The Secrets of the Great City: A Work Descriptive of the Virtues and the Vices, the Mysteries, Miseries and Crimes of New York CityMcCabe, James Dabney
History
The Secrets of the Great City: A Work Descriptive of the Virtues and the Vices, the Mysteries, Miseries and Crimes of New York City
McCabe, James Dabney
New York (N.Y.) -- Description and travel; New York (N.Y.) -- History
The best and safest way to be rich in New York, as elsewhere, is for a
man to confine himself to his legitimate business. Few men acquire
wealth suddenly. Ninety-nine fail where one succeeds. The bane of New
York commercial life, however, is that people have not the patience to
wait for fortune. Every one wants to be rich in a hurry, and as no
regular business will accomplish this, here or elsewhere, speculation
is resorted to. The sharpers and tricksters who infest Wall Street,
know this weakness of New York merchants. They take the pains to inform
themselves as to the character, means, and credulity of merchants, and
then use every art to draw them into speculations, in which the tempter
is enriched and the tempted ruined. In nine cases out of ten a merchant
is utterly ignorant of the nature of the speculation he engages in. He
is not capable of forming a reasonable opinion as to its propriety, or
chance of success, because the whole transaction is so rapid that he
has no chance to study it. He leaves a business in which he has
acquired valuable knowledge and experience, and trusts himself to the
mercy of a man he knows little or nothing of, and undertakes an
operation that he does not know how to manage. Dabbling in speculations
unfits men for their regular pursuits. They come to like the excitement
of such ventures, and rush on madly in their mistaken course, hoping to
make up their losses by one lucky speculation, and at length utter ruin
rouses them from their dreams.
Although New York is the chief business centre of the country, fortunes
are made here slowly and steadily. Great wealth is the accumulation of
years. Such wealth brings with it honor and prosperity. One who attains
it honestly, has fairly won the proud title of "merchant;" but few are
willing to pursue the long life of toil necessary to attain it. They
make fifty thousand dollars legitimately, and then the insane desire
seizes them to double this amount in a day. Nine lose every thing where
one makes his fortune.
The reason is plain. The speculation in stocks is controlled by men
without principle, whose only object is to enrich themselves at the
expense of their victims. The _Herald_ recently presented the following
picture of the transactions in the stock market:
Within the past few days we have seen the most gigantic swindling
operations carried on in Wall street that have as yet disgraced our
financial centre. A great railway--one of the two that connect the West
with the Atlantic seaboard, has been tossed about like a football, its
real stockholders have seen their property abused by men to whom they
have entrusted its interests, and who, in the betrayal of that trust,
have committed crimes which in parallel cases on a smaller scale would
have deservedly sent them to Sing Sing. If these parties go unwhipped
of justice, then are we doing injustice in confining criminals in our
State prisons for smaller crimes.
Public-domain text, read in full here on John Shaqi.
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