reat deal of this kind of thing nowadays. One of the
evil effects of speculation and newspaper reading is, that
people have got in the way of not thinking much for
themselves; of regarding as truth whatever is printed, and
of not opening their eyes wide enough to discover the
shallowness of the reasonings and falsehoods that are put
forth at the behests of speculators, or of those who are
managing corporations for speculative purposes. The American
people have had an amazing experience in losses from
following advice thus plentifully and freely given;
nevertheless, there seem to be persons left who are willing
to listen and fall into the old ways and be trapped, as so
many others have been in the past. There is a considerable
class, having means and nothing to do, who perhaps might
just as well lose their money in poker, railroad or grain
speculation as in any other way, for this furnishes about
the only source of amusement to them; but, after all, there
is no reason why railroads should be managed so exclusively
for the amusement of this class. The time is coming, and
probably is not far off, when they will get enough of it;
and railroad investors will conclude that dividends for
themselves are better than profits for speculators; and when
they do, all stock-jobbing managers will be consigned to the
limbo which is their proper destination."

This magazine is edited by Mr. Albert S. Bolles, author of several
excellent financial works. We are much indebted to him for the sound
banking system which we now have, and which has contributed so largely
to the unexampled prosperity which this country has enjoyed for the last
thirty years.

Our national banking system illustrates well how service able the
corporation may be to a people when its use is restricted by wholesome
laws to the performance of its proper functions.

The old United States Bank was organized for practically the same
purposes as our present national banks, but for lack of proper
restrictions its use was soon perverted to ignoble purposes. The bank
managers showed so much partiality in the distribution of their favors
and accommodations, and meddled in politics to such an extent, that the
people became disgusted with it, and a renewal of its charter was
refused.

Mr. Clay clearly saw how dangerous a great money power