New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-02
Tile MOR1L OE ElILLRNS.

| THE WORIL OF ram tNEN.
For some time it has been shown that mere
failures do not seriously disturb business.
Neither have ordinary robberies shaken con-
| fdence Yet the recent developments III Wall
Street shake everything. What do they mean
| Wherein do they differ from many failures
| that have preceded, and many forms OF rob-
| berry the memory OF which is yet freshi It's
said that they shake confidence. But why
should there exist any confidence TO be shaken
! Do not Wall street and Congress combined
| make any Intelligent confidence impossible
Consider frat the Street. What is the essence
of its busines.l The greater part OF 1t Is
gambling. It's larger operators are mere gam
blers. H., methods are those which the most
reckless Of ordinary gamblers would consider
cxtr, -iazarlous Yet these Wall Street gamblers
are backed by many of the Wall Street lenders.
They are backed and practically carried, day
after day. week after week, by men who
know that they are mere gamblers, and
yet loan them trust funds. Nor do
these gamblers play against each other what
can be called "a square game" What the
brace box and the "marked caris' and
the loaded dice " are in ordinary games Of
chance the methods of Wall Street are IN spccu-
lation. There is scarcely Il pretcnce thar re-
ports of corporations do not cheat, and 10
preterce at all that managers of corporations
do not shape such reports to SHIT their private
spcculations rather than the interests OF stock
holders. OF course there are exceptions, but
how many! Does not the public know that
mere inquiry as To essential facts which have
been concealed in official reports is treated
as impairment? Have We not seen the players
with loaded dice threaten with indictment
ANYBODY who should dare to inspect the dice
too closely
This is the prevailing characteristic OF
Wall Street. IT deals chiefly in stocks
and securities of corporations whose earn
ings aye habitually concealed or fraudu
lcnt!y ms>tated, AMI whose expenses are
hidden behind all the juggicries OF the most
cunning accountants. Wall street prefers to bet
on such stocks. and that because it knows that
the methods adopted by these companies are
not such ~ I'm honest management would pre-
rer,-,ohoi.ous only for the welfare AMI Hro-
lection of bona fdc stockholders. The Street
call, upon the public to buy these stocks OF
nj others, To the men who gamble most
largely IN these stocks, ana To- Che operators
Whose sworn statement. are hnhitualy ques-
TONED. Wall street lends money by the millions,
and from fund, placed with II on trust. Every
body knows HAT Il large proportion OF the
sworn statements madc, both by companies III
which speculation is most active and by
institution. which lend their funds upon
the securities OF such companies, are
pcriurcd statements. How many? Who can
tcIll Only thc lenders well know the fact that
of pcrjulca reports there are very many. But
they 60 on lending.
!, il ~ b. expected that hard-puah"d spccu-
lators will be more honest than the Street! II
il is wrong 20 pcrlure, Is it r;ht to lend trust
funds to pcriulcrs! If it is right TO risk The
money OF others in gambling, Is II wrong to
hypothecaic The securities OF others i'll order
to carry on the game!
Then a, to Congress. That body cheats. AMI
forces others to cheat. II i engaged this sea-
son in wholesale robbery. II causes fraud, 10y
making The measure of values unstable. Thus
il makes honest loans full of danger. and hon
| est investments of trust funds wcl-nieh i'm
possible. How can anybody honestly loan the
money of another, not knowing whether it
will be paid in silver gold /! Out of this
come short loans, call loans, and all
the devices by which, in order to keep
funds within speedy reach they are
| placed at the Use of gamblers. And
because Congress makes gambling ap-
parently as honest as legislation, and
more safe than Investments Ill aid of lcgiti-
mate business, it comes to pass that such bust
| ness langushcs, that loans for such business
shrink that stockholders grow hungry for in
tercst on their funds, regardless of methods or
risks. The morals of The pic,roclIct are found
in the most sacred places OF financial trust
| WHY not 7 What else ear be expected! If
some men are strong enough to resist SO great
temptation, what wonder if many are not
| The banks have i'll thcir hands the remedy.
| If they do not want to be robbed, and To see
legitimate business clicked, they will stop these
operations. Howl
They will stop lending or dealing III a cur
rency which knavcs at Washington can make
| good or bad at pleasure.
They will adopt measures to prevent, rs far
as possible, the lending of money in aid Of
| gambling operations.
| 4 DANGER or DkOUGHT.
| The deficiency of rainfall last month was