It Is So Common A Thing To Hear Of An Enterprise That Has
Never Paid A Dollar Of Interest On The Original Outlay - Of Hotels,
Canals, Railroads, Banks, Blocks Of Houses, Etc.
That never paid
even in the happy days of peace - that one is tempted to disregard
the absence of dividends, and to believe that such a trifling
accident will not act as any check on future speculation.
In no
country has pecuniary ruin been so common as in the States; but then
in no country is pecuniary ruin so little ruinous. "We are a
recuperative people," a west-country gentleman once said to me. I
doubted the propriety of his word, but I acknowledged the truth of
his assertion.
Pittsburg and Alleghany - which latter is a town similar in its
nature to Pittsburg, on the other side of the river of the same
name - regard themselves as places apart; but they are in effect one
and the same city. They live under the same blanket of soot, which
is woven by the joint efforts of the two places. Their united
population is 135,000, of which Alleghany owns about 50,000. The
industry of the towns is of that sort which arises from a union of
coal and iron in the vicinity. The Pennsylvanian coal fields are
the most prolific in the Union; and Pittsburg is therefore great,
exactly as Merthyr-Tydvil and Birmingham are great. But the
foundery work at Pittsburg is more nearly allied to the heavy, rough
works of the Welsh coal metropolis than to the finish and polish of
Birmingham.
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