A man upon whose countenance truth and honesty sat enthroned supreme, which colic be readily discerned by the most casual observer, and readily detected by the close scrutinizing drover. He deserves more than a passing mention. Few young men connected with the Western cattle trade is wider and better known than W. Sugg, and none will out rank him in quiet, persistent, unvarying friendship to the Southern cattle trade. He is an Illinoisan by birth and education; but early in life was thrown upon his own resources and upon the frontier, to seek the glittering wealth every adventurer believes dame fortune has in store for him.
Although but a young man, there are few townships of land which he has not roamed over in Missouri, Arkansas, Nebraska, Kansas, Colorado, New Mexico and Texas, having soldiered during the war in the frontier service. He too is a drover of , and to this day bears the scars, results of gashes made by well laid on hickory wyths in the hands of Southern mobs. After enduring untold outrages, he finally succeeded in getting his herd through to Christian county, Illinois, and there went into winter quarters.
Early in the following spring he sold out to the Illinoisan with whom he afterwards became so intimately acquainted at Abilene. Indeed it was from his lips that the story of Texas' great supply of cattle and the insurmountable barrier in Southwestern Missouri and Southeastern Kansas, was attentively listened to by the Illinoisan, but a few weeks before he sought out and undertook the development of Abilene's famous enterprise. We need scarcely add that Mr. Sugg and the Illinoisan became fast and true friends, and that in him the Illinoisan found a genuine, unflinching, warm friend, one who was as unwavering in the hour of adversity and need as in the hours of prosperity; one whose heart was as true and whose friendship as sincere -- where every other one had passed but a cold recognition, if not words full of bitter calumny for the Illinoisan -- as is the heart of him who cares for us when our kindred forsake us.
Such is the real character of this humble, unpretentious man. Every western drover knows him and believes in him, and his name would be put near the head, if not at the very head of the list of those whom they believe in Western parlance "it will do to tie to. But a few words, a single sentence from him in his own quiet, modest way, was sufficient to outweigh in the mind of the drover, all the multiplicity of words and loud declarations of the score of verbose solicitors who opposed him and attempted to obtain trade for their respective towns.
Aside from his manner, the magic, winning words that caught the listening ear of the drover, was, "that at Abilene buyers for their cattle are awaiting their arrival. We drop this hint, a key which will unlock the pandora box of success, to every town that is desirous of making itself a successful cattle market. One, at least, of Abilene's competitors for the cattle trade in , became so desperate, when it found all its efforts to induce drovers to go its way, that, as a final resort, actually hired a drover, paying him six hundred dollars, to leave the Abilene trail and bear off east toward another city.
But such inducements could not be extended to many drovers and soon the attempt to divert the trade in that direction was abandoned. The western competing points were even more unsuccessful and soon withdrew their unavailing solicitors. As has been stated, the Cottage at Abilene was full of cattle-buyers awaiting the arrival of the cattle from Texas, long before the first herd had passed the southern line of Kansas.
No sooner did the cattle begin to arrive than trade opened lively and at good prices. Many thousand were taken by Illinois grazers and Indian contractors, also ranch-men from Colorado, Montana, Utah and other Northern territories. Speculators from Nebraska, Iowa, and other northern States, all put in an appearance on the Abilene market and made purchases. Thus Abilene as a cattle market was at last established beyond cavil or doubt.
The demand for cars for eastern shipment reached over one thousand during the month of June, and the hitherto incredulous Kansas Pacific Railroad Co. It was compelled to transform many of its flat cars into cattle cars, by putting a frame work on them. The bridge over the Missouri river was not completed at that time and the chance to hire foreign cars was very limited.
Every effort was made in good faith to so arrange and conduct the cattle trade as not to work a hardship upon the few settlers then in the county, and to this end a man was employed to locate on eligible herding grounds, the herds as fast as they arrived. This man, W.
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Tomkins, detailed to this duty, was a venerable gentleman whose head was whitened by the cold blasts of many frigid Wisconsin winters, where he had seen better days, and a fine heritage of his own selection and improvement. But political ambition and surety debts made him a wiser but a poorer man, a wanderer seeking a retrieved fortune.
This old gentleman had fine energy and unswerving honesty of purpose, and until the day of his death a firm hope that fortune would favor him. He received the sobriquet of "Almighty Dollar" from an impromptu and witty, yet withal sensible speech, made on the occasion of the shipment of the first train of cattle in He was respected and loved by all who knew him for his sterling honesty, his energy and good practical sense, and his memory is, and always will be, sweet and green to more than one heart that knew him.
And many true, sad friends who followed his bier to its last resting place, just north of the village of Abilene, upon a prairie mound overlooking the scene of his last labors, felt that they were paying a merited tribute of respect -- the last office of love to one of earth's few really good men-- one who deserved better fortune than was given him.
But there was one character that Texan drovers, and for that matter everybody else, that ever visited Abilene during its palmy days, will remember, and will laugh while they recall to mind the phiz, the actions, the gestures and above all the talk -- that irresistible unanswerable avalanche on words that was always heard, when near the immense "Twin Barn;" flowing from the lips of the irrepressible Ed. Gaylard; the natural born livery man.
For a succession of years, the opening of each cattle season would find Gaylard making all necessary arrangements to conduct a first class cattle man's livery stable. A half dozen ponies, a couple of second-hand buggies, two or three second-hand saddles and riding bridles, with about one ten-dollar note borrowed of some confiding friend, was all the capital and stock he required to begin business with.
It would be but a few short weeks after the opening of the cattle trade before every stall -- fully one hundred or more -- would be full of cow ponies.
