150 



which, if the profit were small, the security was 

 unexceptionable, to invest it in operations under- 

 taken for the improvement of an estate, separated 

 by an immense distance from their supervision and 

 control or before they would themselves leave their 

 homes arid set out with their capital to his assistance. 

 If he were a cautious man, too, he would foresee, 

 that even if a few responded to his invitation and 

 failed, as almost all pioneers do, it would damage 

 the credit of his scheme, and thus materially injure 

 his prospect of success. He would further be aware, 

 that careful speculators would vie\> a prospectus- 

 holding out prospects of brilliant suecessj but 

 unsupported by satisfactory data, with ranch suspis- 

 ciou, and would naturally argue somewhat in this 

 wise. ' How is it if these speculations which Jones 

 wishes to float on the market, will eventually afford 

 dividends unheard of in Europe, that he does not 

 work them, himself?' And if he were to allege 

 that he had neither capital nor credit, they would 

 reply f Well Sir, if with such a noble estate, preg- 

 nant, as you tell us, with latent wealth, you have 

 not credit sufficient to enable you to put your pro- 

 jections before the public, in such a manner as 

 ordinary people of business find necessary to enable 

 them to obtain the confidence of capitalists, there 

 must be some enormous risk, some mismanage- 

 ment in the interior economy of your estate, or some 

 other cause unknown to us, that unfits it for resi- 



