The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-31
A FIG FOR THEIR CONFIDENCE"

it of the social realm, and attacked fin
ancial circles. The latest bugbear is
the so-caIIed want of confidence in our
country by the money barons of Eu-
l1ope, and especially England. The
idea seems TO be that England has
taken fright at something which has,
or has not occurred, and that the dem
milton financial bOwwows are just over
a PERCEPTIONS cliff which we are ap-
preaching if not perilously near al
ready. This mania affects those who
think the whole financial planetary
system revOlves around, and centers
upon the estimate which few English
bankers put upon things. Whether
the disease comes of amicrobe, or a
spontaneous cold sweat or rush of
! blood to the head, Or whether it is
classed with such mental ailments as
hysteria or hypochondria is not yet
known to the medicine men. but it is
disease, prevalent largely in our
eastern cities-a palpable certainty
| which, if allowed to spread, will work
it's ravages terribly among those who
1
are deficient in nerve power and back
bone.
If the fact is worthy of serious thought
il may be admitted that Mr.. Bulls
| barOnS confess to serious break IN
their old-time confidence in American
securities, but what does it signify?
Does it mean that siXty-fiye million
people on this side of the water shall
put themselves on half rations, and
drop to their knees in supplication and
prayer till this royal coterie shall form
ulate their demands and parcel out the
percentages to be allowed to us after
they shall have fully restored their
confidence?
What are the facts, and whence this
sudden lack of confidence which so dis
turbs their serenity of mind and purse?
In word, it grows largely, and almost
exclusively, out of another mania
which prevailed all over England and
continental Europe n few years agO-a
mania for American industrial stocks.
After circumnavigating the globe in
counted millions of idle money, they
found a veritable bonanza of dividend
paying properties in this country, and
forthwith set the brokers to work TO
secure everything that money would
buy. The average yankee knows a
good thing when he sees ii, and was
not slow to put himself in receptive
attitude, and so negotiations COM
menced. 1t is only stating we'll
known fact that ere long every rail
road, silver and gold mine. every
brewery, every great Touring mill, iron
mill and cotton mill in the country was
bought up and controlled by English
capital" The price paid, it is sliffi-
Gent to say, was mutually satisfactory.
By special favor, local representation
was allowed in the board of directors.
but the English trait for controlling
the management was duly and care
fully exercised. The management, in
every case. was turned over to this
of Englishmen and willing minority of
Americans. the executive head of
which, in most cases, was some scion
of royalty with just about enough bus
mess sense to chase Il rat to his hole,
and-the result is a loss of confidence
in American securities" This is the
story, briefly told, and such are the
reasons, fairly stated, of the distrust
now prevailing in the money marts of
Europe.
About all that Americans need to say |
is. that these sales and transfers were
made with the full understanding that
both parties were of age, and supposed
to be able to protect their own inter-
ests. If the avarice and greed of the
purchasers led them TO pay more than
the property was worth they have
themselves to blame for it. If their
managers have steered the property
into the hands of receivers. the respon-
sibilty lies at their own door 1t is not
terprise under English control which !
lies at the bottom of this want of con- |
tidence.
The only one entitled to sympathy is
the weakling who sees nothing but !
blue ruin in the buster and threats OF |
these our commercial interiors. Those |
who have even remnant of sense or |,
know that we have fed our |
selves ever since our grandfathers |
whaled the conceit out of them more |
than 4 century ago, and we will con- |
tinue to do so, regardless of their con-
fidence or esteem.