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.)
If, therefore, when a panic begins, men would improve what they know
for themselves, instead of giving their neighbors the benefit of what
they don’t know, but have only heard or surmised—If the magistrates,
the leaders and controllers of the money market, would consult
something else besides their own interest, in promoting it, or their
immediate safety, by escape—we should have a less frequent occurrence
of panic. And, being convinced of these facts, every man can easily
understand, and no doubt does understand, what he ought to do in such a
case.
A DARK PICTURE.
But I perceive I am getting wide from my subject, and prating about
the causes of a panic, instead of its consequences. If we would follow
these out to their end, we must leave the disorganized condition of
business, and follow men into their secret communings with themselves;
and mark the anguish of despair, the bitterness of cursing and
disgust with their fellow men, occasioned by their blasted hopes—we
must follow them in their principles, and see how many are corrupted
by example, and how many have done their first act of villainy, in
the vain hope of escaping from its consequences. We must follow
them in their morals, and see how many have, by the excitement of
circumstances, lost their self-respect and control. And we must follow
them to their homes, and see the desolation wrought by a sheriff’s
levy, or a bill in chancery, and witness the broken repose, and see the
tearful eyes of loved ones: and then let any one make a levy or file a
bill, or aid in a panic, who chooses.
But the mind sickens at the picture, and I turn it with pleasure to a
better light, to bring out its now hidden colors.
ENCOURAGEMENT AND KINDLY ADVICE.
Every man must have felt, many times in his life, that it is better
to laugh than to cry. In this case, it certainly is, the proverb of
Solomon to the contrary notwithstanding; and among the many who, in
the last few years, have been the victims of panic, not a few I trust
are, by this time, ready to agree with me. Many an oak has been shorn
of its boughs, and lived to withstand a hundred storms; many a ship,
dismantled of her spars, has gained her port,—and floated again as
gallantly as ever; and many a man bereft of his fortune, has lived to
dispense large bounties of charity from his store; many a one too, who
has long fainted beneath the load of his griefs, has lived to command
those who oppressed him.
Public-domain text, read in full here on John Shaqi.
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