Unscrupulous Business Practices Quotes
1st Earl Baldwin of Bewdley
The States sold bonds to finance the Revolutionary War. Some states had better prospects for redeeming their bonds than others. Georgia, South Carolina and North Carolina in particular had poorer prospects than most and their bonds were selling at about 25 cents on the dollar. Alexander Hamilton, then the Secretary of the Treasury, wanted the new Federal government to assume the state’s war debt and pay off the bonds. He made his proposal for how he would accomplish this on January 14, 1790. He delivered his report and proposal to Congress “Report on the Public Credit”. As soon as Hamilton’s proposal was read in Congress, sophisticated speculators set off for the Southern States to buy up as many bonds as they could before the owners found out that a Federal bail-out was under serious consideration. They could easily double, triple or even quadruple their money. To Jackson this was gross immorality. Other representatives had a different point of view. See {619928} & {619939}.
It was common then for people to die in tenements as a result of shoddy construction, poisoning by sewer gas, and unsanitary conditions. As the result of the efforts of reformers like Riis and Theodore Roosevelt health inspectors were appointed and errant builders went to jail—in some cases for manslaughter.
Even today, the ethics of the business world are much looser than ethics of most other areas. He was considered one of the 7 Great Greek Sages, although he was not Greek by birth.
The low rates not available to farmers and ranchers forced them to sell cattle to the trusts—Swift and other meatpackers.