Money-making men by J. Ewing Ritchie
Money-making men; or, how to grow rich, authored by J. Ewing Ritchie and dating from 1886, is a collection of biographical sketches and anecdotes detailing how prominent men in England and America achieved immense financial success. Ritchie analyzes the lives of merchants, manufacturers, publishers, and politicians, arguing that wealth acquisition is less a matter of complex genius and more the result of applying simple, unyielding principles: industry, integrity, and especially, rigorous frugality. The book emphasizes the rise of individuals from the most humble origins, demonstrating that “the want of it [money]” is often the key driver for success.
Who May Benefit from the Book
- Aspiring businessmen seeking practical maxims for wealth accumulation.
- Individuals aiming to improve personal finance through thrift and frugality.
- Those inspired by self-made figures overcoming poverty.
- Students interested in the virtues of the Victorian commercial era.
- Readers seeking justification for prioritizing moral conduct in business.
Top 3 Key Insights
- Industry and Frugality are Omnipotent: Wealth acquisition depends chiefly on two factors: waste neither time nor money, but make the best use of both.
- Specialization Over Diversification: Sticking closely to one’s core business, rather than engaging in multiple ventures, is critical to financial security.
- Integrity Secures Lasting Capital: Honesty and trustworthiness provide the best long-term foundation for commercial reputation and success.
4 More Lessons and Takeaways
- Success often flows from intense determination and resolution, rather than just innate talent.
- Small profits and rapid circulation of capital are more lucrative over time than seeking long credits with great gains.
- Poverty, though painful, acts as a powerful “tonic” and catalyst, motivating men of genius to force their way to the front.
- Retiring too late or seeking “one grand coup” often leads to spectacular failure and the loss of accumulated wealth.
The Book in 1 Sentence
A collection of biographies proving that self-made success is achieved through unwavering application of simple virtues: industry, frugality, and integrity.
The Book Summary in 1 Minute
The book collects stories of self-made millionaires from the 19th century, arguing that great wealth is accessible to all, provided they adhere to core virtues. Lasting success, unlike fleeting speculative fortunes, is built upon unrelenting industry, moral integrity, and extreme thrift. Figures like Rothschild and Morrison gained supremacy through simple, consistent principles: making quick decisions, observing human nature, and prioritizing quick returns. The careers of builders (Cubitt), publishers (Chambers, Cassell), and merchants (Moore) illustrate that starting from poverty—even blacking shoes or sleeping under a counter—can strengthen character and provide the necessary impetus for achieving eminence and wealth.
Chapter-wise Book Summary
CHAPTER I. IN THE CITY.
“My success… all turned on one maxim: I said, I can do what another man can.”
This chapter examines the mercenary nature of City life, noting that success often comes from adhering to simple principles, not speculation. Rothschild, one of the greatest money-makers, succeeded by observing that people exaggerate the importance of events, allowing him to buy when others were panicking and sell when they were overly excited. He also famously advised sticking strictly to one’s own business, avoiding the attempt to be a “brewer and a banker, and a merchant and a manufacturer” simultaneously. Mr. Morrison, the founder of a great commercial house, was known as the “Napoleon of Shopkeepers” for establishing the system of “small profits and quick returns,” focusing on buying cheap rather than seeking high selling prices. Many wealthy City figures, including Alderman Kelly, the builder Thomas Cubitt, and the founder of the Illustrated London News, Herbert Ingram, rose from the most destitute or humblest beginnings through hard work, integrity, and frugality. The chapter contrasts true, purposeful money-makers, like the scholar-banker George Grote, with misers like John Campden Neild and Peter Thellusson, whose avarice and complicated wills created immense problems and litigation.
Chapter Key Points:
- Lasting success requires observation, quick decisions, and focus on one’s specific business.
- “Small profits and quick returns” revolutionized trade by securing high capital circulation.
- Integrity, sobriety, and industry are the pathways for the poorest to rise to wealth and honour.
CHAPTER II. ACROSS THE ATLANTIC.
“I will be honest; I will be industrious; I will never gamble.”
