Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-13

vacuum; wherever tnere Is d Iach Vi tooLS
for the development of resources; wherever
a demand for it expresses itself in high
rates of interest; wherever tempting OPP
portunities offer for development-there
this floating capital goes. The western
farmer borrows money saved by the l,idus-
try and frugality of the Eastern EiInufac-
turer or laborer and he spends the money
thus borrowed in building new farm houses
and fences, or adding new tract OF land 10
his estate, or in buying new implements OF
culture If few bad seasons come, or
prices are low, or he is improvldent ana ex-
travagant, and if misfortune oyertaRes MIN,
he condemns the money lender as an oppres,
sor This, however, is so palpaoly ABSURD
and unjust that mere statement OF the
claim carries with il its own refutation.
Perhaps il is human nature Tor the uebUof
to dislike the creditor, but, nevertheless,
the creditor equips the DEBTOR with COM
mand over the implements OF commerce.
which, if pruGently and lntelugently EN-
ployed. will lift Inn up TO a higher estate.
During the var, when the credit OF our
government was at low ebb, German H.
yestors and spectators bought our bonds,
and events justified them in their confidence
IN the integrity and resources OF the North
II would be bad grace, indeed. Tor US 10
condemn them for their confidence IN US at
a time when we could obtain credit no.
where else IN Europe, and to aSSall them
with epithets for having made money out
of our necessities, They did not create the
necessities; they relieved them. so IN the
case of our great Western territory, which
has been developed by the railroads which
Eastern capital has built through 1t; by the
money loaned 20 its farmers for purposes OF
Improvement; by the splendid structures
put up III Western cities by Eastern capl-
tai: by the capital contributed to the devel,
opment of Western mines and factories and
warehouse and financial institutions.
Whenever bright business man IN the III
terror conceiycs a new idea or project IN
volvirg the use of capital for its develop
nent, he Immediately comes TO wall street,
the Mecca Of all promoters, to procure
funds to achieve his desire. country
without capital is like a factory without
tools. OF course We can all recall the time
hundred wears ago when laoorlng
men resisted the introduction OF
labor-saving machinery, and the
Blackburn spinners and WeaVers
DESTROYED the jenny and all its belongings,
and drove Hargreaves himself from ms
home But the economy OF the division OF
labor the concentration of Skill and the
application of the forces of nature to pro-
duction under the direction OF capital and
machinery, have vastly augmented the
aggregate output of the necessarles OF NE,
and increased the proportionate part which
each Individual may claim for himself.
Though this may seem like diversion
from the theme which l have had chosen
for me, it really is part OF the philosophy
of things relating to Wall street, winch
deals in the shares of the great corporations
which bring about these results. The moral
philosopher may regret that the ponderouS
forces of modern capital and machinery
destroy the individual shOpkeeper and small
artisan, but since the sum total OF material
wealth which may be divided among men IS
vastly augmented by the present order of
things, it is folly TO think of going back
ward to primitive methods, TO the canal
boat and stage-coach and spinnlng-wneel
and country forge of our ancestors.
THE COMMUNITY OF INTEREST BETWEEN WALL.
STREET AND THE COUNTRY.
Some demagogues have sought to create
the impression that there resides IN wall
street a moneyed interest antagonistlc to
all sections of the country and thriving on
the misfortunes of all. This is so ridlcu-
lousy false that l surely have but to state
the facts TO insure an immediate denial OF
such misleading assertions.
When a killing frost blights farm IN the
Northwest or destructive food submerges
plantation in the South, Wall street takes
immediate note of the fact and If general
damage be done to either section, all the
railway and other corporate bodies located
therein whose shares are held or dealt IN are
Immediately deprecated in value. The de-
struction of property by the great Chicago
fire was estimated to have deprecated
stock exchange securities S200.0OO000. On
the contrary, If crops are large ana prices
of farm products high, the values OF these
properties reflect the prosperity of the az
ricultural regions 1t IS sometimes alleged
that corruption fund exists in Wall street
designed 10 promote legislation hostile TO
the country. This is palpaby absurd, for
nowhere is to be found 4 wider diversity OF
views as to political and financial measures
than within the purlieus Of the stock
exchange. Republicans, Democrats. Mug
wumps, free traders, protectionists, single
standard men, bi-metalliStS and creditors,
all shades of opinion and sentiment mingle
there. There are some very rich men who
are purely creditors, and there are some
very poor men who are purely debtors, but
there as elsewhere most individuals belong
to both classes at the same time. The
banker and the broker keep looks, with the
debit side balanci g the credit side. The
banker owes his depositor about the sum
total that the borrower owes the banker
and 50 it is with the stock broker His
clients owe him and he owes the banker
This business interest, if it is to be para
noun, in determining political opinion
keeps the Wall street man evenly poised II
mind and Judicial in character.
DoIhtcss there is agreement there, how
ever. that contracts should be kept, tina,
property rights should be respected, anC
that honesty should rule in all the relations
of life, and not Reputation and chaos.
Finally, the reflection should not be over
looked that wall street can ADAPT llSel1 lC
changed conditions more readily than al
most any other class Of business, so that il
has no exceptionally powerful motives Il
impose any of its ideas upon the country
If legislation against capital and honesty be
passed, the capital will migrate as 1t die
from California when the hOodlGm and the
cand<ot agitator exercised their banefu
sway over politics.
THE FARMER FULLY SHARES WITH TIE RAIL
WAY OWNER IN NATIoNAL PROSPERITY.
Wall street itself is largely composed O.
brokers, who act as agents for their prin
cipalS, who may be a Western farmer,
Southern planter, New England manu-
faeturer as well rs n local capitalist. Tht
shares of the great corporations are widel.
distributed: there are over twenty-five
thousand stockholders in the Peunsylvani;
railroad, or about one-eleventh of the tota
number Of shareholders in all the nationa
banks of the country. If the Western farme
or the Southern planter thinks that tn
railroad running though his section IS max
ing more money than il should, let hin
econemize and invest his accumulation i
the property and thus become benehciar
of its prosperity AS matter of fact, how
ess-, experience and statistics show that tn
railway corporations Of this country hav
Mt acquired an undue proportion of the re
ward Of industrial and commercial growt
curing the past thirty OF. forty years. AC
cr-'iuC to "Poor'S Nianral." the total CAPT
tai -'~e~' in railroads in 1890 was $40
l22, 1000, 90, the gross earning being los pc