Who, indeed, is there who has not heard of Peter Cooper? He was born in
the city of New York in 1791. His father was a man who possessed some
ability, but was so inconstant that the poor boy received only about six
months' schooling, and he received that before he was eight years old.
Reader, think of it; can you make yourself believe that his great riches
came through 'good luck'? we will see: His father, being a hatter,
little Peter was early employed pulling the hair off the rabbit skins to
obtain material with which to make the hats. In the course of time his
father moved to Peekskill, and at seventeen Peter resolved to strike
out into the world for himself. He returned to his native city and
apprenticed himself to the firm of Burtis & Woodward. Here he remained
four years where he acquired a thorough mastery of the coach-making
trade. In addition to his board he received during his apprenticeship
the sum of twenty-five dollars per year with which to clothe himself.
Although he had spent four long years learning the trade of coach-making
he, for some reason, determined not to make that his calling for life.
Accordingly he went to Hempstead, Long Island, and there he met a party
who was manufacturing a patent shears for shearing cloth. To this man he
engaged himself at $1.50 per day, where he remained until the business
became unremunerative, a period of three years. He next turned his
attention to the business of making and selling cabinet furniture; at
the end of a year he sold out this business, and with his family
returned to New York city.
He now entered the grocery business and the next year, seeing his
opportunity, leased for a period of nineteen years a piece of land
containing a few buildings. He now moved his grocery business into one
of these buildings, subletting the others at a profit. His eyes were
kept open, and he never let an opportunity slip by to turn an honest
penny. There was a glue factory situated not far from his present
location. True, it had never paid, and that seemed to be reason enough
for all others, but Cooper made a study of the glue business. He
satisfied himself that he could make it pay; he thought he could see
where the trouble was with the present proprietor, and he bought it out,
paying two thousand dollars, cash down, for it. By a progressive study
of this new business he soon produced a better article than was made by
others, and so materially reduced the price as to drive out foreign
competition from the American markets. Of course, he made money, and
when he saw that we paid Russia four dollars per pound for isinglass, he
studied up on the manufacture of the same, and added that article to his
business, and soon was enabled to sell it at less than ONE DOLLAR A
POUND. It is needless to say that he succeeded in completely
monopolizing the isinglass industry for a long time, and his profit on
that one article would have made him a very rich man.
Mr. Cooper was an observing man; he saw and realized that our country
was rich in mineral resources; especially was his attention drawn toward
the iron deposits in Pennsylvania and neighboring States. He felt that
there was big money in that business for the man who early entered the
field; he felt that there would be money in it for Peter Cooper. These
feelings made him an easy victim to two sharpers who one morning entered
his premises and succeeded in getting him to invest $150,000 in a large
tract of land, in Maryland, of some three thousand acres. He was told
that this land was on a 'boom,' as the Baltimore and Ohio Railway, it
was rumored, would soon be completed. The steep grades, however, and
sharp curves, made it impossible for engines then known to make the road
in safety. Indeed, it seemed that his land speculation was destined to
prove a 'White Elephant' on his hands, and, with nine out of ten men it
would have so proved, as they would have given up right here. Mr. Cooper
set about this problem resolved to solve it. He soon saw that the
success of the Baltimore and Ohio was the success of his speculation.
The only thing needed to bring this success was an engine that could
ascend the grades and turn the curves in safety.
He set to work patiently, and succeeded in inventing an engine that
would do what was required of it, he, himself acting as engineer on its
trial trip. This and other favorable influences which were brought about
through the success of the railroad, 'boomed' his land in dead earnest
this time. He next established an iron furnace on the site of his land
and burned the wood for charcoal. The land went on up, and when it
reached two hundred and thirty dollars per acre he sold out at an
immense profit. He still continued in the iron business, and as he was
always studying his business, he was the first man to roll out iron
beams for fire-proof buildings. His iron industries spread all over
Pennsylvania, and the business is to-day carried on by his successors.
As is well-known, he was one of the warm supporters of Cyrus W. Field
from first to last, extending his aid and sympathy. When the Bank of
Newfoundland refused to honor the Cable Company's paper Peter Cooper
advanced the much needed funds. While all this business was on his mind
his glue and isinglass industry was not in the least neglected. He had
removed the works to Long Island, where it assumed mammoth proportions.
The profits of this giant combination of business poured the money into
his pockets in large streams.
One feature of the great success of Peter Cooper was he always paid
cash. But the great life-work of Peter Cooper is embellished with one
gem that is perpetually bright. We speak of Cooper Union. In 1854 the
ground was cleared, the plans made and the work begun. This institution
cost Cooper about eight hundred thousand dollars. It is deeded as a
trust, with all its rents and profits, to the instruction and profit of
the poor working people of New York city. Mr. Cooper himself thus
describes his motives: "The great object that I desire to accomplish by
the erection of this institution is to open the avenues of scientific
knowledge to the youth of our city and country, and so unfold the volume
of nature that the youth may see the beauties of creation, enjoy its
blessings and learn to love the Author from whom cometh every good and
perfect gift." Could any sentiment be more beautiful? Could any motive
be more worthy of imitation than this?
He was a Democrat and a member of Tammany Hall, but toward the latter
part of his life he became a leader of the Greenback party, being a
candidate for President on that ticket. He had good habits and was
always occupied with business. Two children are living, Edward, and a
daughter who married Mr. A. S. Hewitt. The son and son-in-law have each
been mayor of their city. There was great mourning in New York city on
April 4th, 1883, when it was learned that Peter Cooper was dead. But man
liveth not to himself, his memory and influence will be felt by the
countless generations which will follow after his death. Certain it is
those who are benefited by the aid of "Cooper Union" will not forget
their benefactor.
_"There is a wide difference between men, but truly it lies less in
some special gift or opportunity vouchsafed to one and withheld
from another,--less in that than in the differing degree in which
these common elements of human power are owned and used. Not how
much talent have I, but how much will to use the talent that I
have, is the main question. Not how much do I know, but how much do
I do with what I know?"_
[Illustration: SUCCESSFUL BANKERS AND HOW THEY EARNED SUCCESS.]