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Some he had traded for, others boarding only. It was a rare instance that an applicant for livery accommodation was turned away unaccommodated; no matter what he thought he wanted, Gaylard always could give him just what he called for, or convince him that some other available outfit was what the customer really ought to want.
Should the applicant happen to be an over fastidious, or a ''fine-haired" specimen of the genus homo, Gaylard would certainly manage to get him upon some inveterate, desperate Spanish pony, whose first and last impulse would be to "buck" as long as it had strength. Of course, as soon as the man was mounted, the vicious brute would set off "bucking" at a furious rate -- as nearly all western ponies do when first mounted -- and never let up until the amateur horseman was sent sprawling through the air, only to land roughly on the ground in an utterly demoralized condition.
Then Gaylard would swear that he bought the pony of a Preacher who recommended the animal as being a lady's horse, and declare he believed the pony perfectly gentle, and that its conduct was only play and nothing vicious intended. But all this was poor comfort to the dirt-begrimmed customer, who invariably concluded to wait for an opportunity to walk, or decide he did not really care to go out into the country at all.
In a few weeks the incurred bills on the boarding ponies would be sufficient to buy every pony in the barn, aside from the odd, nice cash sums, that the enterprising livery man had accumulated by letting his boarding ponies.
And such bills as he could manage to make out and present with the sang froid of a pettifogger, was astonishing to his patrons. It was no use to complain or dispute his bills, or grumble, or swear at what you might call extortion, or declare you would not pay it. The instant a murmuring breath would escape your lips, he would open such a battery of slang and abuse, highly seasoned with impious expressions, to which would be added all sorts of hints about the penurious man who did not want to pay for first class accommodations, that you would gladly pay your bill and run.
It was idle to attempt a stag of his speech or answer his torrent of good natured abuse. You could not think, much less speak one half so fast as the livery man could talk; and such expressions, such tongue lashings as a complaining patron would receive, would induce him to pay his bill, no matter how exhorbitant, and rush away, glad to escape.
Often a patron would be indignant and want to fight, but Gaylard never got mad, but talked so incessantly that anger could neither do or say anything but submit and retreat. Nevertheless, Gaylard had innumerable friends, in fact no one was his enemy. He was a shrewd horse trader, a very jockey by nature, and loved a horse better than all other things combined.
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Each cattle season he would acquire from four to five thousand dollars worth of ponies, buggies, and other accouterments; but during the winter, when but little business was doing, he would become reckless, and by the opening of spring would have recklessly spent his previous summer's profits and be ready to take his place and make another raise off of the cattle trade. He was a man of good impulses, undaunted energy, of excellent judgment on all matters pertaining to a horse, and had a big, true heart full of sympathy for the unfortunate.
Day of Austin, Texas, is a Missourian by birth, but at the early age of ten years emigrated to Texas with his father, who went at once into stock ranching, and adhered closely thereto during the remainder of his life; thus thoroughly and practically educating his son in the business of live stock raising. As soon as Mr. Day had attained the years of manhood he engaged in live stock driving on his own account, having a few years previously went as assistant driver with a herd to Kansas City, also one or more trips to Tipton, Missouri, where the herds were shipped to St.
This was among the first shipments of Texan cattle brought to the St. Louis market, and was as early as But before the trade was fairly opened the civil war began, and further efforts to drive northward was abandoned. At the close of the war Mr. Day turned his attention to his old occupation and was a drover of , but one of the fortunate few who had sagacity sufficient to enable them to see that a route west of all settlement m Western Kansas was practicable, and so it proved in his case.
In Iowa he found cash purchasers for his cattle, at figures that afforded a fine profit.
The opening of a cattle market at Abilene induced him to put several herds upon the trail for Western Kansas. From the year to , inclusive, Mr. Day annually drove from three to seven thousand head of cattle, and his herds were generally of good quality, well selected beeves. He was recognized as one of the most substantial, straight-forward, honorable drovers that engaged in the Western cattle trade. Seeing so many engaged in driving, Mr. Day decided to abandon it, and devote his time and capital to buying and selling in Kansas -- a kind of local trader or speculator, -- and for two years has handled fully ten thousand head each year, never failing to make a reasonable profit on each transaction.
But having recovered from recession, growth has declined every year since Moreover, it seems unlikely that a commodity price rebound will provide an exit from low growth. And low interest rates in Europe provide no panacea either. The overall structural fiscal balance went from equilibrium to a 3. On average, then, the region has definitely not heeded Joseph.
Must it now adjust? Source: IDB staff estimates based on national sources.
Still, to judge whether a pursuing fiscal stimulus is likely to be successful in restoring growth, within the group of countries with a negative output gap, it is critical to consider the current level of debt and how quickly debt ratios are rising. Countries that boast low debt-to-GDP ratios and require no or little fiscal adjustment to keep those ratios constant clearly have some fiscal space to pursue counter-cyclical policy. But in countries with higher debt levels and that need considerable adjustment to maintain debt levels constant implying debt is rising quite rapidly , attempts at counter-cyclical policy may be counter-productive.
Several countries in the region are now pursuing fiscal adjustment despite the fact that their current growth rates are less than estimated potential growth. So the cows are being fattened just when the grass is less abundant.
Chapter Seven, Cattle Trade of the West and Southwest by Joseph G. McCoy
He holds a Ba, MPhil. PhD from the University of Oxford. He has published numerous academic papers in leading economic journals in areas including commodity markets, risk management, the role of multilaterals, regulation, banking and international finance.