These railroad magnates, and others who might be named, are setting a good example, which it is to be hoped some other officials will have sense enough to follow. It is bad enough for stockholders to be annoyed and impoverished by stock-juggling operations, but when the employees also suffer the whole country suffers with them. It is an unpardonable crime for any company, managing a road which deserves to exist, to take such good care of its managers that its employees must strike and even fight to be sure of living wages. Railway strikes hurt every traveller, every shipper, every receiver in the country. They never would begin if managers were honest. Stick a pin here and keep your eye on it.
We are told by an old chronicler of the quaint and curious that in ancient times a number of Hebrews scattered in the cities along the shores of the Mediterranean conducted a most profitable banking business without the use of capital, by drawing one upon the other, in a perfect circle, the draft upon one being taken up by the next banker in the series, and so on _ad infinitum_.
Perhaps it will not do to scrutinize this story too closely, but there are many instances of almost as odd and ingenious devices in the history of banking. It was not until within a comparatively recent period that banks began to issue circulating notes. The early bankers were for the most part merely lenders of money, and this species of banker was called into existence very early in the world’s history. In fact, he was the natural result of the invention of money.
“A simple invention,” says Carlyle, “it was in the Old World grazier, sick of lugging his ox about the country until he could get it bartered for corn or oil, to take a piece of leather and thereon scratch or stamp the mere figure of an ox (_pecus_), put it in his pocket and call it _pecunia_, money. Yet hereby did barter grow sale; the leather money is now golden and paper, and all miracles have been out-miracled; for there are Rothschilds and English national debts; and whoso has sixpence is sovereign to the length of sixpence over all men; commands cooks to feed him, philosophers to teach him, kings to mount guard over him--to the length of sixpence.”