Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-01-06

occasion Of the crisis was the embar-
rzssment Of firm Of English bankers,
Thousands Of miles across the sea, in .
foreign city. in foreign nation. No
man liveth TO himself and no man dieth
to himself. The era Of the Chinese
wall ID passing away. The era of inter
hat,oIal law. international dependence,
and the brotherhood Of the human race,
ID tingiBg the horizon Of the East with
the Few sen Of new day. The lives
Of all the nations Of earth are being
woven and interviewer one with the
other. They must share each others
burdens and sorrows, as they have Dor
rowed each others games and fashions
and joys. II is the increment Of the cent
arsss. It's the ia,c Of God.
3. We must learn, too, q fact tina.
We ought to have learned before, name
iy. that the practical government Of the
world Ia beng rapidly concentrated into
the hands Of few private individuals.
TIC Etts toA wal VI ~tgs II II a
and facts are what we ought to know.
''On the afternoon Of November li.h, !"
says q recent writer, diseu sing the
scenes In Wall streer, ''rurnors that
were current concerning great British
banking house began to take definite
shape. in fearful whispers the word
Barring passed from lip 10 lip. In all
those groups Of pale. anxious-eyed men
about Broad and Wall streets, and the
Windsor Hotel In the evening, not one
would confess that he believed the Bar
lngs were In trouble. Because il meant
too much TO a man who held securities
Earrings fail cried broker In Broad
way office. while his eyes burned with
excitement, when the Barings fail, the
Bank OF England and the whole world
wili go down, too"
Who are the Bsrings: | never heard Of
hem before; did you? They are pri
vate firm of bankers in London When
we are smitten with yearning to twist
the tail OF the British lion, let US sit
down and ponder these things. Let us
not forget, too, that in New York we
have single men mightier than these
London giants. People imagine Il at
Presidents, Legislatures, voters, Kings,
and Councils rule. But coming down to
facts, who really rules the world2
4. We can observe In this crisis and
its outcome. that famous doctrine of
lqissez faire political economy conspicu
ously went to pieces. We see that the
doctrine, that free, unlimited competi
dion in the commercial world Is lts only
salvation, ~ a lie and lie that is played
out. Co operation, not competition,
saved the world from the crash at which
that Broadway broker shuddered. In
violation of all the laws of cut-throat
commercial war, the Bank of England
and the other banks of London came to
the rescue Of the distressed Earrings took
up their burden too heavy to be borne
4lone, and marching thus shoulder to
shoulder, saved the day. This ras
,esakaeSs ra,tng h-a.Hqsh IF diri"e
{jght in The darkness Of the seidshaesS Of
me mad ,car for wealth II has an index
finger that points to new day that Is
only dawning. God speed the day' i.
In this magnificent discourse Mr
Dixon puts his finger upon the weak
spot in the modern commercial and
industrial world. II Is the practice of
the falacious doctrines of the taissez
fqire school. The .hauds OFF, theory is
as cold and false in business affairs as it
il in social life. Men are by nature
social beings. They are also naturally
dependent one upon anotherin industrial
affairs. The great developments of this
progressive age have constantly empha-
sized the power of cooperation to work
for the general good. Along these
lines must come the great social and
industrial advances of the future.