Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1875-09-01
The California Tragedy


The financial world has been treated to
come wonderful surprises in this country
within two or three years. 1t is two years
this month since the great house of Jay
Cooke & Co. went down, astounding those
who had known of its vast and successful
operations during and after the war. The
public would not been more astounded
had the general government reported that
il couldn't 90 on. And now within few
weeks the Duncan, Sherman X Co. failure
has oiven another illustration OF the ola
saving that riches have wings.
The great Philadelphia and New 1ork
suspensions. however, lack the tragical ell
ement that is contained in last week Cal
ifornia event This element belong to the
latter. whether Mr.. Ralston's death was ac-
cidental or Intentional; it makes little dit
ference whether the unfortunate man broke
the cords Of life or whether they snapped
at the mighty tension on them.
There is a lesson in the great crash; not
more perhaps than in 4 hundred other
events of the week, but from the nature
Of the case one that may be impressed
more deeply and generally. 1t is the les
son of contentmcnt to the multitude; the
lesson that wealth and power bring Meth
er safety nor happiness nor necessarily
lasting honor.
G.
many instances of sudden wealth and pow
er that Aladdn's lamp gave but din
and old fashioned light. Railroad king,
and Oil kings abounded. Mines wer,
mines of wealth. Mammon-multiplie'
and neutrality-suspicious. al eyes.
Steady, plodding labor, without the op
portunity for display, waS, half a dozel
years ago, at a greater discount in thu
mind of the average Young American thai
it Is to-day This was because of the gourd
like growth of fame and fortune to 81
many men who leaped by speculation t.
the dizziest heights and apparently stooC
secure
because of them, but because of the mul
titude who behold them. Victor Hug
s,vs of the first Napoleon, accounting 70
Waterloo lie vcXcd God. These mel
certainly offend and vex humanity. The,
make it uneasy. establish false standard
AMI measures of success and only undo
the evil they have wrought by being then.
selves undOnc.
This man Ralston was one Of the bes
of his kind. He built up vastly bushes
in his adopted State. Men who were start
inr, men who were hard pressed wer
continually aided by him on his gram
plan of developing the business Of the p,
ciiic coast, and controlling it when devcl
opcd or created. He was no swindler
His vast private fortune was thrown int
the breach to save the bank, without hes
tation. He was simply a daring. bushes
Spectator.
Many enterprises which he was endcavol
inc to sustain broke down, and 4 rival in
stitutiOn cOrnered his bank on the bOnanZ
stock The crash came, and when the d
rectors of the bank he created asked hin
to resign, lie did so at once and went on
and died. One cannot help admirin
many qualities of the man, while not re
GREETING that his fall we'll points mora
Sun Francisco turned out with an nj
tendance of twenty thousand at the funt
raj. which was most imposing >pectacl,
The dead nan had been so eXceedingl
alive before his departure, had done :
much for the development of the city an
state, and his whole career was so true t
California life that the great display is ne
to he wondered at
The latest reports are that the assets
the bank are much larger than first repor
ell, and even 50 far exceed its liabilti,
that it may resume.