The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-11-24
Fraud and Depravity Of Wall Street

Fraud and Depravity Of Wall street
The late conspiracy" as it is called, OF
the directors of the Erie railroad and GER
tain banks in New York has brought more
glaringly before the world the corruptlons
of the money-changers and stock dealers OF
Wall street. The developments have Gre
ated great alarm amongst the corrupt deal
ers themselves. They find that by fraud
ulent exercise of authority the dlrec-
tors of wealthy corporation have Issued
vast amount of stock and thrown 1t upon
the market, by which they were enabled 10
accumulate an immense fund with which 10
influence the stock market to their own ad-
vantage; that, aided by the cooperation OF q
few banks. these men had successfully pro-
duced a panic and rapid change in the
values of securities, to the general embar-
rassment of the commercial public and to
the fatal injury of many stock spectators !;
in short, that by the employment of arti-
fees oil of them are willing to resort to for
an advantage q few of the Tritons of the
financial sea have gulped down SO many
minnows as to brighten not only the small
fry but to alarm even the whales.
Indeed, the whole commercial and ira
ding public are startled at these gigantic
and dishonest tricks. A lesser rogue, per-
ceiying how he is at the mercy of the
greater, turns moralist, and Wall street
grows suddenly virtuous, denouncing tricks
to which they are all inclined, and propo-
sing measures for future protection. The
withdrawing of currency from the market
throug conspiracies between rascally mil
lionaires and banks-the deluging the
market with stocks issued for fraudu-
lent purposes-are matters against which
the tricksters are calling for protec-
ton. They are demanding something like
"honor amongst thieves" Will they get
it? The chances at present are not very
bright, judging from the following extract
from an article on the subject which we find
in the New York Times:
"The confession, though humiliating, is
inevitable, that in our State courts justice
is bought and sold, rather than admins.
tered, when the parties accused have mil
lions at their command. There are few sc
simple as to believe that the plundered
stockholders of the Erie have any chance Of
redress under system SO VIGOROUSLY cor
rupt as that which taints the States dispen
sation of law"
This is, indeed, a humiliating confession
If the courts are faithless, what chance il
there in the moral sense Of the community
to check the excuses Of the gamblers VIII
play with loaded Dice" as the Times de
clares? Why, the princes amongst thes
gamblers are the leaders Of the ton. 1t i
only the ruined gamesters that quail befor
the Virtuous frowns of the elite of Gotham
And yet itwould seem that such practice
AZ these gamblers resort to, which have oc
oas'onea such ruinous fluctuations as to en-
paefaSs tho nation, ought to beget remedy
Law ought TO reach them but if law faiI
there must be in time some mon.trous 70
tribution born of these things. The owe,
grown fortunes in the hands of individual,
accumulated by extraordinary causes an
IN great degree by dishonesty, are then
selves anomalies which reflect grossly u,