The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-31
.,. cot Financial Error.

acquiring oil large ioEtuuee "
and another they are TOO often sslnnis'eu "
the wildes, indulgence Of the spirit OF speeu.
iat,op. which becomes another name ''f
gambling. ..c,,,orv
1t is essentia, 10 the safe and SATISFACTORY
management of commerce that money sns"
be sent to large cities to be drawn up.s
nav debts and to pay for purchases in 'noso
cities. The exchange-broker ana ospNc,
hecsme often the custodian Of hunor'os %
sho,esnds and sometimes as much as uan'
Hon, of other peoples money Inc posn.oh
nf that man was one Of great responsasohssy.
re cou,d not imperil dollar OF the money
O., conf;ded to him without Yioiaeaon o.
Faith to those who trusted him--wfthout
moral crime Of very grave character.
This was the idea Of the nature Of the ex'
change. brokers' business 10 other days. IL
Is strictly the idea that prevails In large Eu.
ropean cities. The exchange:srokers ana
bankers of London are noted for strict bust
ness rules and for answering probity and
honor; and the moment It was known
that one had entered the arena of speculation
his correspondents would drop oil, and re-
mittances OF money to his care would cease.
They ought to. -...,.. 49,. ~
TT is to be regretted that vicious custom
has grown up under which other people,
rnoney has been drawn into the vortex Of
speculation to the great disturbance o1'the
uesce and security Of commerce.
New York has become the arena OF tine
bears and bulls, and the spirit OF gambling
has been carried on there 10 an excess baro'y
before known 10 any city Of tae world. Now
New York Is both creditor aud debtor 10 tDe
country at large. We suppose the money oc-
posted In New York to meet draits anu na'
turing obligations sometimes exceeds 10
amount the indebtedness Of the country
fleayipg out the raIroads) to New York.
This money is in the den of the moiers.
A large part of it is in the bands Of the gam
blers, and the real owners OF it are far away.
Gan anybody tell who amongst the exchanSe'
brokers in New York gamble and who DO
not, The gambling arena is so near, and the
depositor is so far away. 1t is so easy 10
wrong the absent.
Let the terrible disasters Of the Black Fri
dav answer. The Dsme Of the gamblers
we're legion, There we're failures innumera-
BILE and losses wide and large amongst the
cou6dipg country .depositors. Ought that
TO have been? No. 1t could not have been
save through gross violation of honor-the
most solemn obligation Of the trusted banker
TO the eonfding depositor, who had put his
property 10 the bankers care confident that
his trust was not misplaced.
It is q vicious and outrageous system
which combines The business OF exchange
broker and banker with the uncertain and
wayward life of the Spectator. 4
But there Is feature 10 this matter that Is
worse than any we have portrayed. The
rings and the gambling in New York have
spread disaster over the land, and we have
seen the money of the country that has been
sent to New York in the regular business OF
commerce employed in the reckless schemes
and vicious gambling that have recoiled
upon the country and visited the deepest dis
tress upon the very people to whom that
money belonged.
This is terrible accusation, and New
York stands convicted of it by circumstances
that are too patent not to he seen and un-
derstood by every man who knows anything
. of commerce at all. 1t is the great crime of
misusiug other peoples money. 1t was nota-
bly, begun by the Pennsylvania United
States Bank in attempting to fight OLD HIcK-
DRY by speculation in cotton. The last
case was that Of DUNCAN, SHERMAN & Co. in
attempting to save themselves by the same
delusive expedient.
Oh for the prob;ty and conscientious bu-
siness rules Of other days! There can be no
regular and safe commerce 10 mouty matters
until the high obligations We speak of are
&. acknowledged and rightly maintained The
trustees for other men aust be honest
aud avoid the perils Of speculation. AS
sure as they enter them, step by
step they will advance on towards dis
honor and, in nine cases uut of ten, ruin.
Do we not behold the fearful proneness of
our mcney.agents in the large cities to reck.
less business habits, in making haste to be
rich, by observing the modern origin of
nearly all the banking. and exchange. houses?
There are few with venerable sigas-the dust
of generations settled upon their retired
hooks and old, unused books snSeleped in
cobwebS. Few extend back q generation,
and, alas! how very few go back twos The
storms OF deprsVed atmosphere have swept
them rapidly, aud they seem to be steadily
renewed to meet untimelg fates.
How much better for the coaptry, how
much better for them, If the financial agents
would eat loose completely and finally from
all speculative pursuits. The commissions
the legitimate proGts--in all honest business
should be ample reward sor those who follow
1t. How many more would die happy and
leave their families competency and good
name: And as 1t is, bow msDy there are
who 10 the hurry to setEieh BY irreguiarsets
are suddenly ruined, die erematurely. and
leave to their heirs little else than uames
blackened with suspicion, not plainly dis
honored By deeds derogatory to commercial
integrity aud honor.
#
A friend has laid upon our bile the Con-
naught Telegraph, printed at Castlebar. |
County Mayo, ireland. An Interesting fact