America is depicted as a land where fortunes rise quickly, often built by self-made men like Franklin (printer’s boy), Lincoln, and early inventors like Morse. The old-school New York merchants, such as John Jacob Astor, succeeded by valuing probity and honor. Astor, who started penniless after traveling from Germany, adhered strictly to his resolutions to be honest, industrious, and never gamble, believing the hardest step was accumulating the first thousand dollars. Alexander Stewart, reputed as the richest man in the world, built his immense dry goods business through relentless 14-18 hour days, starting from a small shop. After a financial scare, Stewart adopted a strict cash-only business model and paid manufacturers the lowest cash price, allowing him to defy competition. Commodore Vanderbilt rose from rowing a boat to dominating the steamboat and railroad industries through his resolute, daring will, relying on prompt and decisive cash dealings. The famous showman P. T. Barnum also emphasized that his success was due not to “humbug,” but to rigid economy, business energy, and keeping his engagements. The chapter culminates with George Peabody, who acquired his fortune honorably as a merchant and money-broker, but achieved greater fame by dedicating his wealth—half a million sterling to London alone—to philanthropy, founding educational institutes and model dwellings for the working poor.
Chapter Key Points:
- Extreme self-reliance and honor are characteristics of great American fortunes (Astor).
- Monopolizing supply by buying for cash at the lowest price ensures market dominance (Stewart).
- The highest purpose of wealth is its dedication to philanthropy and social improvement (Peabody).
CHAPTER III. CHARLES BIANCONI, THE IRISH CAR-MAN.
“Always keep before the wheels.”
The life of Charles Bianconi, the Irish car-man, illustrates how a self-made man can master adverse circumstances despite being illiterate. Arriving in Ireland as an Italian print-seller, Bianconi observed the inconvenience of the existing conveyances and, capitalizing on cheap horses after 1815, launched his car service initially for the poorer people. His system expanded dramatically, eventually encompassing 1,400 horses and covering 3,800 miles daily. Bianconi’s success stemmed from sound organization: he promoted drivers based on merit and enforced rigid standards of truth and punctuality, instantly dismissing anyone guilty of falsehood. His service acted as a profound benefactor to Ireland by opening up internal commerce and civilizing different classes through intercommunion on the cars. Bianconi emphasized the principle of living within one’s means, recalling that when earning a shilling a day, he lived on eightpence. The chapter underscores the importance of focusing efforts, noting that Ireland needs industrious men like Bianconi and Sir Thomas Dargan more than political agitators.
Chapter Key Points:
- Bianconi demonstrated that vast businesses can be founded on serving the needs of the poor.
- Strict personal and operational integrity ensures commercial stability.
- Success comes from concentrating capital and consistently living below one’s earnings.
CHAPTER IV. A FORTUNE MADE BY A VEGETARIAN.
“At the end of ten days their countenances did appear fairer and fatter of flesh than all the children which did eat the portion of the king’s meat—Daniel i. 15.”
This chapter tells the remarkable story of an anonymous gentleman who made a fortune, starting in life with only ten shillings a week, by adopting vegetarianism out of sheer necessity. By spending only 3d. a day on nourishing food—beans, bread, potatoes, and cabbage—he saved enough to buy second-hand furniture and secure a respectable room. His stringent economy allowed him to save £12 in one year. He invested his small capital (£10) into a lucrative side business, selling tools to his firm’s workmen at an 18% profit, but still 10% cheaper than town prices. This secondary business grew rapidly, allowing him to become a capitalist. The man attributes his robust health, long life, and ability to work ceaselessly to his vegetarian and temperance diet. He later used his immense wealth to benefit his community, building Gothic cottages for his sober and mostly vegetarian laborers and funding their education. Benjamin Franklin also credited his early vegetarian diet for providing extra funds for books and giving him a “greater clearness of head and quicker apprehension”.
Chapter Key Points:
- Extreme self-denial and vegetarianism provided the margin necessary for survival and initial capital.
- Finding a niche (selling cheap tools) and working diligently during leisure hours led to rapid capital accumulation.
- The vegetarian lifestyle is presented as conducive to great vigour and financial economy.
CHAPTER V. A FORTUNE MADE BY TEETOTALISM.
“To catch Dame Fortune’s golden smile, Assiduous wait upon her, And gather gear by every wile That’s justified by honour… But for the glorious privilege Of being independent.”
