It was my intention, at the close of this chapter, to have expanded a little on the great value to the public, of corporations, when in the hands of men of talent, property, and credit, who can, without responsibility to themselves, act for the benefit of the stockholders. But, as I have already detained my readers too long, and since people will think for themselves, right or wrong, if they ever chance to think at all, I need give no further evidence of their utility, and entire safety in such hands, than the following facts. Among all the officers and directors of the Morrison Kennel, and the U. S. B., in which about forty millions of dollars have been totally sunk and lost, not one of them ever failed, or lost a dollar in his individual capacity; and, had the stockholders loaned their capital directly to the merchants, through whom it will perhaps be said it has been lost, instead of investing it in those stocks, they would have saved in the last 25 years, only about 50 millions of dollars, in their expenses, investments in unconvertible property for their splendid accommodations, and losses consequent upon their management to sustain themselves in a ruinous business. THE WAY OF SAFETY. But, since commerce has so organized herself, that such institutions are necessary, if stockholders will not look after their own interest, if they will allow their agents to pursue their own pleasure without supervision, or accountability—if they will not employ as their agents, such men as will have some reference to a good conscience, and common sense, something besides selfishness in the performance of their duty to their principals, and the public, they deserve to lose their money. WHAT EXPERIENCE SAYS ABOUT IT. I have no wish to appear the censor of the past, or to make wise saws for the future. But for the benefit of those who may have a little money left to invest, I will give them, in few words, the experience of thirty years. Every institution, established for the purpose of creating capital, instead of investing that already possessed—every one established for the purposes of speculation, or monopoly, of any kind—or for the promotion of the interest of any particular individuals—every one which contracts debts against itself beyond the immediate means of paying, and thus loses its independence of character—and every one which perverts its means from the legitimate use, which, on a fair construction, was contemplated in its creation—either has ruined, or sooner or later will ruin, itself, its stockholders, and its customers. FOOTNOTE: [3] Since the above was written, the affairs of the U. S. B. have been examined by a committee. CHAPTER IV. SHOWING HOW STOCKS ARE BOUGHT AND SOLD—HOW BROKERS GET OUT OF A BAD SPECULATION—HOW MONEY IS SOMETIMES MADE BY DOING A LOSING BUSINESS—HOW DISCOUNTS ARE MADE AND OBTAINED, &C. &C.