The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1855-11-15
From the Potispile Gazette.
The Morals of the Day.
RAILWAY, STOCK AND LAND spEcuLATroNs.

One of the most serious evils of the present
day, is the speculative disposition Of the peo.
pie. Wealth is not sought, 10 the extent that
il formerly was, by patient industry and by
honest. legitimate enterprise. 1t is sought
IN too many instances, in a wild and reck.
less spirit of adventure, where the hope of
sudden gain overeaps every consderai on
OF selt-respect and propriety. 1t is useless 10
disguise thai honest industry is losing its re-
speclablity and social influence, and we are
Fastening, more and more, into a race of
sharpers and unscrupulous spectators. The
millions OF dollars invested in Railways have
greatly enlarged the field for stock operations;
and speculations in them are by no means
confded TO the professional dealers, but in-
clude large number of merchants and busi-
ness men who, from their participation in
this species of gambling, carry IFS baneful
! tendencies into their counling-rooms and
shops-aye, into their drawing rooms. The
| very atmosphere we breathe is impreg-
| mated with the moral poison and ore is al
ways forced 10 the conviction that truly
honest man can no longer exist or if so, he
is surrounded with so much that is corrupt,
insdious, selfish, and mercenary that he must
be reg arded rather as an object commisserai
on than of di9nifed respect and appreciation |!
| Honesty is fool, that loses what il labors
for;" and while we shall not pretend to rec.
ognze the truth Of the axiom, we know
| that ,bob hos
| il.
Many OF our readers have no doubt heard
Of The celebrated Railway mania, which pre-.
vailed, few years ago, in England. It's be-
ginning was obscure, but il almost immedl-
a,ey splead throughout the length and blead,h
Of the British realm, and there was scarcely
man or woman in it who had not invested
more or less in Railway shares. The excite
ment was not only universal, pervading all
classes and conditions of society, hut it was
sngulariy intense and overwhelming. The
apartments Of the Parliamentary Railway
committee was literally filled with the sur
veys of civil engineers, the reports of CON-
miltees, the plans of directors, and The petit
! tions of the people. About every hopeful
looking man you meet in the street, had his
prospectus for Railway, and after collect
ing statistics of the resources of the route,
and showing, in formidable tables of figures
and eloquent sentences, The amazing anti.
| cipated profits of The work, he woud join
with Others in an application for charter
issuing, however, in advance, preliminary
certificates to secure the privilege of sub
scribing 10 the stock, and these were sold off
for sums proportioned 10 the supposed merits
OF the scheme, and the chances for obtaining
the necessary charter. An immense traffic
was carried on in this way and il was only
surpassed by that OF the regular stock shares,
which advanced in value with such rapidity
that there was no such thing as placing a
fixed limit 10 any. This wonderful mania
for speculation: strange as it now appears,
continued for several years, and was mainly
sustained, during all that time, by the cum
ming and duplicily of single individual. A
tradesman named Hudson, man of no par
iicular influence or importance in the com.
munity, yet not wholly obscare, became the
leading director Of Railway. Part of it had
seen flashed and in operation, and other
portions remained under construction. Con-
lrary 10 general expectations, this road, un-
der Hudson's mans cement. began 10 show
immense profits. Writers were employed in
different pars of the country, 10 set forth its
monthly earnings, lis prosperity and peculiar
management. The unsuspectng people be.
came astonished, especially as these state
menls were confirmed by The distribution Of
! tremendous Observation-Disclosures that astonish-
ed capitalists, and struck with amazement
the whole community! The public excite
was great mana very grea, man! He
was elected President of numerous other
roads he had the wsnd of the magician,
and every railway sought his services and
the prestige of his name. His salaries amour.
ted, in the aggregate, TO some four hundred
thousand dollars per annum-his specula-
lions yielded him at the rate Of four or five
millions per year;-everylhing he touched,
turned TO gold his society was courted =
his saloons were crowded with the beauty,
the fashion, the wealth and srisiocracy ofthe
land, and his word carried almost as much
weight as the statutes OF the crown! In short,
he reached the very topmost round of for
tunes ladder, and while proudly looking
down, from his lofty and dizzy height, "upon
the base means by which he did ascend"
he was suddenly hnrled from it by the pen
of newspaper writer--probablv the only
hanc in Great Britain that scorned 10 drop
the pen, 10 grasp his il-gouen gold! The Sc
cret was unfolded, but ii was so simple and
so apparently ridiculous, that it could hardly
be credited. His dividends. it appeared, had
all been paid out Of capital, and charged to
the account of construction, and not one dol.
lars worth of profits had ever been realized =
Commiitees were appointed 10 investigate
and after pause, the startling truth was laid
bare, aud then came an awful, awful crash
, Men who yesterday imagined themselves rich