Freeland tribune. (Freeland, Pa.) 1888-1921, 1891-12-10

U
columns upon the reckless financierin.
of the nineteenth century. To find al
article in the Press like the one referred
| to, part of which is printed below, seems
the limit of inconsistency, as that paper
is one of the staunchest advocates anC
abettors of the system it so truly pictures
and condemns. If the reader will ignore
the source of the following he will Ger
tainly find in it enough truth to repay
him for its perusal:
So much of Cyrus W. Field belongs to
| the glory of the nineteenth century, that
his misfortunes will be felt in all lands
and among many conditions of men.
| We must 90 back to the lessons of the
| infinite and sacred past to find their par
allel, even to the woes that fell upon the
name of Uz, who was perfect and upright
and feared God and eschewed evil.
| Upon him there came rapine, domestic
| bereavement and disease; the fire of
Heaven that burned his sheep, the great
wind which smote his sons to death, the
loathsome ailment from the sole of his
foot unto his crown. No such story of
sorrow in our time as this of Cyrus W.
Field. He is an old man. The other
day he was in the joy of a golden we'd
ding. Upon that felicity death was to
fall and take the companion of his life.
Death was likewise to set seal upon a
daughter; was to hover at his own bed
side and hold him even yet in its dark
shadows. Worse than death was to fall
upon his well-beloved son-dishonor,
bankruptcy and insanity. The end is
not yet. We see only the appalling, in
eXplicable doom-the one lonely old
man, whose career belongs to our history
stripped of everything but life-so sorely
smitten that he might well long for death
which cometh not and dig for it more
than for hidden treasures.
While all sympathy goes out to this
unfortunate gentleman, and with sym
pathy gratitude for his services to man
kind, there are lessons in this catastro-
phe. AS we have had occasion to say in
commenting upon recent events, modern
finance is at least in state of liquida-
ton. The pace of the past few years
can only end in disaster. We do not
realize the danger. 1t does not come in
day. We note its elimination. Only
when the tree falls and the wrenched
boughs strew the ground do we see the
work of the parasite. The business mis-
fortunes of Mr.. Field are the outcome of
pernicious system. For twenty years
we might even say since the close of
the war-business in New York has been
so conducted as to invite these calami-
ties. The tone of financial honor has
fallen lower and lower Among the
accepted canons of modern finance
we have many methods which would
have made our grandfathers shiver.
Bankruptcy is no longer a dishonor, but
a temporary inconvenience. Property
belongs not to the one who earned it,
but to the one in possession. Property
in trust is the fair game of the trustee.
The law which sends the watermelon
thief to Jail protects the robber of fran
chise. In many cases the Judge who
the robber. What else could be expect
ed? Why should seats on the New York
Exchange sell for $1,000? Because the
Exchange alone prevents those who
have proprietary interest in justice
from exile or prison.
1t is among the canons of modern
finance that Jay Gould should take
millions from the treasury of railway
and escape punishment by open "restitu-
ton" This is part of the financial
history of the generation, Does it debar
him from the society Of eminent finan-
ciers or keep respectable men from
serving on his "boards?" Are we sur
prised that the public opinion which
tolerates this should consent to the
return from Canada of Emo, the bank
robber who is now due in New York,
his father having arranged matters ?'i
Is it marvel that the indictments
against the "boodle New York Alder
men" should be dismissed? Are we
amazed that one Andrews, as we read
the other day, should announce that he
had Settled" certain financial troubles
by restitution of S2,O0O,000? Are we
surprised at the collapse of these wheat
corners and the diverting bankruptcies
that ensue-bankruptcies which convulse
Wall Street with merriment while
sending misery to thousands of trusting
depostors and investors?
What is this Field failure but another
chapter in the dismal record of modern
finance? Is it possible that feather
Drained, emotional young man, with the
moral perceptions of Hottentot-whom
his physicians have been "suspecting of
insanity for some time" can be allowed
to career around Wall Street robbing,
selling hypothecated securities, appro-
priating trust funds and pew rents
dealing in coin to-day, cotton tomorrow,
or whatever comes in his way, without a
word of restraint or protest? His story
shows that the FinGacier'S Progress is as
definitely marked in New York as was
ever the Rake'S Progress by Hogarth
Get rich in hurryl Get rich anyhow!
Remember that the world can never
criticise success! A pedigree which be-
gins in Sing Sing is not despised in Wall
Street. There is no reason why large
operations should not be formed by
gentlemen who in their day have been
under sentence of death for murder.
None whateverl Get rich, anyhow! A
bankruptcy is but a tumble; defalcation
an error of judgment; forgery an absence
of mind; falsehood simply breathing the
atmosphere; robbing investors making
the natural use Of ones opportunities.
Get rich in hurry! anyhow-get rich!
This is finance as we see it in New
York. The Field failure is an incident
of a dishonest system. If only certain
ship had come to time it might have
been AVOIDED. To be sure There is the
pity of it. If that ship had arrived the
hair-brained Field would now be in
search of new victims. There was nc
financial public opinion to restrain him.
The landmarks are obliterated. The
quiet, beautiful, fashioned, conserva
tive customs have given way to the hur
ry, the splash, the mendacty of this un
wholesome hour. The disaster of Field
means that another Rates Progress has
ended in riot and shame. The sorrow
of it is that the crimes of this wretched
young man should have darkend the
evening hours of one who has done sc
! much for bupna pitx, ou Cvri,g w E;olJ