Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-21
FATE OF SPEOUL dTORS.


The panic and its results are enforcing
the lesson of the insecurity OF those VINO
enter into stock gambling and speculation.
Some of the most noted of this class, who
few days ago were regarded as oracles
of financial wisdom, and estimated to be
worth millions of dollars, have gone down
to bankruptcy, and others are struggling
like drowning men to keep their heads
above~th the tide that threatens them with
destruction jay Cooke & Co.. a firm re-
garded as securely established among
leading bankers, led the column of failures,
which is now said to comprise such names
as Vanderbilt, the estate of Horace Clark,
Daniel Drew, Jay Gould, with scores of
others in Wall street of less prominence.
Following after these great stock gamblers
are thousands in all parts of the country,
their fortunes as ability and circumstances
permit them. Could the name of all such
be published they would make fearfully
long list, while not city in the Union
would be without representatives.
This must be apparent to everybody
who gives the subject thought, that only
chance controls operations in Wall street,
rendering them gambling pure and sim
pie and nothing more. 1t is the turn of a
card, the cast of a;die, that settles the fate
of him who ventures. All the knowledge,
ability and skill that the kings of Wall
street possess avail them nothing when
fate deals the pack against them. For
tune makes millionaire of fool, and
after lifting a Vanderbilt, a Drew or a
Gould to princely riches and Seemingly un-
limited power over the money market,
hurls them to beggary and contempt.
The man who stakes his fortune in this
game loses control of it; it may bring
him wealth, but the chances are at leas,
ninety-nine in a thousand us the record oil
results will show, that it will bring him
poverty and disgrace. Of those who have
figured most prominently amongst the
stock and gold gamblers and spectators
of New York. few have succeeded in re
firing with any considerable portion oil
booty. Scarcely one is able to get away
with anything better than a blackened
reputation and empty purse. One day
whatever they touched turned to gold.
They were reported marvels of wisdom
and skill. There came day however
when the same men, with all their sagaci-
ty and holiness succumbed to chance,
leaving nothing behind them but record
to tell the danger of financial ballooning.
In the legitimate fields of commerce, or
the usual track of business. where brains
and epluck steadily and honestly employed
count in the trial for success and fortune,
such men as these Wall street kings, d.
vested OF their gambling propensities,
would have prospered in fortune, gaining
wealth that would have remained with
them and their posterity, like the wealth
of the ancient merchants of southern Eu-
rope. But the common. ways of gaining
property were too slow for such wonders
Of financial management, and SO they
mount into the clouds GU their paper yes
sells and put their trust in the tickle winds.
Reasonable enterprise is always to be
commended. There must be some risk in
all undertakings. The mariner trusts to
the winds and waves, but he has fair rea-
son to expect that skill and prudence win
bring him safely to port. though the sea
be rough and the weather stormy But
the more adventurous spirit, who springs
into the clouds upon fabric which he can
neither guide, impel or check, inviting
disaster in thousand ways, is a very diff
ferent character from the enterprising sail
or, with a different career and prospects
before him. He may soar spIendidy at
the start, to the great admiration Of the
spectators, but the end is failure, like the
Atlantic balloon.
The teaching of history is that the most
successful men are those who are content
to keep within the bounds of reason. cool
Judgment, and honesty in business. These
only have succeeded in gaining property,
Keeping and enjoying it. What we wit
ness in the fruits of the panic around US
agrees with the record of the past, and so
long as the world stands the story will be
the same. Speculation has run to danger
GUS lengths under the influences that have
favored it for few years past 1t is high
time it were checked, as it will be bv the
disasters and exposures now attending it.
The spectacle ofthe collapse in Wall street
will have a healthy influence. Gamblers,
spectators and defaulters will be brought
to account, while the safe and honorable
modes OF business will be more generally
appreciated and pursued.
ssAA THE YELLOW FEVER.