Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
How far he has penetrated into the green rooms and behind the scenes in
these places it is not my business to know, but why should he not treat
Wall Street as fairly, where everything is open to inspection, as he
does these dens of vice, where midnight scenes of villainous revelry and
reckless dissipation reign supreme? Why does he misrepresent Wall Street
without knowing anything about it? He can come here and go wherever he
wishes without a bodyguard of detectives or fear of molestation. Why is
he so particular about doing justice to the brothel and the gaming den,
while he airs his ludicrous eloquence to the highest pitch to falsify
the respectable business methods of Wall Street?
I recollect the time that men in the higher walks of life, and among the
higher classes (if I may use the expression, in opposition to the
opinion of the New York _Sun_, whose editor maintains that we have no
classes in this country) would have been ashamed to be seen in Wall
Street. Now, men in the same sphere are proud of the distinction, both
socially and financially. In fact Wall Street has become a necessity as
a healthy stimulant to the rest of the business of the country.
Everything looks to this centre as an index of its prosperity. It moves
the money that controls the affairs of the world.
Take the Clearing House, for example, with its 50 billions of
transactions annually. All but a fraction of this wonderful wealth,
compared with which the stupendous pile of Crœsus was a mere pittance,
passes through Wall Street, continually adding to its mighty power. This
great power, in comparison with which the influence of monarchies is
weak, is not, like the riches of these, concentrated chiefly on itself.
It is imparted to all the industries and productive forces of the
country. Wall Street is a great distributor. It is also universal in its
benevolent effects, practically unlimited by either creed or geography.
It has taken greater advantage, for the general good, of scientific
discovery than all the scientific societies combined. Wherever the
electric wires have penetrated the Wall Street broker has followed. The
members of the Stock Exchange are, through the power of electricity, in
closer sympathy with the great heart of civilized humanity than all the
missionaries and philanthropic societies in the world. They are the
great cosmopolitans of the age. In practical sympathy they outshine the
most devoted efforts of the benevolent associations of half the
continent. They have the means to do it, and this comes chiefly from
being practical, and from their strong antipathy as a body to cant and
hypocrisy.
Public-domain text, read in full here on John Shaqi.
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