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Page 19 text:
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EARLY MANHOOD HE winter of 1800-1801 Yohn McDonagh spent in New Orleans. Here he was joined by Mr. W. O. Payne, sent out by Mr. William Taylor M Balti- more to look cater the Montezuma, one W his CMr. Taylor'sj trading ships. The newcomer was an old friend who had grown up with McDonagh in Mr. Taylor's counting-houseg hence there was nothing strange in the inauguration :yt a new business enterprise, a partnership, McDonagh and Payne. In the spring W 1801 ffohn McDonagh sailed for England with a cargo from New Orleans, and returned the same year with a consignment of goods from England. At this time commerce was somewhat at a standstill. The peace W' .ffmiens in 1802 was not too sati.y'actory to the American merchants. Mr. Taylor had put out some thousands in five ships, the cargoes to be employed in the New Orleans trade. McDonagh and Payne had charge ry' some Q' his property Cval- ued at X234,000D, but the business depression that followed the conclusion ay' peace made him anxious to curtail his risks. For the rest 4 this year and a part 4 the next Yohn McDonogh's position was a dQj'icult one, as he found it im- possible to turn the merchandise consigned to him into ready money as rapidbf as Mr. Taylor hoped and expected, for the business depression that England and the United States felt so severebf extended to the new territory and delayed cash sales. The partnership between McDonagh and Payne was dissolved in 1802 by the withdrawal Q' Mr. Payne, who removed to the North. This change doubled for the time the labor and responsibility that rested on Mr. McDonagh. He, however, stood at his post without jiinching, and with great seh'-reliance and in- domitable industry faced and overcame the obstacles which beset his pathway.
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Page 18 text:
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