The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-22
yAyDERBILTs views.
n, D,.cu..e. the Cau.es OF the Recent Pan
tc-" Making Money Too Fast"


lie Discusses the Causes OF the Recon-
Making Money Too Fast"
A Herald cable dispatch from Lonaon
dated TUESDAY. saws: Mr.. William ii. van
derbilt arrived In London this evening
Knowing the importance that Wou'u =;
attached 10 his views on the nnahcini c,,o,
In New York, your correspondent ca"o'
upon him at his hotel.
THE VOYAGE.
~ had n pleasant though not speed!
VOYAGE across I'm the Baltic" said Mr.. van
derbilt. "and received q number OF dis
matches at Queenstown and others ~ Lis
erpool concerning the financial troubles II
New York. After reading and consider
ing these and studying the news given IL
the papers | was not at all sufpr'seu
what had happened.
OVERRIDING BUSINESS.
at was merely the result Of OVERRIDING
business. Trust companies and other mo-
neyed interests have for long time pas
loaned large amounts OF surplus money u
build railroads and float bonds and othel
securities that were not needed by th'
country. The people in the United. State'
have for some years been making money
too fast. They have not stopped TO see
what value they We're getting, but large
class in the community have, rs rule, ano
in many cases familiar to Us, all made large
amounts by placing on the market securi
ties which in ordinary times would be con
sidered worthless.
CHEERFUL HOPES.
81 hope" said Mr.. Vanderbilt, "wt
shall all profit by 1t. and that in the future
our moneyed institutions will keep them
selves within the law, and be careful wha
securities they deal in. We have seer
railroad-men, bankers, and others contron
inc large amounts OF money, not only
lending their own credit to these things
but asking from others encouragement anc
aid for what any thinking man well knew
was not needed.
ADAY OF RECKONING.
ave have seen moneyed men use the
means of institutions with which they
hanpened TO be connected for their owl
benefit. and now the day OF judgment hai
come home to them. All sorts OF schemes
are used and fail, one after another. tC
bolster up unsound projects, and the limo
cent shareholder. who has already beer
sWindled out OF large sums, Is made TO be
lieve that little further aid will bring Il
all back.
GOOD THINGS LEFT.
81 must not be understood as saying
Mr.. Vanderbilt added, "or as meaning
that there are no good things left. There
are plenty OF them. but investors should
use more judgment in their investments
The truth is, people want to make money
too fast. There is hardly good dividend
having Investment that is not sound. The
one thing ncediul in many eases is to ge
honest men to administer them, and no
men who want to make n fortune every
wear personally in stock specuations.
LOOK TO THE MEN.
If the people owning property would
look more to the character Of the men em
ployed to govern it we.should not so Otter
AS we do hear OF these panics. / hope nov
the financial scare has been sufficiently
great to enable those that have survived Il
know the difference between a good thinl
and q bad one. Confidence in good thing
Is all that is wanted. 1t is only the conf
dence given TO bad ones that destroys thu
good.
REGRETS.
"No one regrets more than myself,
Mr.. Vanderbilt saiG. "the existence o
these disturbances, inasmuch as so many
innocent people must OF necessity suffer
Every one has his own ideas OF the causes
of such calamities. / have given you my
views. II they lead any one to reflect be
fore action, shall have been fully repaid
for the expression Of my thoughts. | hope
all will 90 well. and though the storm has hat
large sweep and carried much before it
have not yet made up NV mind to aban
don hope for the future. feel sure tha
a sound recovery is not far ahead OF us
1t will surely come"