New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-26
TICTINS OF VAIL STREET.

There seems to be some danger that the
healthy sentiment which denounces 1raud ana
rocuery when committed by men IN positohs
of trust may be weakened by the tendency 10
attribute such cases to some mysterious lniiu-
ence emanating from Wall Street. IL mas IN
fact. become almost custom TO say OF every
new exposure of defalcation or forgery that
the criminal is another "Vlctlm Oh INC
Street, Now no doubt Wall Street has
nlentv to answer for. Many of the influences
and agencies at work there produce conse-
ouences against the public interest. Much OF
the speculation there is mischevous and waste
ful. But it Will not do to set up the abstrac-
ton known as Wall Street for scapegoat.
All ARRANGEMENTS of that kind tend to confuse
the public mind as to the actual responsibility
for crime and swndling, and the net result Is 10
make things much easier than they should De
for the people who violate trusts and rob their
neichbors. A clear understanding OF the true
rclationship of Wall Street to such people is
needed in order to do away with misleading
and rather nsidious fallacy.
When bank official whose position, or the
carelessness of whose directors, colleagues or
superiors, enables him to steal the funds IN his
custody, yields to temptation and enters upon
che career of speculation which is certain, III
the nature of things, TO involve HIM more ana
mere deeply, it is not the speculation which Is
rcsponsible for his dishonesty. what he
really Yields to is the prompting OF his own
greed. and what facilitates his fall is the
absence of integrity i'll his character. The
schemes which Wall Street presents have no
seductive force for the honest man Who knows
he has no money of his own to play ducks and
brakes with. Such nan simply does not
dream of taking other peoples money to
gamble with. But the defaulter is always q
criminal potentially before he becomes SC
actually. He has no moral stamina. His Ill
disciplined or undisciplined mind cannot sub
ordinate the lust of wealth to the love OF honor
renutation, self-respect. 1t seems to him that II
is everything to be rich and so in time he Il
willing to do everything to enrich himself A
first he NAV try to cajoe himself by pretending
an intention to repay his stealngs when HI
sneculations succeed, but it is doubtful whethe
onv such idea is more than side consideration
with him.
Plainly speaking, the defaulter Is a rascal wh'
has not shown his rascality In his eallie
life because the opportunity to steal was denie'
him. But when he finds that opportunlt.
present he employs it; not after desperate
struggles with his baser self, IA writer's o
fiction commonly put it, but just so soon as
seems TO him that there is fighting chance
make pot If money by risking the none
which does not belong to him. After the iirS
plunge every rag of conjunction general.
yanisnes, and the best proof of this is the ute
recklessuess with which the average defaulte
bitches away his stolen funds in ventures VINO
the most innocent lamb sporting with h
own capital wond be sheep enough to avol'
The defaulter takes desperate risKs' IN
because he is filled with remOrse, but Decau'
he is utterly Indifferent to the suiieilngs VI Il
victims. In fact, the dcfaulter Is not at all
ideal character nor is it wholesome for hone
{ men and women to waste sympathy on MN
! to look on him as in any way the dupe or victi
: of Wall Street, or of anything else than Il
own base dishonest and vicious tendencle
He is generally one of the worst of rascals, al
= nobody knows better than he the lneVltap
!" outcome of his stealings and forgines.