I must not omit to mention, however, the confidence which is placed in the honesty of the people in general; for example, you enter an omnibus, you will find the driver, but no conductor to collect the fare. "It is up to you" to put the fare into a box, and if you do not pay no one will ask for it. Yet every fare is paid. I have never seen a dishonest man who omitted to pay. This is a remarkable fact which I have noticed nowhere but in America. I suppose it is because the people are not poor, and as they are always able to pay the fare they do so. They are too honest to cheat. It is certainly a good way to encourage people to be honest, to put them on their honor and then rely on their own sense of uprightness.
The most curious sight I have ever seen was the Stock Exchange in New York. It is used as a market for the purchase and sale of various articles, but there were no goods exposed for sale. I saw a good many people running about talking, yelling and howling, and had I not been informed beforehand what to expect I should have thought that the men were getting ready, in their excitement, for a general all round fight. However, I did not see any exchange of blows, and I did not hear that any blood was shed.
Another remarkable feature of the scene was that I did not see a single woman there; she was conspicuous by her absence. Whether or not the rules of the Exchange allow her to become a member I do not know; that is a question for the woman suffragists to investigate, but I learned that it is a wealthy association consisting of 1,100 members, and that to become a member one must be a citizen of the United States of 21 years of age or more. The number of members is limited. Persons obtain membership by election, or by the transfer of the membership of a member who has resigned or died. A new member who is admitted by transfer pays an initiation fee of 2,000 gold dollars, in addition to a large fee to the transferrer, for his "seat in the House". A member may transfer his seat to his son, if the Committee of the Exchange approve, without charging for it; but in all cases the transferree pays the above-mentioned initiation fee of 2,000 gold dollars.
The prices for these seats vary, the fluctuations being due to the upward or downward trend of the stock market. Within recent years the price has risen considerably, and as much as 95,000 gold dollars has been paid to the transferrer. This is much higher than the price usually paid by new members in Stock Exchanges in Europe, yet when a seat becomes vacant there is no lack of purchasers. It is clear that a seat in the "House" is very valuable to the holder. In the building each member has a stall allotted to him where he has a telephone for his exclusive use; this enables him to communicate every transaction done in the Exchange to his business house, and to keep up connections with his constituents in other cities. When one of his constituents, say in Washington, D.C., desires to buy a certain security the order is conveyed to him direct, and executed without delay. I have seen a transaction of this kind executed in ten minutes, though there was a distance of several hundred miles between client and broker. The amount of business transacted in the "House" every day is enormous, aggregating many millions of dollars. New York also has other Exchanges, where different articles of merchandise are purchased and sold, such as corn, coffee, cotton, etc., and the volume of business transacted daily in that "Empire City" must be immense, and almost beyond calculation.
Of course there are Exchanges in Chicago, Boston, Cincinnati, St. Louis, Philadelphia, Baltimore, Washington and other cities, all conducted on similar lines, but the prices are always governed by the quotations from New York. This skilful and systematic way of doing business is remarkable, and I am inclined to believe that New York is ahead of many cities in South America and in Europe. No wonder that the services of Americans are required by other countries in industrial and technical concerns. Some years ago, when I was in Madrid, I noticed that the street tram-car was running according to the American system, and upon inquiry I was told it was controlled by an American syndicate.
The pursuit of wealth in America is intense; it is apparent everywhere and seems to be the chief aim of the American people. Because of their eagerness to become rich as soon as possible they are all in a constant hurry. You may see people in the streets almost running to their offices, at luncheon they do not masticate their food, they bolt it, and in less than ten minutes are on their way back to their office again. Everyone is urged on by this spirit of haste, and you frequently hear of sudden deaths which doctors attribute to heart failure, or some other malady, but which I suspect are caused by the continual restless hurry and worry. People who are so unnaturally eager to get rich naturally suffer for it.
It is the general belief that Americans do not live as long as Europeans. They make money easily and their expectations are high. I have known many Americans who, in my opinion, were wealthy people, but they themselves did not think so; in fact, they said they were poor. Once I asked a gentleman, who was known to be worth half a million of gold dollars, whether it was not time for him to retire. He pooh-poohed the idea and said that he could not afford to give up his work. In reply to my inquiries he informed me that he would not call a man wealthy unless he should be possessed of one or two millions of dollars. With such extravagant ideas, it is no wonder that Americans work so hard. I grant that a man's mission in this world is to attain happiness. According to Webster, happiness is "that state of being which is attended with enjoyment," but it is curious to observe what different notions people have as to what happiness is. I know an Englishman in China who by his skilful business management, combined with good luck, has amassed immense wealth; in fact, he is considered the richest man in the port where he resides. He is a bachelor, over seventy years old, and leads a very simple life. But he still goes to his office every day, and toils as if he had to work for a living. Being told that he should discontinue his drudgery, as at his death he would have to leave his large fortune to relatives who would probably squander it, he gave an answer which is characteristic of the man. "I love," he said, "accumulating dollars and bank notes, and my enjoyment is in counting them; if my relatives who will inherit my fortune, take as much pleasure in spending it as I have had in making it, they will be quite welcome to their joy." Not many people, I fancy, will agree with the old bachelor's view of life. I once suggested to a multi-millionaire of New York that it was time for him to retire from active work, leaving his sons to carry on his business. He told me that he would be unhappy without work and that he enjoyed the demands his business made on him each day.
Many a man's life has been shortened by his retiring from business. It is the mind rather than the body that lives, and apart from their business these men have no thoughts and therefore no life. A man's idea of happiness is greatly governed by his personal tastes, and is influenced by his environment, his education and the climate. The form which it is to assume may vary with persons of different tastes and positions, but it should not be carried out for his own benefit solely and it should not be injurious to his health or to his intellectual and spiritual improvement, nor should it be detrimental to the interests of other people.
[1] "To call" in the sense of "to visit".—A. R. L., 1996.