Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1864-11-09
THINGS FINANCIAL.
From the Nav York Day Book ]

IL was long ti0e alter the South Sea
Bubble collapsed before public credit waa
restored to any Considerable oxtcnt IN
England. Enterprise, hko Iearus, hac
scared too high and melted the way Of
her wings; like icatius the had fallen
into the sea, and learned, while founder
ing in i:s waves, that her proper element
was the solid ground. She has never
since attempted so high fight. In times
of general prosperity there has been
tendency to over speculation, since then
the success Of one project generally pro-
duces others Of similar kind. Popular
imitativeness will always, in a trading
nation, seize hold OF such successes, and
drag community, too anxious for profits,
into an abyss from which exticalion is
difficult. But ble companies, of Kind
similar TO those eng plendered by the South
Sea project, lived their little day in the
famous year OF the panic of 1925. On that
occasion, as in 1920, knavery gathered
rich harvest from cupid.ty, but both suf.
iercd when the day Of reckoning came.
The schemes Of 1896 threatened at one
time to result as disastrous, but they were
happily averted before il was too late.
She South. Sea projeci remains to this day
the greatest example in British history Of
the iniatuation OF the reople for CONNER
cial gambling. These who Witnessed the
railway mania of 1916 can form faint
conception of the South Sea Bubble
trchemes. The weakness which in 1915
induced tie whole population TO concur
in planning railways for every hole and
corner OF the world, the philanthropy
which would have whiled the Cherokeos
through the air at sixty miles an hour
and twenty per cent profit or brough
Kamschatka, Chelsea, the Catskill Noun,
tans, Knights Bridge and Niagara. all
into one group by the aid Of trunk lines,
the mixture of benevoleucc and self inter-
est which suggested these achievements,
cannot bear comparison with the uni
versatility OF the movements that Tie South
Sea Bubble called forth. Royalty itself
4 caught the madness. The Prince OF Wales
was appointed Governor Of the WEIGH
Copper Company, which was TO supply
saucepans to the whole civilized world,
and the POOR dupes of this and all the other
swindling schemes of the hour encouraged
the organization Of them by their blind
rnpacity.
They swallowed everything that was
offered, gorged themselves, sickened, a1d
then turned about and assaled those who
tempted them with the vile bait, with the
utmost vindlctiveness.
| The South Sea Bubble schemes were
kept alive by their huge dividends but
where did they find vhe funds TO make
these dividends with From the rapid
rise of these stock which these very divi-
dends produced. They could offer to pay
two and three per cent per month as long
as these shares were advancing at the rate
of 100 per cent per year, and the company
were issuing these as fast as the public
called for them, and this'W the secret
| OF their liberal earnings.
! The petroleum companies of the present
time embrace some Of the huge.t swindles
of this swindling age That millions OF
, money have been made in legitimate
petroleum business is not 10 be denied.
That oil wells arc still being Gus, which
will yield enormous profits isa probability;
hat ,I.as oil the rom rapios which now
parade themselves through the columns
/ of the New York journals are worthy of
confidence, or will ever pay their prom
ICED three per cent per month dividend
out Of the legitimate profits of the oil
tund, Is rs prepos porous as that the prize
package men will give - gold watch for
a dollar" Not one half of these oil com-
panics now issuing stock are now issuing
stock are getting n gill OF oil month.
Some OF them have not even commenced
I boring, Others have no LAID upon which
to bore II they would, and some intend 10
coriine their boring TO the pockets of the
credulous public, while at the same time
the New York Herald is bought 10 bore
that same credulous public weekly with
wholesale two column putls Of tie entire
batch of petroleum oil companies.
| The people of the country, grown i'm
mensely rich in rag currency, obtained by
pushing on this Cruel war, are now foster
! ing all sorts of bubbles: besides petroleum
we have copper, iron, coal, peat, timber,
| land, and otEer schemes now weekly in.
toduced. Fortunes are made in an hour.
a bit of bog lan6. five miles from New
York, which one year ago could not have
been sold for 5000 per acre, sold last week
at $500 per acre, or SIS, 900 for the ten
acres. A company Immediately issues
stock upon this basis to the extent of
Sl5O, GOO. and are now cutting and drying
peat 'or fuel, and expect to reap a big
profit on the Sl50,000. Ten acres of land,
worth one year ago $4,000, now converted
| 10 Sl50,000. This heats Wall street.
There are instances like this on record,
but there is another picture dismally dark.
The great debt has long since passed the
Sl,OOO,000 900 line. 1t will reach Sj.O00-
100000 before the bloody car of war can
be stopped by Mcclellan, if ne should be
elected. If he should not, the Lincoln
policy will pile up the aggregate sum to
figures which the human mind has no
conception of. The burden of the debt is
nov beginning 10 weigh fearfulv. Every
thing but land has felt tie whitening.
pollulng touch OF taxation" Trade and
commerce are blighted, and the vigor
which once marked our progress in the
pathway OF nations is gone, perhaps, for
ever. Everything born of industry is now
TO be cursed by taxes, and the coming
winter will find bill before Congress
fastening huge tax upon the broad acres
of the great agricultural body of our nom !