Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
That hasty expression, “The public be damned,” which Mr.
Vanderbilt used in an interview with a reporter for a Chicago
newspaper, has received wide circulation, various comment and
hostile criticism. Although the expression is literally correct,
the public at first, and many of them to this day, received a
wrong impression in regard to the spirit in which it was
applied. It was represented as if Mr. Vanderbilt was a
tyrannical monopolist, who defied public opinion. A true and
simple relation of the interview is a sufficient answer to this.
The subject was the fast mail train to Chicago. Mr. Vanderbilt
was thinking of taking this train off, because it did not pay,
and did not appear to him therefore to be a necessity, and he
did not propose to run trains as a philanthropist. As part of
the interview which relates to this point has become so widely
historic, I think it will bear reproduction here, literally:
“Why are you going to stop this fast mail train?” asked the
reporter.
“Because it doesn’t pay,” replied Mr. Vanderbilt; “I can’t run a
train as far as this permanently at a loss.”
“But the public find it very convenient and useful. You ought to
accommodate them,” rejoined the reporter.
“The public,” said Mr. Vanderbilt. “How do you know, or how can
I know that they want it? If they want it why don’t they
patronize it and make it pay? That’s the only test I have as to
whether a thing is wanted or not. Does it pay? If it doesn’t pay
I suppose it isn’t wanted.”
“Are you working,” persisted the reporter, “for the public or
for your stockholders?”
“The public be damned!” exclaimed Mr. Vanderbilt, “I am working
for my stockholders. If the public want the train why don’t they
support it.”
This, I think, was a very proper answer from a business
standpoint, and the expression, when placed in its real
connection in the interview, does not imply any slur upon the
public. It simply intimates that he was urging a thing on the
public which it did not want and practically refused. The
“cuss” word might have been left out, but the crushing reply
to the reporter would not have been so emphatic, and that
obtrusive representative of public opinion might have gone
away unsquelched. As it was, however, he and his editor
exhibited considerable ingenuity in making the best
misrepresentation possible out of the words of Mr. Vanderbilt,
thus giving them a thousand times wider circulation than the
journal in which they were first printed, and affording that
paper a big advertisement. This is the correct account of that
world-renowned expression, “The public be damned!”
Public-domain text, read in full here on John Shaqi.
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