Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-11-29
TILE WHO. PANIC

Is evidently passing away; bu, is well TO look
into its origin and guard the people against its re-
petition under new guisc. The following arii-
clcs from the y. Y. +. Post and Albany Argus
perform that fash so well, and pouIlray the %lo'e
subject in such concise but clear and strong cha
racters. that we substitute them for what We our
selves could say. We again charge the public,
in the language the Richmond Wing uttered
when in rational mood, "yield 10 no panc''
'WIL TIE WmGs EE ABLE TO CIR Up : PANIC.
"'rhis is question often asked. For our part
we are inclined to answer in the negative. The
Wing party has more than lis proportion OF press
es; il has numerous idle takers in public places;
its slang whangers, paid and unpaid, VINO before
the election had nothing 10 do hut 10 boast ana
have now nothing TO do but 10 cFoak. These are
great advantages, certainly, forgetting up a panic
in the money market.
"Yet the public remember something oil the
groundlcss panic which was cot mp by the same
party in 1881, and this recollection Will make IL
the harder TO produce the same effect now. In
1884, our readers we presume have not forgotten,
there was general agreement among the primer,
pal organs of the Wing party, It's presses and
speakers that the country was ruined by the
measures of Gen. .Iackson's administration. Inc
Wing newspapers declared the fact with the III
most solemnity, in every variation OF phrase they
could command; the Wings passed resolutions TO
the same effect al all their public meetings; and
When Congress assembled in December, the
Wing members Immediately began to make
funeral orations over the departed prosperity o!
the country. All This machinery succeeded;
general alarm Possessed The breasts OF capitalists,
stockholders and spectators; confidence was Tor
a lime almost extinct, and in the midst oil causes
which al another time would have made the mo-
ney market Too liberal and TOO easy, all the incon-
venences Of dearth, scarcity and contraction were
felt
"When people had time TO look about them and
to see that all which had been said about the
ruin of the country by the measures Of General
Jackson was merely figure Of speech, and meant
that the Wing party had rot been allowed to have
its way, the face of things Immediately changed
From excessive dislrust people passed al once 10
excessive confidence, and that career OF insane
speculation began, which ended Two orthrce years
afterwards in a general explosion.
This lesson, we fully believe, will not be lost,
and the attempt OF The Wings 10 throw the COM
munity into fright, 81 way oil revensns them
selves for the majority which has Teen gwen
against them. will not succeed. Perhaps the worst
evil of a panic in the money market is not the
immediate dis,rust and check which it produces,
but the excessively confident and sanguine state
Of mind which follows that diStrust, when the
alarm is shown to be groundless and unreasona-
be."-[N. Y. Erening Post.
"WmG BErTING-ITs EFFEcrs on BUSINESS
The Wing papers in different sections of the
country are chronicling the sloppase ofimprove-
ments already commenced, because Gov. Polk
is elected President Of the United States We
anticipated this, because it was not unknown,
that many of those Wings who were contempla-
ting extended operations, had bet heavily upon
the election OF Mr.. Clay, and had undoubtedly
intended 10 use their capital and the money they
hoped to win, in building, Improvements, &c.
It is said that this betting was carried so far,
that some manufacturing and mercantile firms
in our large Atlantic cities, have staked from
five 10 forty thousand dollars on the general re.