Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1895-08-16

IT is but natural that there should be
different ideas among the people of the
nation as to the relative merits and de-
merits, or vices or virtues of that center
of finance and speculation, Wall street.
Whether it is a benefit or a detriment to
the nation is a matter of argument, and
of individual opinion. In the east at
this time, and by some of the leading
journals, a war is being made upon some
Of the practices of the street, and the
methods by which some of it's operations
are carried out. Doubtless much of this
criticism is merited, as there are, per-
haps beyond cavil, numerous instances
of financial doings which will hardly
bear the sunlight of publicity. But an
interesting argument in favor of the
street is made by Henry Clews, one of
it's leading figures, who holds that it
is necessary to the upbuilding of the ma
ton, and a part of his contentious are as
follows:
How would u 10000 miles Of railroads
have been constructed without Wall street?
These great pioneers OF development, pros
perity and civilization would nave re-
manned exceedingly limited in their extent
and scope, if the bonds to build them had
not been not been negotiated by Wall street
tnanclers. Think of the fertile lands that
these networks Of locomotion have opened
to millions from all nations of the globe.
and the enormous increase of wealth thew
have thus impaired by the development of
our vast national resources to our own
country-if we only estimate the average
value to the country of every adult immi-
grant at $1,000, the lowest economic calcu-
latiOn.
Then, again, look at the army of employees
connected with the railroads themselves,
oetteI paid thar they could be for the same
physical and intellectual ability in any
other department Of human energy. These
employees, including those who work in all
the trades that contribute to railroad build
ing, car building and railroad supplies of
every description, amour to nearly W
millions. What a power these would be in
politics it they should only unite for n
purpose! Talk of the Knights Of Labor
n the fear they once inspired when they
did not exceed half a million; they would
be small compared with an organization of
railroad employees.
While it Is unfortunately true that dis
reputable railroad projectors and
have, especially through the medium of
construction companies, made use of rail-
for the most aYaricious purposes. vet
IN spite such great abuses, the railroad sys-
tenn, propagated by Wall street capital. has
been chiefly instrumental in the marvellous
increase of this nation, which has no his
toric parallel for growth. having, in a cen
fury, increased from three to sixty millions
OF inhabitants. Wall street is not only in
d~ispensable to this country, but foreign ma
lions are feeling the necessity of it's exist
ence more and more every day.
Wall street, and Wall street mainly. is
rapidly making New York the fnancia
center of the world. The London Stock
Exchange and the Paris and Berlin Bonrses
would become insufferably dull if the New
York Stock Exchange were to be closed for
a week or for a day. Hence, the progress
of great Industries dependent on them
would languish accordingly in the same
way That railroad. telegraph and other en-
terprises would suffer here if deprived of
Wall street, the great financial fountain
from which they draw their most inyipor-
ating tonic.