The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1890-12-20

distinction which only one other bank
ing institution ever obtained from the
Bank Of England-hOw such a house
could have turned its back upon its
traditions aud ruined a credit which
has long been supreme among the
worlds financial Institutions. Those
who know the house snd its manage
meit best here think that the reason Is
not far to find. When Russell Sturgess
was still the active directing mind of
this great institution it never departed
lrom the conservatism and caution
which had been its characteristic from
the time of its organization.
But Mr.. Sturgess became, in the
course of time too old aud feeble to
control the active management, and it
passed into the hands of Lord
Reyelstoke, who, before his levation
to the peerage was Mr.. Barring. AT
ter Revelstoke became a peer of the
realm, it was noticed that in addition
to the maintaining the honor and sue
cess of the house he was possessed with
another desire. lie wished to main
tain a social position as a peer of the
realm as brilliant as that of any of the
noblemen with whom he was associa
ted. lie desired to equal if not out
shine the luxury of living, the magnifi-
eence of hospitality, and tho prestige
of social distinction which the richest
peers in England were able to enjoy.
Rich as be was his wealth was not suf-
ticient to CRAFTY such ambition. He
was undoubtedly impelled to a certain
extent thus to distinguish the social
side of his lifs by an intimacy with
which the Prince of Wales favored
him. 1t is, perhaps, too much to say
that this intimacy turned Revelstoke's
head, but that it had mighty influence
upon him was fact commented upon
by those who were able to see him day
by day. In order TO increase his in-
come, to gain enormous repute, also TO
crafty an ambition to be distinguish
ed as the banker who had maintained
the credit of u great state. Revelstoke
forgot his caution and undertook the
management ofthe Argentine finances.
II seemed as though from the first his
ambition ran away with his judgment,
anI undertakings which would have
appalled, or shocked earlier managers
of this house were entered INTO with
out fear aud with confidence that the
returns would be enormous. Revel-
stoke appears to have accepted with
out investigation, without question,
the professions OF the Argcntnes re-
spectlng their credit and tho resources
of their country, until at last the house
found itself staggering, aud not so
much under the securities as under its
guarantee of the interest of these
securities, which was enormous"
This is very plain lesson in the
calamity which has overtaken the Ar
gentinc Republic and Its financial
hackers, which should receive careful
study TO day in the United States and
by all classes of our population.
ii. V. II.
The TIMES has no apology for the
space devoted to the above graphic
aud highly interesting history of a
profound lesson in Governmental
finance. The story is told ana the
moral stated In Mr.. Redield's charac-
terlstic style-lucid, comprehensive
and logical. Though after all the
people of the North American lsepub-
lie stand in no need of instruction or
warnings against such breakers as
have cngulfed the Argentine States.
What makes the story really interest
ing is that the accident of feather
headed fool in control of English gold
embarrassed the entire money world.