Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
You may ask here, Could such things happen without attracting public
attention? Or are the citizens of Boston so habituated to the corruption
of their Legislature that they could witness unmoved this wholesale
bribing campaign conducted in full daylight from Young's Hotel? Thank
Heaven, this is not so. There are in every American community honest,
sturdy souls who can be depended on to come forward in emergencies and
cry out aloud against a threatened political crime. Above the brute
hubbub of a city's roar their voices are heard like the voice of
conscience, and the hurrying throng pauses a second in its mad rush
after dollars to listen to their tale of the Commonwealth's wrong. But
what's in the air is not on earth. The practical politicians, whose
affair it is to heed and counteract these honorable protests, laugh
contemptuously at the vanity of any contest between theories and the
"stuff." They know the overpowering logic of gold.
There were public meetings in Boston; good-government clubs throughout
the State met and "resoluted"; citizens' organizations howled robbery
and malfeasance. For a few weeks all Massachusetts seemed wrought up.
From the space the papers gave the protestants one might have imagined
that there was a chance for virtue, but the results of the clamor were
more apparent than real. Day by day, night by night, the "machine"
ground away at Young's, and as its product fell into the hopper Whitney
and Towle only smiled at the clamor and awaited the moment when, as
Towle coarsely put it, "the reformers would have yawped themselves to a
standstill."
That day came at last. One by one, all in a perfectly orderly and
methodical manner, the giving-bonds-to-compel-promises clauses,
restrictive amendments and other people's safeguards had been voted down
and the "Are you ready for the main question?" having been put in both
houses, the Massachusetts Pipe Line Charter was duly passed and sent on
to the governor. It required his signature to make the bill a
hard-and-fast law, and that once appended, all Towle's "promises to pay"
became due.
As the campaign neared a finish Whitney had, a number of times, informed
his chiefs, and they the members of the Legislature, that the governor
had given personal assurance that if the bill passed both houses, he
would sign it. On this score all interested had been relieved of doubt,
and immediately upon the Senate's favorable action Bay State and
Dominion Coal shares advanced in price. During the period the governor
had the bill under consideration there was an active and rising market
and a great volume of transactions on the Stock Exchange. Apparently the
day of our peace and prosperity had dawned at last. But we were not yet
out of a gnarled Fate's clutches.
Public-domain text, read in full here on John Shaqi.
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