James M‘Currey’s story demonstrates the direct link between teetotalism and financial success, particularly for working men. M‘Currey struggled with drink even after becoming a religious man, suffering severe remorse. After finally signing the pledge, he focused on industry and thrift, accumulating £65 in savings over three years. A key moment was his refusal to work on Sunday for his employer at Buckingham Palace, which led to his discharge; he believed this forced him into independent contracting, which was a “blessing in disguise”. With his small savings, he began building houses, eventually constructing an entire street. His commitment to principle earned him the confidence of customers, exemplified when a doctor who bought a house from him complimented M‘Currey’s refusal to do business on Sunday. M‘Currey showed that sobriety not only saved men from ruin but enabled them to acquire wealth and lead respectable, independent lives.
Chapter Key Points:
- Teetotalism is presented as an essential prerequisite for working-class financial independence.
- Refusing to compromise on moral principles (like Sunday observance) led to career advancement.
- Small, consistent savings provide the initial capital needed to transition from employee to master.
CHAPTER VI. MONEY-MAKING PUBLISHERS.
“I found all I possess in small profits, bound by industry, and clasped with economy.”
Publishing has historically been a route to wealth for men who started poor. John Cassell, a Lancashire carpenter who arrived in London with two pence halfpenny, became a temperance lecturer and publisher, building one of the largest houses in London by issuing cheap, illustrated works for the working class. Similarly, Thomas Guy, founder of Guy’s Hospital, was a bookseller’s son known for his extreme frugal habits, dining daily at his counter on an old newspaper. The famous Lackington, the son of a drunken cobbler, started his bookselling business with £25 and succeeded by adopting the motto: “Small profits do great things”. The Chambers brothers, William and Robert, overcame childhood poverty in Edinburgh through relentless self-education and thrift, guided by the inspiring example of Franklin’s autobiography. They learned printing and publishing themselves, and William’s youthful resolution to live on four shillings a week laid the foundation for his future renown. Thomas Kelly, the son of a shepherd, began by sleeping under the shop counter and rose through diligence and accuracy to establish his own successful publishing firm and eventually become Lord Mayor of London.
Chapter Key Points:
- Many publishing fortunes were built by self-taught men who prioritized cheap, accessible literature.
- Extreme frugality and strict adherence to cash-only transactions were foundational to early success.
- The relentless pursuit of self-improvement and technical knowledge of the trade ensured ultimate dominance (Chambers, Kelly).
CHAPTER VII. MONEY-MAKING MEN IN THE PROVINCES.
“A man who could build up such a business was not likely to let it sink under him…”
Provincial success stories highlight ingenuity and endurance. Mr. Benjamin Attwood, an example of a philanthropic provincial Croesus, accumulated wealth through industry and later inherited a fortune, which he distributed anonymously to charities. Sir Richard Arkwright, born poor, started as a halfpenny barber before developing the cotton-spinning machinery. Despite his wife destroying his early models out of despair, Arkwright secured funding and, by his invention, founded a great fortune, becoming High Sheriff and receiving a knighthood. Sir Robert Peel rose rapidly in the cotton-printing business due to his “industry, his genius,” and economy. Sir William Fairbairn, the engineer, mastered his craft by enduring a tough apprenticeship and designing a rigorous self-education program focusing on mathematics and literature, demonstrating that a resolute mind will conquer difficulties. Sir Titus Salt achieved massive wealth by identifying the value of alpaca wool, which others had discarded, and introducing it into the worsted trade. Salt used his profits to build the model town of Saltaire, proving that great financial success could be honorably and philanthropically employed.
Chapter Key Points:
- Industrial fortunes often arise from recognizing and capitalizing on neglected opportunities (Arkwright, Salt).
- A strong thirst for education and self-improvement is key, regardless of manual labour origins (Fairbairn).
- Provincial millionaires sometimes demonstrated a higher degree of philanthropy than their London counterparts.
CHAPTER VIII. ECCENTRIC MONEY-MAKERS.
“It is not money that makes a man succeed in life, but the want of it.”
This chapter explores less conventional routes to wealth, often involving pathological parsimony or risk. Cases of misers, like the anonymous man who lived wretchedly but left £60,000 to charity, and Daniel Dancer, who hid cash in a dung-heap, illustrate fortunes gained through extreme self-denial. Thomas Cooke, a sugar-baker, was the most notorious miser; he gained his first property by using knowledge of excise infractions to force a widow into marriage. Cooke later used feigned illness and false promises of inheritance to secure free meals and goods from others. He died possessing over £127,000 but was “unpitied and unlamented”. Gambling is noted as a rare path to success: General Scott amassed £200,000 at whist purely through “notorious sobriety and knowledge of the game,” giving him an edge over his intoxicated companions. Ouvrard, the French financier, made millions but was infamous for his magnificent and reckless expenditure and grand parties. The underlying lesson is that while financial success can be achieved through strange means, wisdom and virtue are required to spend and bequeath it well.
