Ask the casual newspaper reader to define offhand the compound
adjective Get-Rich-Quick and he will tell you it is applied solely to
professional promoters who employ flamboyant advertising methods,
promise great speculative profits, use other devices which are
calculated to separate the public from its money, and are in every
instance dishonest. That is the idea which powerful "interests" have
inculcated in the public mind by subtle, insistent press-agenting.
Time and again during the progress of "My Adventures with Your Money" I
have endeavored to show that the really dangerous Get-Rich-Quick forces
are the men in high places who, by the artful and insidious use of the
news columns of "friendly" publications and others which copy from
them, divorce the public from millions upon millions.
I said in my foreword the following:
The more dangerous malefactors are the men in high places who take
a good property, overcapitalize it, appraise its value at many
times what it is worth, use artful methods to beguile the thinking
public into believing the stock is worth par or more, and foist it
on investors at a figure which robs them of great sums of money.
There are more than a million victims of this practice in the
United States.
No man has right to assume that a promoter who sells stock by means of
display advertising in the newspapers is _per se_ a Get-Rich-Quick
operator. There are honest professional promoters of the display
advertising variety and there are dishonest ones, just as there are
honest promoters of the multimillionaire kind and dishonest ones.
The _on-the-level_, trumpet-tongued mining promoter, who believes in
newspaper advertising and successfully finances companies by appealing
uproariously to the speculative investing public, performs an actual
service and is entitled to a place among honorable men. Indeed, he is
the hero of the prospector and "poor" mine owner of the West. He alone
stands between these men and grasping monopoly.
Mine men, stockholders, and financiers the country over understand
this, although the Eastern newspaper-reading public has been taught to
believe that this type of promoter must be a Get-Rich-Quick operator.
A broker in Wall Street who speculates in the securities of the New
York Stock Exchange for his own account is considered unsafe. E. H.
Gary, Chairman of the Executive Board of the Steel Trust, stated under
oath at Washington in June that J. P. Morgan never speculates. Ask the
average member of the New York Stock Exchange what chances the
stock-gambler has. If he is frank, he will shrug his shoulders and
reply something like this:
"If the game could be beaten, do you think I would be a broker?
Wouldn't I be a player?"
Public-domain text, read in full here on John Shaqi.
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