Vanderbilt Law Review


Emil Schram

First Page



In the midst of a nation-wide business surge--in building, in steel, in automobiles and petroleum production and farming--our capital markets stand alone as the one "depressed area" in the national economy.

It is due to the failure of many of those who call the tune on our country's fiscal and credit policies to realize that they are sluicing off the top soil from a resource as definite and tangible as our farms; they are eroding something as measurable as our grazing lands; they are pumping off onto barren ground something as exhaustible as our oil wells.

I am speaking of that peculiarly American resource--the willingness and ability of our people to take risks in the hope of profit if they but be given the opportunity.

In simple truth our whole history has been enacted against a back-drop lettered with the words: "Nothing ventured, nothing gained." Yet, what account is being taken today of the dynamics of risk capital as the driving force of our national economy?