anxious to conciliate public favor. They know that they exist by sufferance—by sufferance of a mightier than themselves. In proportion as they know themselves to be aggressors and spoliators their anxiety increases. Every abusive power in the world is thus driven to adopt schemes and devices—some dangerous and some merely ludicrous—to keep a footing at that silent bar of opinion before which all wrong must, sooner or later, quail and slink away.

The great concern called Wall Street is such an organized power in society. It exists as a fact in our American system, and would fain conciliate the favor of the public. Wall Street has become one of the most conspicuous features in our national life. Knowing that it is challenged by public opinion—knowing indeed that it is already under the ban and condemnation of the American people—it now seeks, after the manner of its kind, to save itself alive. It would go further than mere salvation; it would make mankind believe that it is a reputable part of the universal swim. Aye more; it seeks to ingratiate itself, sometimes by force and sometimes by gentle craft and stratagem, into the good graces of that civilization which it has so mortally offended.

To this end Wall Street strives to justify itself in periodical and general literature. No other power in human society to so great a degree and in so subtle a manner exploits its own virtues. Taking advantage of the well-known carelessness of American readers, and knowing full well how easily they are duped—how easily they are cozened out of their senses and led into false beliefs with mere plausibilities and sophisms—this imperial and far-reaching Wall Street, this elephantine fox of the world, takes possession of American journalism—owns it, controls it. It seizes and subsidizes the metropolitan press. It purchases newspapers and magazines by the score. It establishes bureaus; it buys every purchasable pen, from the pen of the gray philosopher to the pen of the snake editor. It overawes every timid brain, from the brain of the senator to the brain of the tramp. What it cannot purchase it terrorizes; and the small residue which it cannot terrorize it seeks to cajole: all this to the end that its dominion may be universal and everlasting.

In this work of gaining possession of public opinion and perverting that opinion to its own uses Wall Street employs all methods and uses all expedients. Wall Street deliberately marks its game; and we have to confess that the game generally falls at the first fire. We have heard, however, of a single case of a brave man, now dead, who, when offered ten thousand dollars for his voice against his conviction and his opinion against his soul, in the matter of electing President of the United States the man who was the candidate of Wall Street, told the subtle committee to make an immediate and expeditious visit to the bottom of the old theology.

This train of thought rises vividly to mind when I consider the article of Mr. Henry Clews on “Wall Street, Past, Present, and Future.” This article came unsought and unexpected to the editorial desk of The Arena. I confess that I doubted its genuineness. For why should Mr. Clews address the public through the columns of The Arena? What has The Arena done to merit such distinction? Satisfying myself that the contribution was genuine, that it was not—and is not—a hallucination, I at once divined that it must be a sort of challenge to this magazine. I do the author of “Wall Street, Past, Present, and Future,” the honor to believe that he does not suppose The Arena to be sufficiently verdant to publish his adroit and well-covered apology for the great institution which he represents,—without knowing the sense and significance of it. If indeed the distinguished gentleman imagined that we could do such a thing here, then in good sooth he must be undeceived. Or if he supposed that a paper of the kind submitted would be rejected at this office because of our well-known antagonism to the fact which Mr. Clews defends, let him in that instance also be undeceived.

At the office of The Arena we take all challenges. Nor should our friends suppose or fear that the welcome admission of Mr. Clews’s article to the pages of The Arena implies timidity or some possible weakness in the presence of that gigantic institution known by the name of Wall Street. The fact is, that the nightmare which that power has been able to spread, bat-like, over the souls of men for a quarter of a century has about been dissipated; it is already the beginning of the end. It is the dawn; the day is not very far in the future when the American people, roused at last to the exertion of their majesty, will shake themselves from the dread of this incubus and spring up like a giant refreshed from slumber.

Mr. Clews’s article on “Wall Street, Past, Present, and Future,” is a most gentle and dove-like performance. It is not a paper intended to produce alarm, but to allay it. It is one of the finest examples of a literary opiate that I have ever seen. The bottom theme of the paper is that Wall Street is a natural growth, and is therefore inevitable. Wall Street has come by a gentle evolution. Good men and true have conspired with nature to bring it forth. Under natural and necessary conditions Wall Street has appeared in our American system, and under these conditions it flourishes. Whatever great fact in society has thus appeared has been born of necessity and out of the nature of things. If Wall Street have been born out of necessity and the nature of things, then it has come of righteousness, and is the child of truth. If of righteousness and truth, then Wall Street is good as well as glorious. That which is good and glorious ought to be admired and honored. Whatever is admired and honored, whatever is good and glorious, should have influence and power in society and state. Such a golden product of evolution is Wall Street; therefore the sceptre which Wall Street stretches forth over the prostrate Western world should be obeyed and upheld by the voice and hand of the American people.

Not only so, but the sceptre should be extended. The empire of Wall Street should become universal. It should be enlarged and confirmed until all outlying kingdoms and all islands of the sea shall pass under the beneficent sway of this monarchy of the world! Then with Mr. Clews we may well consider his “reasonable forecast of the future.” With him we shall be able to see “that in due time the weighty import of the names of Lombard and Threadneedle Streets will be transferred to the name of Wall Street.” With Mr. Clews we shall be able to see that “the facts implied by such a transfer are of a dignity and power which it is impossible to estimate.” Then, finally, with Mr. Clews we shall agree that “the road leading to this great destiny can only be blocked by legislation.” Mr. Clews says “injurious” legislation. Certainly; that is true—most true. The consummation hoped for by Mr. Clews can verily be blocked by legislation! But when it comes to the definition of “injurious” how fearfully do we part company! The writer of “Wall Street, Past, Present, and Future” flatters himself, in fine, with the belief that “the good sense of our citizens may be confidently relied upon to prevent the creation of such a barricade against national prosperity.” Oh, it is “national prosperity” then that we have in view! That is good. If there be anything under heaven which Wall Street adores and dotes on more than any other thing in the world it is national prosperity! When it comes to national prosperity Wall Street is always full-handed. With the mere mention of national prosperity Wall Street raises a