Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1901-06-14


young men whose moral principles are
not thoroughly settled to keep out Of
Wall street. 1t is no place for man
who shyers under the blast Of tempta-
ton. Let me say also to those who are
doing legitimate business on that or sim
liar streets Of which that is a type to
stand firm in Christian principle. You
are in a great commercial battlefield. Be I
courageous. There is such a thing as a /
hero Of the bank and hero Of the Stock !
Exchange. You be that hero. ! have I
not so much admiration for the French |
empress who stood in her balcony in I
Paris and addressed an excited mob and /
quelled it as / have admiration for that |
venerable banker on Wall street who in
1864 stood on the steps Of his moneyed
institution and Quieted the fears Of de-
positors and babe peace to the angry
wave of commercial excitement. God
did not allow the lions to hurt Daniel,
and he will not allow the bears" to hurt
YOU Remember, my friend, that all
these scenes of business will soon have
passed away, and by the law Of Gods
eternal right all the affairs Of your BUSH
ness life viii be adjudicated. Honesty
pays best for both worlds.
JustihabIe Speculation.
Again, | have to remark that Wall
street is a type throughout the country OF
legitimate speculation on the one hand
and Of ruinous gambling on the other.
| Almost every merchant is to some extent
a Spectator. He depends not only upon
| the difference between the wholesale
| price at which he gets the goods and the
/ retail at which he disposes of them, but
! also upon. the huctuatiOn Of the markets.
! II the markets greatly rise, he greatly
! gains. If the markets greatly sink, he
| greatly loses. 1t is as honest to deal in
stocks as to deal in iron or coal or hard
ware or dry goods. He who condemns all
stock dealings as though they were in
iquitous simply shows his own ignorance.
Stop all legitimate speculation in this
country and you stop all banks, you stop
all factories, you stop all storehouses'
you stop all the great financial prosper
tiles of this country. A stock dealer IS
only a commission merchant under an
other name. He gets his commission on
one style of goods. You, the grocer, get
your commission on another style Of
goods. The dollar that he makes is just
as bright and fair and honest a dollar as
the dollar earned by the day laborer. But
here we must draw the line between le-
]
You, a stock operator without any prop
erty behind you, financially irresponsible,
sell 800 Of nothing and get paid for it.
You sell 100 shares at $4,000 at 80 days
If at the end of so days you can get the
scrip for $4,000. you have made a thou
sand. If at the end of 80 days you
have to pay S11 900, then you have lost 8
thousand. Now that is traflicling in ic
| fhoA 10 hot OH n
wolves the spirit of gambling as much al
anything that ever goes on in the loves
gambling hell.
At certain times almost every prosper
GUS merchant wakes up, and he says
= "Now, l have been successful in my lin
Of trade, and I have a tolerable income
4 think I shall go down to Wall stree
! and treble it in three weeks There's m
neighbour He was in the same line o
business. He has his 100000 or $500
600 from the simple fact that he wen
into Wall street. / think | shall go too.
+ Here they come. retired merchants VIII
@ want to get little excitement in thei
t lethargic veins. Here they come, tn
d trustees Of great property, 10 fool every
y thing away. Here they come, men cel'
l. brated for prudence, to trihe with tn
is livelihoods of widows and orphans. d
4 you wonder that sometimes they becOn
is insane? 1t is insanity. Do you knO
lie there are hundreds Of young men wi
h. are perishing under the passion for stOC
j. gambling? Do you know that in a
* Christian lands this is one of the create
IL curses?
re 1t Is not peculiar to mercurial Amer
I'd cans. Oh. no! Almost every nation hi
d. INDUCED in it. The Hollanders, the mo
er phlegmatic people in the world. had the
Of gambling seizure in 1888. 1t was call,
it. the tulip mania. It was a speculation
We tulips. Properties worth S500,000 turn
ed into tulips. All the Holland nation
IT. Their buying or selling tulips. One tut
ed root sold for $780, another for $500
ch Excitement rolling on and rolling on u
es til history tells us that one AmSterda
&c tulip which was supposed to be the on
ia one of the kind in all the world actual
es brought in the markets $1,S1G,000! TIL
of is a matter of history. OF course, t
3 crash came, and all Holland went dOV
to unSer it.
er- Historical Gambling Scheme.
lie But France must have its gambling
,is petition, and that was in lT16. 10
rv- Laws Mississippi scheme it was call
~ The French had heard that this AmC
" can continent was built out of solid GO
m and the project was to take it across
IN. ocean and drop it In France. Excitem'
ar beyond anything that had yet been st
u In the world. Three hundred thousa
igb applicants for shares. Excitement
great that sometimes the mounted n
n tary had to dispense the crowds that
ity come to buy the stock. Five hund
mn temporary tents built to accommOd
ne, the people until they could have oppOi
I.o3 nifty of interviewing John Law. A !;
hut of great fashion had her coachman VI
tod her near the place where John Law '
be passing in order that she might have
lair interview with that benevolent and S,
ack pathetic gentleman. Stocks went NJ
out 2,050 per cent, until one day suspit
NIB got into the market, and down it al W
and john Laws Mississippi scheme-bl
use ing its protector and some Of the grea
tea fnanciers in all France and was ain
ave as bad as a French revolution.
de- Sedate England took its chance
lear 1720. That was the south sea but
less They proposed to transfer all the gol
cket Peru and Mexico and the islands of
usly sea to England. Five millions wort
at shares were put on the market at f3l
lusi- share. The books open, in a few da!
J OF is all taken and twice the amount
be- scribed.
anne Excitement following excitement
ties. all kinds of gambling projects came
the under the wing of this south sea el
? to prise. There was a large company
the ed with great capital for providing
nted perals for all parts Of the land. AnC
were company with large capital-f5, 900
o be of capitalize develop a wheel in pc
were ual motion. Another company wi
ding capital of 100000 to insure p,
first against loss by servants. Another
rect, pany with E2,500,000 capital to t
land plant walnut trees from Virginia to
land. Then, to cap the climax, a
tried pany was formed for "a great unde
pc Of ing, nobody to know what it is"
,t.,.s 10, 100000 in shares were Offere
80 f100 a share. Books were opened
49,, ynS-- O'Clock In the morning and closed
aa3s o'clock in the afternoon, and the frs
- it was all subscribed. "a great u
~ taking, nobody to know what 1t is"
~ An old magazine of those day.
- Bcribes the scene (Hunt's Magazine
says: "From morning until ey
Change alley was full to overAC
- with one dense, moving mass Of
- beings, composed of the most incong
who ans Iliu =. 'i III sl'e -,
So by pu.sI i mneLeloi ny ~; " IN
IKE it uttvS opp " ~ III 80 %
ce for =, 'ies ~ 10. - soi -.
trust O. ny anu ne plole9sioiiS -
spec S!t anu e'ei - ilie ~;
for a s'"t-oNs - 80 upoi ms
know S G1 u speSui9 s. anu 80, sah
~ ,.,n ~ fierce disputes and forget their
- 49,. glings upon church government in tn
$3.50 and hazardous game they were ?
Ill, for worldly treasures and for