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.)
Some evil-minded people will perhaps begin to surmise that Nicholas
was the master-moving spirit in this matter, and that he was artfully
contriving to get his pay of the Morrison at the expense of some one
else; perhaps of that nondescript body called the public. Only one
thing, however, is certain; he did get his pay but as every story has
a sequel, this will be found to have one also. If the Morrison did
not lend him the State Bonds to support his own credit abroad, and
then rally their own, by negotiating his bonds, appearances and common
fame, whose poisoned breath we admit is no standard of truth, were
certainly against them. On what principle matters were arranged between
them, is not certainly known; but it is now matter of history that a
system of issuing bonds, certificates, endorsing and counter endorsing,
exchange and re-exchange, was adopted, by which they drew together a
large amount of capital, and both became proud examples of the splendid
results which a single inventive genius, like Fulton in steam, or
Nicholas in finance, may produce. The affection existing between them
was equalled only by the rivalry shown by each, in offices of kindness
to the other.
CHARITY BEGINNING AT HOME.
The little responsibilities of endorsing or negotiating a million or
two of bonds or certificates, were all undertaken and performed as
mere offices of love. What if they were moved to such kindness by
the promise, or the hope, of a reciprocal support? it but proves the
excellence of their hearts, and the nearer approach to that command
of the Master, that we “love our enemies,” and it is for such things
only that we have _reward_. _Their_ duty was to protect the commercial
interests, of which they each considered themselves as the head; and,
therefore, the first rule of propriety, and the first law of nature,
imposed upon them the necessity of first taking care of themselves,
individually, and their liberality in this respect cannot be too highly
commended. _They_ had a facility for raising money that other people
had not, and duty required that _they_ should enable their debtors to
pay them; and if, in the accommodations necessarily granted for that
purpose, the Morrison should lose a few hundred thousands, nobody would
ever know how it had been lost. The stockholders, a vagabond race
scattered over the face of the earth, whom nobody knows, would have
to bear it; and, (aside,) perhaps they could screen themselves, and
protect the Morrison, by throwing it all upon Nicholas, should things
go wrong. After all, what was such a loss, compared with the importance
and public benefit of supporting the _commercial_ _interest_.
A CURE FOR HYPO.
Public-domain text, read in full here on John Shaqi.
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