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
But this is outrageous, you say. You call the performance I have
described by hard names! Surely our courts are not also the creatures of
"frenzied finance"? you ask. I warn my readers that this narrative is no
more than a record of events occurring within my own knowledge, and that
dark and vicious as the pictures seem they are photographs of actual
happenings. Nor should the public conclude that the dishonor and
dishonesty revealed in connection with Bay State Gas are exceptional. On
the contrary, such doings are the rule in the affairs of great financial
corporations. Into the rigging and launching of almost every big
financial operation in the United States during the last twenty years,
double-dealing, sharp practice, and jobbery have entered; and, what is
more, the men interested have participated in and profited thereby. To
correct a popular fallacy I want to say that I am not referring here
simply to moral derelictions but to actual legal crimes. If the details
of the great reorganization and trustification deals put through since
1885 could be laid bare, eight out of ten of our most successful
stock-jobbing financiers would be in a fair way to get into State or
federal prisons. They do such things better in England. During the past
ten years three "frenzied financiers" have practised their legerdemain
in London--Ernest Hooley, Barney Barnato, and Whitaker Wright. The first
is bankrupt and discredited; Barney Barnato jumped into the ocean at the
height of his career, and Whitaker Wright, after numerous attempts to
escape, was hauled up before an English judge and jury, promptly
convicted and sentenced, and committed suicide by poison before leaving
the court-room. I will agree at any time to set down from memory the
names of a score of eminent American financiers, at this writing in full
enjoyment of the envy and respect of their countrymen and the luxury
purchased by their many millions, whose crimes, moral and legal,
committed in the accumulation of these millions, would, if fully
exposed, make the performances of Wright and Barnato seem like petty
larceny in comparison.[12] But freedom and equality, as guaranteed us by
the Declaration of Independence, have recently been capitalized, and
"freedom" now means immunity from legal interference for financiers,
while the latest acceptance of "equality" is that all victims of special
privilege are treated alike by those who control and exercise such
privilege. If the judges and the public prosecutors of these United
States were equal to the sworn duties of their sacred offices, this
"freedom" would have been confined long ago, and throughout this broad
land there would be jails full of "frenzied financiers" who had imagined
themselves licensed to rob the public.
Public-domain text, read in full here on John Shaqi.
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