He has been operating in cotton, and he was one of those fellows who bull'd gold through the war. He's made pots of money—don't you see?"
I saw at once, and it was clear to me who Mrs. Malthus was, and how she came to have fine diamonds, and so became the town talk.
I was a little curious to learn what was going on here in New York, in my own country, about diamonds; right under my eyes, and yet I had never seen it. I went, therefore, to those who knew, and asked a few questions; and you may be glad to know the result.
I find that two or three great houses in New York sell of diamonds to the extent of over $1,000,000 each per year; that there are some $20,000,000 worth of these gems in this city in private hands; that there are probably fifteen persons here who own diamonds to the amount of $100,000 to $300,000; and between fifty and one hundred who own them to the extent of $50,000; that the highest priced diamonds sold here are about $10,000 each; that the purchase of diamonds is on the increase; and that they have doubled in value in the last twenty-five years.
A curious thing in this curious matter is, that the purchasers of the most valuable diamonds may be found among, first—the rich and pious; and second—among the gamblers and loose ladies of their acquaintance. Some of the largest holders of the gems make no display of them, never wear them, and indulge in the taste or fancy, partly as a fancy, and partly because they believe the investment a good one. But it will be seen from what has been stated, that as an investment it does not at all compare to a savings bank. The diamond doubles in twenty-five years, the savings-bank quadruples.
It appears that for nigh a thousand years the desire for diamonds has been a mania in nearly all Asia, Europe, and latterly in America. By a sort of universal consent, mankind has agreed to consider them the most valuable things on this earth; and to do and dare any and all things to get them. They have, of course, come to be a distinguishing possession of kings and princes. There was reason for this, not only because they were matters of display upon State occasions, but because they were the most condensed and portable of all properties. Then every sensible mogul, emperor, or duke prepared himself for a convulsion; he had every reason to believe that his own people would some fine day rise against him, and compel him to fly; but he had also to reflect that some one or more of his brother moguls, emperors, or dukes would attack and take his city and palace, and if he had the good fortune to save his life, what joy to have in his pocket a few Koh-i-noors! Noblesse oblige seemed therefore to make a good stock of crown jewels an attribute of royalty. But Noblesse oblige seems hardly to require our good and pious ladies of the Avenue to keep a supply on hand, merely to prove their nobility. We know them noble and good, and we ask, if they have the gems, that they will wear them for the delight of our eyes, and not shut them away from the light in the secret drawers of their caskets.
It is not so that the gamblers and their friends do. They buy gems to show them to the world, on any and all fitting occasions; and I am informed—I do not know from my own sight—that on some nights a finer flashing of brilliants may be seen in some of our gambling-rooms than is ever seen in any of our drawing-rooms. Such a strange world this new one has already got to be!
I find, however, that among princely and noble families of Europe, are many whose jewels have been sold or pawned; and that on many a high bosom shine, on days of coronation and pageantry, stones which are not diamonds, but
