other concern than our own firm.
I knew that it would be impossible for me to pay the Morgan loan in
sixty days, or even to pay my proportion of it. Besides, it was not
that loan by itself, but the half-dozen other loans that would be
required thereafter that had to be considered. This marked another
step in the total business separation which had to come between Mr.
Scott and myself. It gave more pain than all the financial trials to
which I had been subjected up to that time.
It was not long after this meeting that the disaster came and the
country was startled by the failure of those whom it had regarded as
its strongest men. I fear Mr. Scott's premature death[32] can
measurably be attributed to the humiliation which he had to bear. He
was a sensitive rather than a proud man, and his seemingly impending
failure cut him to the quick. Mr. McManus and Mr. Baird, partners in
the enterprise, also soon passed away. These two men were
manufacturers like myself and in no position to engage in railway
construction.
[Footnote 32: Died May 21, 1881.]
The business man has no rock more dangerous to encounter in his career
than this very one of endorsing commercial paper.
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