The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1901-06-19

oony IN 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 mone7ed institution
and Quieted the fears of depositors aad babe
peace TO the angry wave Of commercial e1
ci,ement. Col did not allow the lions TO
hurt Daniel, and he viii not allow the
'sbesrs' to hurT you. Remember, my freno
that all Il ese scores Of business will 500 '
have passed away, and By the law OF Goa
eternal right all the aft tirs of your business
life will be adiudi:ated. Honesty pays best
for both worlds.
Again have 10 remark that Wall street is
q type throughout the country OF legitimate
speculstion on the one hand and Of rulnous
gambling on the other Almost every mer
chants to some extent speculatoc. He de-
peniS not only upon the difference between
the wholesale price at which he gets the
goods and the retail at which be disposes Of
them, but also upon the uc'uatlon Of the
markets If the markets greatly rise, he
greatly gains. Ii the marke's greatly sink,
be greatly loses. 1t is as honest to deal IN
stocks as to deal in iron or coal or hardware
or dry goods. He who condemns all stock
dealings as though they were iniquitous slmp
ly shows his own ignorance. Stop all legitl-
mate speculation in this country and you stop
all banks, you stop all factories, you stop all
sto-eh buses, you stop all the great financial
prosperities Of this country. A stock dealer
is only g commission merchant under another
name. He gets his commission on one style
of goods. You, the grocer, get your commls-
sion on another style Of goods. The dollar
t3at he makes is just as bright and fair and
honest dollar as the dollar earoel by the
day laborer. But here We must draw the
line between legitimate speculation and rula-
Gus gambling. You, SOCK operator with
out any property behind you, financially
irresponsible. sell SlOl o: noth ng and get
paid for it. You sell 100 shares st SIC. 900 a.
80 days If at the end of30 days you can get
the scrip for $4,000, you have made thous'
and If at the end of 80 days you have to
pay Sll, 900, thea you have lost q thousand
Now that is lrafficking in fiction; that IS bet
ting on chsnces; that involves the spirit Of
gamoliog as much ss anything that ever goes
on 10 the lowest gambling hell.
At certain times almost every prosperous
merchant wakes up, add he ssys: "Now, l
have been successful in my line of trade, and
I have 8 tolerable income. think l shall
20 down to Wall street and treble it in three
weeks. Toere's my neighbor. He was IN
the sam. line of business. Hehas his $780,
600 or S4OO 900 from the simple fact that he
went into Wall street. l thiuk shall 60
too" Here they come, retired merchants
who want to get little excitement in their
letharsic veins. Here they come, the trus
tees of great property, to fool everythin;
away. Here they come, men celebrated for
prudence, to tsife with the ivelihoods Of
widows and orphans. Do you wonder that
sometimes they become insane? It is in
sanity. Do you known there are hundreds
of young men who are perishing under the
passion for stock gambling? Do you kaoW
that in all Christian lands this is one Of the
greatest curses?
1t is not peculiar to mercurisl Americans.
Oh, no! Almost every nation has INDUCED
in it. The Hollanders, the most phlegmatic
people in the world, had their gambling
seizure IN 1888 1t was called the tulip
mania. It was speculation in tulips
Properties worth $500 900 turned into tulips.
All the Hollan! nation either buying or SELL
ing tulips One tulip root srld for 5000,
another for 81, 900. Excitement rolling on
and rolling on until history tells US that one
Amsterdam tulip which was supposed 70 be
the only one Of the kind in all the world
actually brought in the markets $i,Sl6,000.
That is q matter of history. Of course, the
crash came, and all Holland went down un-
der it.
But France must have its gambling ex
pe5i ion, and that WAS in IT'S. J ?ha Law s
Mississippi scheme, it was called The
French had heard that this American con-
tinnent WAS built out Of solid g,li, and the
project was to take it across the ocean and
drop it il France. Excitement beyond any
thing that had yet been seen in the world.
Three hundred thousand applicants for
shares. Excitement 50 great that sometimes
the mounted military had to d!sperse the
crowds that had come 70 buy the stock. Five
hundred temporary tents built to accom-
modate the people until they c,uli have o2-
bortunity of interviewing John Law. A lady
of great fashion had her coachman upset her
near the place where John Law was passing
in order that she nigh have au i"terSiew
with that benevolent and sympathetic gentle
nan. Stocks went up 10 1850 per cant, un-
til one day suspicion got into the marke',
and down it all went-John Laws Missis-
sippi scheme-5urying its protector aad some
of these latest fnanciers il ell France and
was almost as bad as French revolution.
Seda;e England took its chance in 1920.
That was the south sea bubble, They pro-
posed 70 transfer al the gold Of Peru and
Mexico and the islands of the sea to Eag
land Five millions worth Of shares were
put on the market at s300 share. The
books open, in a few days It's al, taken aud
twice the amount subsc -ibed.
There was large company formed with
great capital for providing funerals for all
parts of the land. Another company with
large capital -s5,0OO,00 of capitsl-to
develop wheel in perpetual mo'ion
Another company with capital Of s4,000,-
600 to insure people against loss by servants
another company with S2,50O,000 capitsl to
transplant walnut trees from Virginia to
England. Then, to cap the climax, com
pany was formed for "a great undertaking,
nobody to know what it is" And, 10, $780,.
900 in shares were offered at tel00 share.
Books were opened at o'clock in the morn
ing and closed st o'clock IN the afternoon,
great undertaking. nobody to know what
it is.'
Butt: was left for our own county to sur.
pass all, about 81 years ago. We have the
highest mountains and the greatest cata
racts and the longest rivers, and Of course,
We had to have the largest swindle One
would have thought that the nation had seen
enough in that dlrec ion during the morus
multicaulis excitement, when almost every
man had bunch Of crawling silkworms in
his house, out of which he expected to make
q fortune. But all this excitement was as
nothing compared with what took place in
1854 when man near Titusville, Pa. dig
ging for well struck oil. Twelve hundred
oil companies call for billion of stock.
Prominent members of churches, as soon as
certain amount Of stock was assigned them,
saw it was their privilege to become pcesi'
dents or secretaries or members Of the board
of direction. Some of these companies never
had foot of ground, never expected to have.
Their entire equipment was s msp ofa region
where ell might be ard two via of grease