Daily evening star. [volume] (Washington [D.C.]) 1852-1854, 1853-10-22
THE PtNIC IN NEW YORK.


1t already appears to be understood that
the recent panic in the New York money
market is almost wholly attributable to
the anti-cabinet labors of the New York
Herald. Among the means taken by that
journal to destroy public confidence i'll
the Secretary of the Treasury and
his colleagues, whose policy upon the
subject of the feud in the party III
the Empire State that journal diSlikes,
was to generate the impression that they
were bent on so managing their charge
as to bring future embarrassments upon
the commercial community. In the mat
ter of injuring their business reputation,
the editor made woeful failure, entirely
overshooting his mark. Thus, his daily
diatribes against these officers were so
sweeping, senseless and contradictory, as
tn themselves defeat their own purpose.
But while they failed Overwhelming the con-
fidence of well informed business men in
the policy Of strict adherence to the let.
ter of the law in keeping the surplus out
ofthe clutches of speculators, they created
among oyer-cautious capitalists who
troubled themselves little to ascertain
what degree of confidence was due to
newspaper accounts of the daily condition
Of business affairs, a temporary impression
that crush might be impending. This
made the latter eager to get in what they
had out, and charry indeed ia letting trea-
sure out OF their hands for the time being.
Hence the " tightness in the money mar
ket." which, though it mas been almost
as much discussed in the newspapers AS
the panic and subsequent crash Of 1886
and 81, has so t.r caused the suspension
Of but single house of note; that Of the
enterprising and public spirited Mr.. Sim
con Draper, who, in the last ten years has
done more for the industrial prosperity of
the whole Union, than perhaps any other
man init. Heis the agent through whom
most of the railroad companies have OBJ
tanned the loans which have been made
to them in New York in all that time.
Thus, his enterprise, energy and sasaci-
ty, have been of incalculable advantage.
We are glad, indeed, to be able to write
that it is well understood in New York
that no one will lose dollar by his Sus-
pension, brought about wholly by the
unexpected panic wrought by Bennett of
the Herald in his efforts to accomplish
a totally different purpose. The restora-
ton of business confidence. already
rapidly taking place, vii Of Course short
ly restore him to his accustomed business
facilities, and leave, as the result of Ben
nett's foolish and malicious i'll omened
representations. only here and there
losses in the shape of unexpected heavy
rates Of interest paid for temporary ac-
eommodations. He has put money in the
pockets of the usurers, at the expense of
those in regular business: yet not enough
actually 10 break any borrower.
1t is to be regretted that any one has
power to work srch mischief Yet such
power is, after all, in the hands Of any
newspaper conductor whose sheet has
considerable circulation. Raise but the
cry of mad dog" and, all around, PEG.
pie naturally re-echo it, at least until they
have time 10 ascertain that the cur is
merely hurt or frightened; when the
laugh At the general scamper takes the
place of the hue and cry with which the
animal was the moment before pursued.
Such has been the caSein thisinstance. Tn.
fortunately, there is no legal means Of pun.
ishing a man who thus Injuries his neigh
bors. The fact that Bennett has neither
nor shame, made manifestin all
his transactions brought to the notice of
the public for the last twenty years, for
bids the belief that he regrets the mischief