Chapter Key Points:
- Pathological miserliness can create wealth, though it ruins the quality of life.
- Gambling success is anomalous and often relies on specialized advantages (sobriety, superior memory).
- The art of money-making is distinct from the wisdom needed to keep and utilize money honorably.
CHAPTER IX. MORE MONEY-MAKING M.P.’S.
“I think it may reasonably be doubted whether these qualities [honesty, courage, generosity] are so fully developed in them [the rich]…”
Many Parliament members attained their status after making fortunes from humble backgrounds. Samuel Plimsoll, who experienced life in model lodging-houses due to his poverty, attested to the splendid patience, fortitude, and generosity of the working classes. His success was fueled by this experience and his “indomitable will”. Edward Baines, M.P. and newspaper proprietor, succeeded because he “would not spend more than half his income,” practicing industry, temperance, and prudence. William James Chaplin transitioned his vast stage-coach business (yearly returns exceeding half a million sterling) into railway shares, demonstrating the ability to move capital effectively. William Lindsay, orphaned at six, started as a sea-boy with 3s. 6d.. He endured homelessness, shipwreck, and injury, but through unrelenting self-instruction and energy, he became a major shipowner, underwriter (insuring risks up to £2,800,000) and M.P.. Herbert Ingram, founder of the Illustrated London News, leveraged his knowledge as a humble news-agent, realizing that good engravings would make a paper sell, thus reaping a rich reward from a simple idea.
Chapter Key Points:
- The political sphere has been influenced by self-made men (Plimsoll, Lindsay, Ingram) who rose via courage and thrift.
- Strict budgeting, such as spending no more than half one’s income, ensures financial growth (Baines).
- Intense energy and strategic vision allow successful businessmen to adapt rapidly to new economic opportunities (Chaplin).
CHAPTER X. GEORGE MOORE, CITIZEN AND PHILANTHROPIST.
“If the world only knew half the happiness that a man has in doing good, he would do a great deal more.”
George Moore, a Cumberland man of moderate means, arrived in London in 1825 and quickly found work in the lace trade, starting with a £30 annual salary. Despite initially being told he was a “stupid blockhead,” his extreme diligence, often working two nights a week while traveling, and his shrewdness in winning customers (by selling a coat or gifting a snuff-box) made him highly successful. He entered into partnership with £670 capital. Having achieved great wealth, Moore became devoted to philanthropy, declining city honours like Sheriff and Alderman to focus on charity, which he considered his “safety-valves”. He actively sought out and mentored young men in the City, inviting them to his home and helping them secure situations. Moore insisted that while money might be called the root of all evil, it is a “good thing to make plenty of money, provided you make a proper use of it”. His career, ending tragically in 1876, serves as an example of energy and success consecrated to noble ends.
Chapter Key Points:
- Relentless energy and determination overcome initial lack of skill or education.
- Shrewd personal tactics, like building relationships through small gestures, can secure long-term customers.
- True happiness lies in dedication to philanthropy and mentoring the less fortunate.
CHAPTER XI. ARTISTS AND WRITERS.
“The world’s greatest benefactors have been the money-getting men.”
Even in fields not typically associated with mercenary pursuits, fortunes are made. Artists like J. W. Turner (son of a hairdresser) and William Etty (son of a baker) rose through genius and persistence from humble origins. William Cobbett, the great orator and journalist, started as a poor farmer’s son and a miserable attorney’s clerk. He acquired his essential education by mastering grammar while in the army, highlighting the necessity of foundational knowledge. Cobbett’s massive talent and activity made him a wealthy writer and M.P., though his career was marked by shifting principles and financial distress. Literary earnings could be immense; Sir Walter Scott made over £110,000 in nine years, and Lord Macaulay received a single payment of £20,000 on account for his History. Charles Dickens’s youth is used as a poignant example: he was a neglected, half-starved boy working in a blacking warehouse, a profound humiliation that, ironically, gave him the drive to succeed. Ritchie concludes that poverty is a “wonderful tonic” and the “nurse of genius,” motivating men to rise and ultimately becoming the world’s great benefactors.
