The weekly intelligencer., 1892-06-04

| the whole subject in forty minutes, and
then get discouraged because you fail. -
To hear an old banker, like myself,
/ spoken to as if he had never really
studied finance filled me with right.
eous Indignation: but | concealed my
feelings, and said was disappointed in
not quickly discovering what had be-
come of the lost intrinsic value of sill
yer. Whereupon the silver man blurted
out: 'Did you ever see an expert train
pair of steersP' l replied never had.
WE'LL" said he, al used to train steers
myself. The way to get along with
the job very fast is to go very slowly.
BE patient. Teach them one thing at a
time, and never try second thing
until the first one is learned"
then stated that | had consulted
several authorities about "intrinsic'
value, but had failed to satisfy my de-
sire for more light on that topic. "Ah!"
said the silver man, in contemptuous
tone, "Authorities! Authorities What
is an authorityp"
This blunt question, put in such n
blunt way, somewhat confused me,
but after thinking while l said sup
posed san authority on any subject
was person who knew all about it.
"Then," said hes'as there is no human
being who knows all about finance or
any other subject whatsoever, there can
be no such thing as 'an authority on
any topic" This retort made me un-
oAt f~r t,,l,l I t1lI hn 81
hat this time l came to ask and not
to answer questions Furthermore, /
begged him To tell me what his ideas
were rs to what constituted ga finan-
cial authortyP"
"Well," said he, financial author
ity is similar to any other kind of ian
authority He is II person who states
what the majority believe to be true.
II is immaterlal whether the state
ments of ian authority are actually
true or utterly false. So long as the
majority believe him, he is 'an authority,
on the subject he processes to under
stand, no matter what that subject may
chance to be- AT the same time that
'an authority is teaching falsehood,
another person may state the trsth
and not be considered san authority,
for the simple reason that only small
minority believe his opinions correct. "
These ideas had never heard of be-
fore and they astonished me very
much. asked If he could give me
any illustrations in support of what he
had just said.
illustrations, said he, "why
could name thousand. The whole
history is full of illustrations of the
fact that the promulgators of false
doctrines and ideas have always been
revered as authorities just as long as
the majority believed their teachings.
1t is not long since those who taught
that the earth was flat and the sun
moved around it, were regarded as
astronomical authorities. Those who
set forth the doctrine of witchcrafi
with great precision were regarded as
conservators of society and exalted
authorities so long as mankind be-
lieyed there was such thing as witch
craft; and this is only as yesterday.
A short time ago, medical authors who
taught that persons i'll with tevel
should be bled and deprived of water
were,dee med high medical authorities.
When Stevenson was engaged in his
long and weary struggle to introduce
the use of the locomotive steam engine,
very distinguished engineering 'auth'
critics swore that 1t would be impossi-
BILE for an engine to run ten miles an
hour. All these persons were regarded as
authorities until the majority learned
| that their opinions were false. Then
they ceased to be authorities.
"On the other hand, if a person
proclaim truthful ideas in advance OF
public sentiment, he does not thereby
become IAN authority He must wait
until the majority recognize the just
ness of his statements.
"The thing which has retarded hui
man progress and prevented human
happiness more than all other things
in the world put together is the blind
unrcasoning Difference which has been
shown, i'll al ages, to so-called, author
| tiles, not only in finance, but in all
other fields of human knowledge. Away
with it! 1t has perpetuated ignorance
and shut out the sunshine of free
thought too long"
But | am growing tired and must
defer further account of this inter.
view. AN OLD BANKER.