The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-02

| season to the uuietude OF their Spiehoiu
| homes and the bosoms OF their happy
families.
II young men had only patience 70 watch
the speculative signs OF the dimes. as
manifested In the periodical egrefs or these
| old prophetic spectators from their shehs
| OF security. they would make more AT
! these intervals than by following up the
| slippery tips" OF the professional pom
ters'' OF the stock exchange all the year
| round. and they would feel no necessity
| for hanging at the coat tails, around the
hotels. Of those specious frauds VINO
| pretend 10 be deep IN the counclls OF the
| big operators and Of all the new pools
| in process OF formation. i say 10 the
| Young SPECTATORS. therefore. watch the
| ominous visits to the street OF these old
/ men. They are as certain to be seen on
| the eve OF a panic as spiders creeping
steaIthily and noiselessly from their COD
! webs just before rain.
n you only wait TO see them purchase
| then put up fair margin for yourselves,
Keen out OF the bucket shops as well
as the sample rooms. ana only Eisis
| DelmonIco's for light lunch in business
hours. you can hardly fail 10 realize
handsome profits on your ventures.
He supplemented this by the following
statement Of his own.
We read the other day, all OF us. that
/ In the city OF New York there Is club
| known as the Millionaire CLUB. seven
hundred OF the wealthiest men IN the
| city belong TO the club, Of which J. PER
! mont Morgan Is president. The club has
! already issued 100000 in per cent.
bonds. with the proceeds OF which the
| site for their club building was purchased.
| Then they invested "A large amount IN
the erection Of the building and now TINS
/ dispatch tells Us that they have put on an
| additional mortgage OF s2.0O0OO0 for the
purpose Of furnishing II, putting up nm
| ishings of marble and the most costly
/ woods in the world. In the same paper.
ON the same day. ! saw a description OF
| the balls the costly revelries that that
| class Of men I'm New York city indulge
l tp These are the men. repeat, with
/ whom our executive officers confer-half
/ a dozen specula tors who rule the country
! with an iron hand
PETER believes, or pretends TO believe
! that these averments develop state OF
| things that does great injustice, injury
and wrong TO the great body Of the peo-
| pie II is not too much 10 say that the
whole structure Of the Populist Party
! IS q claim that a state Of affairs ike That
( pictured in these extracts is condition
OF Injustice to the great body of the peo-
pie. But II the matter is looked at In an
entirely fair and unprejudiced manner
where is there any injustice to any one
| in IL? The old veterans Of the street
who have zone foot in the grave" and
who "hobble down on their canes" have
accumulated their fortunes within the
past forty or fifty years when wall
street was furnishing the money with
which the enormous developments that
the country has made during those years
were being effected. II the whole United
States have received that enormous ad-
vantage from Wall streets contribution
Of money shall we grudge Wall street
The fortunes which individuals there were
able 10 secure whilst it was making It's
contribution to the general advancement!
We are not 20 suppose Wall street lent
the country its money for love only. 1t
expected to get its reward, and since we
received ours shall we rebel because Wall
street received its? And Is any injury
done 10 the public when these MODELLING
old veterans OF the street" picked UP
bargains there? When sale takes place
II is because the seller finds himself under
some sort OF necessity TO sell. He may
be a Jay Gould or he may be a simple
farmer. But in either case there must
be a purchaser for the sale TO take
place. Would PETER have the whole Of
the class. which waits with its means
until a bargain Is offered. destroyed?
If so. where Mould the man who wants
| tn sell his stock or his bonds find a pur-
| chkskr? IL seems to us that if legislation
| could and should do away with these pur-
| chasers. on such occasions II would DO
the public on enormous injury. When
these emergencies arise It is hard enough
for sellers to find purchasers at best. But
If the law is 70 wipe out that large class
who walt for the emergencies In order
TO purchase, how will any purchaser at
all be then found? 1t seems therefore
In MS. tnat instead Of railing at these
| "hohbling old veterans Of the Street
Mr.. PETER should rejoice that they exist
TO come out In panics and sustain prices
when values would totally disappear
with ruin scattered broadcast, If there
were ncne such. 1t is a case where the
purchaser buys what the seller voluntar-
ny offers, and each rejoices that the
other exists.
! And how Is Mr.. PETER or any one else
| injured by the Millionaire Club in
vesting large amount in the erect
| ion Of their building or in their spend
ing 81 .OOO. 900 In furnishing 1t, or in their
putting up fnishings Of marble and the
most costly woods in the world? The
money belongs 10 these people and they
have a right to spend It as suits them
best. And have not thousands Of per-
sons received immense benefits from the
money being thus spentl Which would
Mr.. PETER do, rob the millionaires Of
their money by force or have them lock
/ it up In safety vaults and never let a cent
of it go out amongst the people?
The first is what MIR. PETER and his
party aim at. They would conhscate
the property Of wealthy men. And could
a civilized society be sustained if men
/ are not TO be allowed 10 accumulate prop
ertyY The foundations Of our whole 30
cial life and OF everything worth living
for is the home. All men live and strug-