The Hillsdale [Michigan] Standard - August 11, 1857 -- page 2
The Poor Boy and the Millionaire.
Few men who commence the world poor acquire large fortunes in a long lifetime, by
honest and straight forward means, in the pursuit of a regular legitimate business.--
Nearly all the colossal fortunes in the country have been made by commercial
speculations, by stock jobbing, by the rise in real estate, or by the unrequitted labor
of slaves and traffic in human flesh and blood. I can now call to mind but one
exception in a retrospect of thirty years; and to this no parallel can be found in the
history of our country. The one to which I allude contains a moral lesson so full of
encouragement and hope to young men just starting out in life, and is so worthy of
imitation, that I have resolved to give it at least a passing notice. If they follow the
example here set them of industry, energy, perseverance, close application and strict
integrity, they cannot fail to secure to themselves honored names and independent
fortures, though they may not be classed with Millionaires.
Eighteen years ago [1857-18 = 1839] Eber B. Ward bought? A small schooner called
the Gen. Harrison, owned by his uncle, Samuel Ward, which was built at Newport
[Marine City], on the St. Clair river in 1834. Under the prudent and sagacious
management of "Captain Eber," as he was then familiarly called the schooner
proved to be a profitable investment, and in 1839, the Wards, uncle and nephew
resolved to raise a small steamer for the St. Clair river trade.-- The Huron, 150 tons
burthen, was placed upon the stock at Newport in the summer of that year, and was
finished and made her first trip to Port Huron early in the spring of 1840; she cost
$16,000 and the owners exhausted all their available means in her construction, and
involved themselves to the amount of half the cost of the boat. "Capt. Eber" took the
command, and so rich were the returns she made, that, in 1842, they built the
champion, 260 tons, at a coust of $24,000, At that time the Lake steamboat
combination was in full force and power, and controlled the navigation of the Lakes
from Buffalo to Chicago. The managers of that powerful monopoly saw in Capt.
Ward the elements of a dangerous rivalry, and resolved to "subdue" him.
The bitter opposition which he experienced from this quarter only served to develop,
and call into full exercise the dauntless energies of a young and vigorous mind. His
success was unparalleled, and in the autumn of 1845 the Detroit was launced from
the shipyard at Newport. She was a beautiful craft of 360 tons, and cost $30,000.
Capt Ward took the command of her in person, and her first trip was made to Saut
St. Marie, in May 1846. This was the commencement of "Ward's Lake Superior
Line." The experiment proved eminently successful, and in 1847 they brought out
the Sam Ward, 420 tons, at a cost of $105,000. The same year they added to their
fleet the Canada, 700 tons by purchase. In 1850 they built the Ocean, 1,000 tons, at
a cost of $100,000. In 1851 the Caspian, 1000 tons, 80,000; the Arctic, 700 tons,
$65,000; the Pearl, 260 tons, $25,000, were built at Newport, and they purchased
the St. Louis, 600 tons, and the Telegraph, 200 tons. In 1852 they brought out the
Cleveland, 600 tons, $50,000; the Traveler, 650 tons, $70,000; the Huron 2d, 400
tons, $30,000. In 1853 the Collins, 1050 tons, was added to their fleet from the same
ship yard at a cost of $110,000. In 1854, the Forester, 500 tons, $60,000; and in
1855, the Planet, 1,200 tons, $120,000,and the Forest Queen, 600 tons, $63,000.
This year, 1856, Capt. Ward has built two schooners, the Wyandot and the
Marquette? [Magnetic?], 600 tons burthen each, for the Lake Superior trade; and
has a Propeller of 1,000 tons on the stocks, which will be finished this fall intended
for the same trade.--The cost of these vessels in $1000.
Within the last sixteen years Mr. Ward has paid to ship builders and other
mechanics, to employers and laborers, more than two and a half million s of dollars;
and a large portion of this has gone directly into the pockest of citizens in our State.
For a period of twelve years, from 1840 to 1852, all his enterprises were crowned
with success. From the commencement of the little Huron, in 1840, he had now
become he owner of a fleet of seventen steamers and the steamers and the
acknowledged master of the Lakes. The Lake Combination had ceased to exist, and
the men who formed it had retired into the shade. David has slain Goliah. Up to this
time he had never met with any serious accidents, involving loss of life or vessel; but
this proved a most disastrous year. The Atlantic was run into a propellor, and sunk
off Loing Point, Lake Erie; the Caspian was wrecked on the outside Pier at
Cleveland; and the St. Louis sunk off Sandusky.-- The total losses that year
amounted to $250,000 on which there was no insurance. In 1854 the Collins was
burnt near Malden, and the Detroit sunk off Point au Barques, Lake Huron.
In 1854 the firm of E. B. & S. Ward was dissolved by the death of the latter, and
Capt. Ward sold out nearly all his steamboats and invested the proceeds in other
enterprises.-- He retains only the steamers Planet and Forester, a Propellor, and the
schoners Wyandotte and Marquette.
In the brief period of sixteen years he has accumulated, over and avove all liabilities,
a fortune of a million and a quarter. This is all the fruit of his own energy and
industry, and has been acquired without swerving from the path of honor, or
deviating from the principle of right. He has never defrauded the rich, oppressed the
poor, or wronged a fellow being. In all his business transactions he was never known
to deviate from his word or violate an obligation.
For some years he had intimate and complicated business connections with the
Michigan Central Railroad, involving millions of dollars, and its transactions were all
based on a verbal agreement between Mr. Brooks, the Superintendent of that road,
and himself.--No Written contract ever existed between them, each relied upon the
honor and integrity of the other, and neither were disappointed. Their business
relations were closed to the entire satisfaction of both parties, and the bonds of
friendship between them were strongly cemented by this long, intricate and intimate
business association. He has done more practically to benefit the laboring classes,
and to promote the interests of worthy, industrious young men, than any other man
of this age; and there are hundreds now in prosperous business and independent
circumstances, who cheerfully acknowledge that Eber B. Ward has made them what
they are. He is universally beloved by his employees, who know him to be
emphatically the working man's friend. Honesty and industry are at all times such
passports to his favor. He is the same unostentatious, affable man of business that
he was sixteen years ago, and possesses too large a stock of common sense to be
"spoiled by fortune."
Wealth thus acquired is rarely squandered in fashionable folly, dissipation and
extravagance, and in the hands of such men is sure to prove a blessing. Mr. Ward
understands well the purposes for which it was designed by the Great Giver, and
dispenses liberally to suppress wrong and oppression, to promote the cause of
education, morality and virtue, and to improve the moral, mental and physical
condition of man. It is within the personal knowlege of the writer, that during the last
four years Mr. Ward has contributed to public and private charities to the cause of
education, and to promote the diffusionn of the principle of Freedom, upwards of
$26,000. His example has taught us that wealth may be acquired without fraud and
chicanery and that its pursuit does not necessarily involve the eradication of the finer
sensibilities of a noble, generous nature. "Honesty, Temperance, Industry,
Perservance," is the motto, and success the result.