Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-07-17
BUSINESS SENSE.
When RiCh Men Become a Drag
Upon the Communities in
which They Live.
Unemployed Capitalize DepraVily
Of Four Per Cents.
Cor. Bsstoz POst.l

Cor. Bsstox Post.l
l am conviHced that the universal stag.
nation in business is, in a great measure,
due to the fact that men who have capt.
TO invest require a greater degree Of
certainty of reaping good returns than
do in ordinary times, and more than
generally can be made in any times.
They let slip no opportunity for engsg-
ing in a profitable enterprise, because
they are not perfectly assured Of making
q good thing Of tan assurance which
very rarely is attsinsble, and which men
do not look for in ordinary times. This
disposition Of capitalists-and by eapi-
talists | mean men and women who have
money lying Idle which ought to be EN-
ployed-Would be sufficient of itself to
produce just the state of things that now
exist. All that men Of means ought to
expect, and indeed all they can usually
obtain, is q reasonable degree OF certain
ty that, with good management, their
investments will pay a fair profit, and,
having this reasonable degree Of assn
rance, they ought to 90 into some Of the
legitimate enterprises which are contin.
uslly presenting themselves to them. OF
course they should look carefully before
leaping, but, having done so, and finding
a fair prospect OF success, 1t is a duty
they owe to the community 10 engage 10
them. Every legitimate business under.
taking is q public benefit. | do not mean
public enterprises only, but every private
business, no matter how humble and I'M
ostentatious, employs Hsd makes neces.
sary many others and gives the means OF
living to many needy men and women.
Nor would l con6ne this observation to
purely unspeculative, " absolutely safe"
if there be any such kinds Of business
There are hundreds Of enterprises
which are perfectly legitimate, though
they combine a little of the speculative
element in them-enterprises which in
ordinary times men 60 into freely, and
from which, With care and good manage
ment, they obtain proportionately better
returns. There is a disposition mani.
tested among men Of capital to be salts
fed with four per cent. on their money.
Ii this disposition prevails generally,
there is an end 10 all forth putting in the
shape Of business energy and enterprise
because as things are now 10 our coun,
try, four per cent. can be had without
the use Of any business faculty whatever
When everything 10 tie nature Of speeu
lati0n is avoided aud tabooed BY capital.
lists, the business prosperity OF the coun
try is doomed beyond remedy. The very
kinds Of business which have built up
our cities, aud indeed developed thi
country, are aud have been Of this des
cription, and are the only kinds OF bust
ness which will restore the country TO it
former prosperity. The mere materia
necessities Of the country can be sup
piled, as is proved by existing facts, aad
oversupplied, while one.half o
the population is idle. Somethinl
more is needed to create ~prosperit,
than to make shoes and clothe
and hats and q few articles OF everyday
personal use, or even TO supply the foo
necessary for sustaining life. No rea
sonable man need be told that / have n
reference TO the wild and baseles
schemes which unpriBcipled or visionar
men are continually proposing or "puI
ting on the market with the object {
getting other men money for that whic
cost themselves little or nothing.
mean those business operations whic
not only supply wants, but create wants
J which have always characterized gu
r community and which have obtained th
honorable name Of business venture
into which men put their money an
I their brains and obtained large reward
e for their sagscity persistence and indul
' try. When the rich are satisfied with
per cent. per anHum the honest poo
. must beg or starve. II their 4 per cen
we're what wat left alter q year use
their money in active industry, emplo,
q ing the services Of laboring men, supe
visors aud agents, that would be q vel
different thing from the 4 per cent. whiC
comes in the shape Of interest on mont
e loaned to the government 10 pay up
a change the form OF an old debt. Tn
+, last investment is the most selfish an
unproductiVe that it is possible 20 co
ceive Of. II does rot turn q sing
wheel, raise a single hammer, move
single arm. 1t does not help the labor
n to buy a crust for his children; il do
: not even pay anything toward that viii
+, makes it secure; it does not pay taxes.
n Rich men are a blessing TO a commu
lie ity when they take the lead 10 busine
enterprises, or put their money 10
~ them-enterprises which require the 81
vices Of those who depend for their !
OF ing upon the toll Of their hands or
d. activity Of their brains. But If th
he hoard their money, or what is just as b
"A so far as the effects upon their o,
ne~ighborhood is concerned, lend it to I
G. goyernment-net TO be used evea BY /
ag government, but to locked up in
ed vaults Of the treasury or sent out Of
an country-they are OF little benefit
anybody or any community. They
IN danger Of becoming eye.sores, exI
nd ing the envy rather than securing