Malefactors of Great Wealth
Malefactors of Great Wealth
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We have had dikes like the Dingley Dike, which only half did their business; so that, in time, the thing became so leaky that our producers were put out of the mar- ket; and then, when panics and depression came on, the Importing Trust was privileged to say, as in the present case, that the "tariff outrage" had caused the panic. The October panic in New York, to which this writer refers, was not a real busi- ness panic at all; it was not a material panic; no- body failed; the banks all stood pa...t. It was a Christian Science panic, all in your mind, your Honors, all in the thinking so. A lot of copper securities, worth but a fraction of what they were puffed up to be, were taken by a great bank as collateral to loans. Somebody found it out we believe it was the New York Clearing House and "peached. " Then everybody thought that every other bank was just as bad; and so everybody ran for his money and made a "run" on some half dozen banks. Why, your Honors, that was no more a national, business and property-panic, closing mills, throwing millions out of employ- ment, filling the land with starvation, and making soup-houses the only real thing, than, when some- body hollers fire when there is no fire, a panic in a theatre somewhere in a little city, is a panic in all the theatres of the United States.
What to read after Malefactors of Great Wealth?
You can find similar books in the "Read Also" column, or choose other free books by Roswell Alphonso Benedict to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
We have had dikes like the Dingley Dike, which only half did their business; so that, in time, the thing became so leaky that our producers were put out of the mar- ket; and then, when panics and depression came on, the Importing Trust was privileged to say, as in the present case, that the "tariff outrage" had caused the panic. The October panic in New York, to which this writer refers, was not a real busi- ness panic at all; it was not a material panic; no- body failed; the banks all stood pa...t. It was a Christian Science panic, all in your mind, your Honors, all in the thinking so. A lot of copper securities, worth but a fraction of what they were puffed up to be, were taken by a great bank as collateral to loans. Somebody found it out we believe it was the New York Clearing House and "peached. " Then everybody thought that every other bank was just as bad; and so everybody ran for his money and made a "run" on some half dozen banks. Why, your Honors, that was no more a national, business and property-panic, closing mills, throwing millions out of employ- ment, filling the land with starvation, and making soup-houses the only real thing, than, when some- body hollers fire when there is no fire, a panic in a theatre somewhere in a little city, is a panic in all the theatres of the United States.
What to read after Malefactors of Great Wealth?
You can find similar books in the "Read Also" column, or choose other free books by Roswell Alphonso Benedict to read onlineMoreLess
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