Chapter Key Points:
- Genius, even in the arts, needs to be paired with tenacity to earn wealth (Etty, Turner).
- Mastering fundamental skills (like grammar) provides the basis for powerful professional influence.
- The “blessings of poverty” provide the essential impulse for men like Dickens to achieve distinction.
CHAPTER XII. REFLECTIONS ON MONEY-MAKING.
“A penny saved is twopence clear, A pin a day is a groat a year.”
This concluding chapter summarizes the lessons on wealth accumulation. The art of money-making is simply ensuring income exceeds expenditure—spending “nineteen pounds, nineteen shillings, and elevenpence-three-farthings” if income is twenty pounds. Success in commerce depends not on talent but on “intense determination”. Ritchie endorses Franklin’s maxims of industry and frugality as the plainest way to wealth, noting that money is “of a prolific generating nature”. He warns against falling for plausible stock-brokers and engaging in speculation, citing examples of men losing everything by seeking “a little more”. Advice includes adhering to self-reliance, firmness, avoiding taking on debt for friends, and keeping accounts rigorously. Crucially, Ritchie asserts that “thrift lies at the foundation of all individual or national greatness” and that carelessness leads to financial ruin.
Chapter Key Points:
- The core lesson is rigorous financial administration: spend less than is earned.
- Intense determination and prompt action are preferred over intellect in business.
- Self-reliance, system, and avoidance of speculation are crucial for keeping, not just making, money.
Notable Quotes from the Book
- “Another advantage I had, I was an off-hand man. I made a bargain at once.” (Rothschild)
- “With trade ability, good health, and frugality, a man cannot help making a fortune.”
- “It is well to feel that, after all, there is something better than money-making—that man does not live by bread alone.”
- “It requires a special education to be idle, or to employ the twenty-four hours in a rational way, without any particular calling or occupation.”
- “I, who had been one of the visitors of the Strangers’ Friend… there was I, lying drunk.” (M’Currey)
- “He who was but an attorney’s clerk and a common soldier became the most popular writer, the most effective orator, and, next to Sir Walter Scott, the most money-making author of his day.”
- “I never forget that I had none to invite me to their homes when I first came to London.” (Moore)
- “It is astonishing how little you can live on when you divest yourself of all fancied needs.” (Plimsoll)
- “The way to wealth, if you desire it, is as plain as the market. It depends chiefly on two words—industry and frugality…”
- “A man who would thrive should get married. A good wife is a true helpmeet in fighting the battle of life.”
About the Author
J. Ewing Ritchie is presented as a helpful expert and author of Money-making men; or, how to grow rich, published in 1886. His work typically focuses on drawing social and moral lessons from the biographies of notable figures. Ritchie’s style is didactic, emphasizing that success is a matter of moral fiber, intense diligence, and adherence to foundational virtues like honesty and thrift. Beyond this exploration of commercial achievement, Ritchie also wrote extensively on political and exploration figures. His other published books include the historical and biographical volumes the Explorations of Livingstone, Cameron, and Stanley, the Life and Times of Lord Palmerston, Modern Statesmen, and Life of the Prince Consort. The author’s background as a social commentator allows him to contrast the material gains of the money-makers with the higher moral aspirations of philanthropists like George Peabody and George Moore.
How to Get the Most from the Books
Focus on the shared virtues—industry, thrift, integrity—across all biographies. Apply these simple maxims rigorously to achieve independence and financial stability by avoiding extravagance and idleness.
Conclusion
Money-making men; or, how to grow rich is a compelling compilation of commercial biographies demonstrating the universal principles behind financial ascendancy. Ritchie emphasizes that success is rarely accidental; instead, it is built upon foundational, accessible virtues. The overarching lesson, repeatedly proven by figures from London’s City to America’s frontiers, is that wealth is attained by spending less than one earns (frugality), working with “intense determination” (industry), and never compromising on one’s word (integrity). While money-making is simple, keeping it requires wisdom and self-control, especially avoiding the fatal temptation of excessive speculation. Ultimately, the book positions the great money-makers, particularly when they dedicate their wealth to public good, as the true benefactors of society.