The Octopus

 Dr. Lyman Abbott published this letter! In his editorial comment thereon he said that he did not know which of two biblical injunctions to follow: "Answer not a fool according to his folly¹, lest thou be thought like unto him"; or "Answer a fool according to his folly, lest he be wise in his own conceit²". I replied by pointing out a third text which the Reverend Doctor had possibly overlooked: "He that calleth his neighbor a fool shall be in danger of hell-fire." But the Reverend Doctor took refuge in his dignity, and I bided³ my time and waited for that revenge which comes sooner or later to us muck-rakers. In this case it came speedily. The story is such a perfect illustration of the functions of religion as oil to the machinery⁴ of graft⁵ that I ask the reader's permission to recite it at length.

For a couple of decades the political and financial life of New England has been dominated by a gigantic aggregation⁶ of capital, the New York, New Haven⁷ and Hartford Railroad. It is a "Morgan" concern; its popular name, "The New Haven", stands for all the railroads of six states, nearly all the trolley-lines and steamship-lines, and a group of the most powerful banks of Boston and New York. It is controlled by a little group of insiders, who followed the custom of rail-road-wrecking⁹ familiar to students of American industrial life: buying up new lines, capitalizing them at fabulous¹⁰ sums, and unloading them on the investing public; paying dividends¹¹ out of capital, "passing" dividends as a means of stock manipulation, accumulating surpluses and cutting "melons" for the insiders, while at the same time crushing labor¹² unions, squeezing wages, and permitting rolling-stock and equipment to go to wreck⁸.

All these facts were perfectly¹³ well known in Wall Street, and could not have escaped the knowledge of any magazine editor dealing¹⁴ with current events. In eight years the "New Haven" had increased its capitalization 1501 per cent; and what that meant, any office boy in "the Street" could have told. What attitude should a magazine editor take to the matter?

At that time there were still two or three free magazines in America. One of them was Hampton's, and the story of its wrecking by the New Haven criminals will some day serve in school text-books as the classic illustration of that financial piracy¹⁵ which brought on the American social revolution. Ben Hampton had bought the old derelict "Broadway Magazine", with twelve thousand subscribers, and in four years, by the simple process of straight truth-telling, had built up for it a circulation of 440,000. In two years more he would have had a million; but in May, 1911, he announced a series of articles dealing with the New Haven management.

The articles, written by Charles Edward Russell, were so exact that they read today like the reports of the Interstate Commerce Commission, dated three years later. A representative of the New Haven called upon the editor of Hampton's with a proof of the first article—obtained from the printer by bribery—and was invited to specify¹⁶ the statements to which he took exception; in the presence of witnesses he went over the article line by line, and specified¹⁷ two minor¹⁸ errors, which were at once corrected. At the end of the conference he announced that if the articles were published, Hampton's Magazine would be "on the rocks in ninety days."

Which threat was carried out to the letter. First came a campaign among the advertisers of the magazine, which lost an income of thousands of dollars a month, almost over night. And then came a campaign among the banks—the magazine could not get credit. Anyone familiar with the publishing business will understand that a magazine which is growing rapidly has to have advances to meet each month's business. Hampton undertook to raise the money by selling stock; whereupon a spy was introduced into his office as bookkeeper, his list of subscribers was stolen, and a campaign was begun to destroy their confidence.

It happened that I was in Hampton's office in the summer of 1911, when the crisis came. Money had to be had to pay for a huge new edition; and upon a property worth two millions of dollars, with endorsements¹⁹ worth as much again, it was impossible to borrow thirty thousand dollars in the city of New York. Bankers, personal friends of the publisher, stated quite openly that word had gone out that any one who loaned money to him would be "broken". I myself sent telegrams to everyone I knew who might by any chance be able to help; but there was no help, and Hampton retired²⁰ without a dollar to his name, and the magazine was sold under the hammer to a concern which immediately wrecked²¹ it and discontinued publication.

