A Week in Wall Street: By One Who Knows — John Shaqi
A Week in Wall Street: By One Who KnowsJackson, Frederick
General
A Week in Wall Street: By One Who Knows
Jackson, Frederick
Wall Street (New York, N.Y.)
What further took place at this conference is not fully known, but
it is generally understood that, by the advice and influence of
Nicholas, it was then and there agreed, that, to revive the credit of
the Morrison, it was best to have a new official organization, and to
select for that purpose men of talent, shrewdness, property and credit.
But as few such could be found who were willing to act, common scandal
has affirmed, that resort was had to the principle, that “every man has
his price,” and that sums as high as ten thousand dollars were paid, in
more than one instance, to procure the requisite number, all of proper
standing.
All this took place soon after the period we are speaking of, and if,
by talent and shrewdness, is meant, the ability to obtain credit,
when none is merited, and to know how to appropriate the avails to
themselves, without incurring liability, with two or three honorable
exceptions, the selection of officers was a judicious one. All these,
however, were minor considerations, and when Nicholas saw his new
friends installed, with a prospect of reviving the credit of the
company, and not only recovering his debt, but obtaining a bolster
also, to support the weary head of his great Pet, his ends were nearly
answered. This was probably one of the encouragements which led to his
famous letter of resignation; and, since the cotton speculation is now
closed, and the commissions all realised, we must now leave him to
enjoy his taste for literature, botany, and horticulture, on the banks
of the Schuylkill.
FIGURES MAY BE MADE TO LIE.
A semi official statement of the affairs of the Morrison was now put
forth. This also is a plan of modern invention, not called for of yore;
and whenever it appears gratuitously, is always designed to support a
false credit. Its success depends on such a classification, division,
and subdivision of the items, that the figures will express the same
things three or four times over. In this instance it was properly done,
and accordingly, the stock and credit of the company were revived under
its influence.
NEW CHARACTERS.
Public-domain text, read in full here on John Shaqi.
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