Our Financial Upheavals, Their Cause and Cure (Classic Reprint)

Our Financial Upheavals, Their Cause and Cure (Classic Reprint)

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Excerpt from Our Financial Upheavals, Their Cause and Cure

A country resembles an individual insofar that when it has arrived at a robust maturity, as is the case here today, and has a good circulation and a good financial digestion, it can throw off by force of its inherent powers of resistance all ordinary ills of a milder character.

The great trouble with the country, however, has been a radical unsoundness in the organization and conduct of its corporations, with evil results which have been accentuated by an inelastic currency.

In the following paper the writer has discussed the railway situation, but his main object has been to investigate the still greater question of company formation and management in general. The time is fast approaching when railway corporations will bear the same relationship, in point of volume, to corporations in general that the railroad business bears to the entire business of the country today - that is to say, they will form an important part of such corporations, but their share in the whole will by no means be an overwhelming one.

The writer would like to give a commercial paraphrase to the adage that "A man is as old as his arteries," by saying, that the continuance of a country like our own as one of the foremost world-powers commercially, depends entirely upon the soundness and honesty with which the corporations which handle its commerce are organized and managed.

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