1 folly   

n.愚笨，愚蠢，蠢事，蠢行，傻话

参考例句：

• Learn wisdom by the folly of others.从别人的愚蠢行动中学到智慧。
• Events proved the folly of such calculations.事情的进展证明了这种估计是愚蠢的。

2 conceit   

n.自负，自高自大

参考例句：

• As conceit makes one lag behind,so modesty helps one make progress.骄傲使人落后，谦虚使人进步。
• She seems to be eaten up with her own conceit.她仿佛已经被骄傲冲昏了头脑。

3 bided   

v.等待，停留( bide的过去式 )；居住；等待；面临

参考例句：

• Jack was hurt deeply, and he bided his time for revenge. 杰克受了很深的伤害，他等待着报仇的时机。 来自《简明英汉词典》
• Their ready answer suggested that they had long bided that. 他们很爽快的回答表明他们已经等待这个（要求）很久了。 来自《现代英汉综合大词典》

4 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

5 graft   

n.移植，嫁接，艰苦工作，贪污；v.移植，嫁接

参考例句：

• I am having a skin graft on my arm soon.我马上就要接受手臂的皮肤移植手术。
• The minister became rich through graft.这位部长透过贪污受贿致富。

6 aggregation   

n.聚合，组合；凝聚

参考例句：

• A high polymer is a very large aggregation of units.一个高聚物是许多单元的非常大的组合。
• Moreover,aggregation influences the outcome of chemical disinfection of viruses.此外，聚集作用还会影响化学消毒的效果。

7 haven   

n.安全的地方，避难所，庇护所

参考例句：

• It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
• The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。

8 wreck   

n.失事，遇难；沉船；vt.(船等)失事，遇难

参考例句：

• Weather may have been a factor in the wreck.天气可能是造成这次失事的原因之一。
• No one can wreck the friendship between us.没有人能够破坏我们之间的友谊。

9 wrecking   

破坏

参考例句：

• He teed off on his son for wrecking the car. 他严厉训斥他儿子毁坏了汽车。 来自《简明英汉词典》
• Instead of wrecking the valley, the waters are put to use making electricity. 现在河水不但不在流域内肆疟，反而被人们用来生产电力。 来自辞典例句

10 fabulous   

adj.极好的；极为巨大的；寓言中的，传说中的

参考例句：

• We had a fabulous time at the party.我们在晚会上玩得很痛快。
• This is a fabulous sum of money.这是一笔巨款。

11 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

12 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

13 perfectly   

adv.完美地，无可非议地，彻底地

参考例句：

• The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
• Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。

14 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

15 piracy   

n.海盗行为，剽窃，著作权侵害

参考例句：

• The government has already adopted effective measures against piracy.政府已采取有效措施惩治盗版行为。
• They made the place a notorious centre of piracy.他们把这地方变成了臭名昭著的海盗中心。

16 specify   

vt.指定，详细说明

参考例句：

• We should specify a time and a place for the meeting.我们应指定会议的时间和地点。
• Please specify what you will do.请你详述一下你将做什么。

17 specified   

adj.特定的

参考例句：

• The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
• It is generated by some specified means. 这是由某些未加说明的方法产生的。

18 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

19 endorsements   

n.背书( endorsement的名词复数 )；（驾驶执照上的）违章记录；（公开的）赞同；（通常为名人在广告中对某一产品的）宣传

参考例句：

• He must make much money on those tennis shoe endorsements he does. 他替那些网球鞋珍重广告，就赚了不少钱。 来自互联网
• But celebrity endorsements remain an important promotional tool for marketers. 尽管如此，邀明星助阵仍是营销人员重要的推广手段之一。 来自互联网

20 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

21 wrecked   

adj.失事的，遇难的

参考例句：

• the hulk of a wrecked ship 遇难轮船的残骸
• the salvage of the wrecked tanker 对失事油轮的打捞