River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-11-21
HOW NOT TO PROSPER.
An Object Lesson From Practical Business


from the st. Cloud Daily Journal-Press.l
The pecularities of human nature
have a forcible illustration in the bust
ness development of st. Louis county,
Minnesota. Three or four years ago
several brothers named Merritt, who
had followed the business of timber
exploring for many years, discovered
through their employees valuable iron
deposits in the swamps and dense
woods of Northern Minnesota. They
were without means but succeeded in
enlisting sufficient Minnesota capital
to partially construct railroad and to
begin mining developments at one or
two points. Every one wished them
well, and no legislative or other OBJ
stacle was placed in their path.
Business circumstances changed and
the railroad and some of the mining
companies organized under the Merritt
auspices were upon the point of bank
ruptcy in the panic of 1898. Knives
were drawn and bloodshed threatened
by their unpaid miners The employees
Of the railroad were on the point of riot.
Contractors were attacked and knocked
down. Attachments and lines were
numerously filed, while the paper of
the railroad and of its promoters was
going to protest on every hand and their
properties covered with judgments. In
these depressing circumstances, they
turned towards outside capital for re-
lief, and although, according to their
own statements, they visited all the
principal cities of the country, no sim
gle capitalist was willing to turn to
their relief except Rockefeller of New
York. Rockefeller loaned them money
for their personal relief and advanced
great sums for their various enter
prises. saving them from impending
ruin and making their bankrupt stocks
valuable. Finally he bought them out.
1t appears that Rockefeller soon had
some three millions invested in Min
nesota, and has ever since been adding
to these investments in the develop
ment of these costly properties.
The riotous employees of the railroad
and mines, threatened with starvation,
were paid in full. The contractors
were honorably settled with. The
mammoth dock under construction at
Duluth was completed. Branch rail-
road lines were extended. New mining
properties were opened. The city of
Duluth was saved from utter wreck,
employment given to thousands of men
at an expense of hundreds of thousands
of dollars While banks were failing
everywhere else, not bank in Duluth
failed. On the contrary their clearan-
ces showed positive increase. All this
An ind trio Of he
country were paralyzed and men most
needed work.
Under these circumstances, it would
seem natural that Rockefeller should be
treated with ordinary fairness. But
here is where the perversity of human
nature comes in. Rockefeller Is rich.
Because be is rich he is marked as fair
game. Last winter a powerful lobby
was organized and the legislature i'm
plored to drive him from the state and
practically confiscate his property.
The newspapers of the state have been
flooded with hostile articles, the aim of
which has been to create adverse pub
lie sentiment SO that he should not have
fair play. Every possible scheme which
cunning could advise has been worked
10 prevent Justice being done. Apart
from all other considerations, this is
bad policy. Hostility Of this kind
against capital seeking investment in
our state will serve only as a warning
to other capitalists and an invitation 70
make their investments elsewhere. it
tends to drive the capital which EN-
ploys labor out of the state and to keep
it out 1t * a sure wav not 70 prosper.