Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1868-03-19
LEGITIMATE ENTERPRISES,

Jlf,oI f-N Il 4, FIN I'm FiS.
A correspondent at New York referring to
the negotiations pending for the purchase of
the Boston line Of ocean steamers by New
York capitalists, says
Boston has invested in wild cat specula-
tions in Colorado and Nevada silver and
gold mines, money enough TO build, equip
aud run for year or two, weekly line Of
first class steamers to Liverpool or London.
Nearly every dollar of this money is utterly
lost and the investors were badly sold-s0
badly, in fact, that they were now unwilling
TO risk upon anything legitimate Il is Il
strong trait OF human nature, that distant
enterprises attract more than those at home
Millions have been lost in this city and Bos-
ton, upon speculations about as feasible as
building a bridge across the Atlantic, and
presume that more millions will go the same
way. Had tine Boston capitalists built and
started steamships instead of sinking their
money in apochryphal mines, they might
have heen happy, but they would not.
There is much food for profitable thought
in this text. 1t illustrates forcibly the errors
made by the business men and capitalists Of
a city who invest their money abroad, in
enterprises which have no connection, and
cannot possibly have any, with their own
city. The far-seeing and much daring mon
eyed men of New York have sent their gold
far and wide throughout the country, plac-
ing it in railroad and steamship lines, bridges,
mines, and multitude of kindred interests.
But there is not one in hundred of these
but haa direct plain connection with the
interests Of New York City. 1t may be SAID
that like the ancient capital of the world, al
roads lead to New York, but if this is true
now, it is simply because the policy Of Ill,
metropolitan capitalists, for so many years
has been as We have just stated
The oil excitements Of lsG5 took into tn
ravines and riversides of Western Pennsyl
vania millions of capital, and left it there
invested in broken machinery, ruined en-
gincs, and unproductive holes. A very grea
sum was pocketed by INSCRIPTIONS partie
ON the 'ground floor" of course, but al
immense amount was actually expended, il
good faith, though with the most impruden
and indiscreet judgment.
Such Investments az these were not onl,
ruinous to the parties directly interested. bu
they entailed great damage upon the cite
and towns whose people thus sent abroa,
to be squandered the money which shoul
have been carefully kept at home for legiti
mate enterprises. 1t may, we think, be lai
down rs rule that the prosperous citizen
bound by plain law Of interest as well a
of evident propriety, to invest his surplu
for the advantage of his own locality. Doe
railroad need to be built to his city; or
steamship line establishes new enterprises
new improvements of any sort organized
20 them his money ought to CO. and not
some far off deceptive and visionary project
Keep your capital at home, or place it i
investments that will come back to you
home enterprises and assist them. Loo
about you for chances, instead of contemr
ing and rejecting that which is near at hant
"There is no place like home," in bushes
as well as in sympathetic memory.