Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-23
The Duty of Emnl0HeIS

A philosopher, we believe it was Franklin, announced
to mankind that they under scientific necessity
to drown, that the specific gravity of the body was
far less than water that all child had to do was
to float easily with the tip of his gally prOtruded
above the waves and strike like frog or float like
alligator Financially, imagine that the political
economist would recommend free trade in money and
everything else, and adherence to the natural laws of
commerce, without any resort to that meddesOme egis-
atiOn which has invented many monOpolies tariffs
licenses and protective schemes for the purpose of in
creasng wealth, but which often end general sub
mergence after having built up few massive fortunes.
Meddesome legislation tells us that it will take care
that everything goes swimmingy y, and it has devised
various bladders and wealth preservers on which the
nation is to float forever But somehow other these
schemes every and then collapse and the commu-
nifty are exactly in the situation of youth the
face of deep and rapid stream who has lost his cork Or
burst his swimming bladder. What shall he do phi
losophy tells him to float, but he distrss her MAXIM
strikes up wildly with his instead of initiating the
sensible motions of the frog and sinks beneath the wave
If it were not for his panic he would be saved.
Our financial badders have burst, and the communi-
y is Just in the position of the adventurous and unfOr
tunate youth who, in despite Of the Franklnan phOsC
phy insisted learning to swim with the aid of bad
ders. Shall then get in panic and ruin our neigh
bOrs first and then ourselves by renzied endeavOrs at
self preservation This is the very thing that half the
banks and large manufacturing establishments ready
to do How absurd to refuse circulation backed by
uonaity of such pledge and whether it is not sub
stantialy the issue of bill credit by the State but it
the whole, the best device to secure the bill hold
from Oss and is far better than the utterly unsound
basis of large proportion of real estate mortgages pro-
posed by the opposition to the Democratic party when
the present banking System in this State projected
Another mischeyOus mode in which the panic is dis
playing itself is the stoppage of many of our large
ufacturng establishments. This is mserably foolish
Nothing have greater tendency to increase panic
than to turn out of employment thousands Of mechanics
and working men. A few weeks wages are mere
nothing to the employers in comparison of the shock
they thus infict public credit and mutual confidence
l. Suppose the hundred thousand and over mechanics
and worhngmen of this city and its immediate vicinity
thus meanly, reckessly and remorselessy turned
loose by their mammon worshpping employers the con-
sequence is that they panic struck and withdraw
their funds from the banks and savings institutions and
hoard their little capitals in gold If they forbear to do
so, they would show far good and moderation
than bank presidents and directors have yet We
do conceive that at such time there is an implied OBJ
legation the part of employers to go forward with all
the work they have offered pay in the usual currency
and calmly await the progress of events.
No great sacrifice is involved in such a course and
those employers who at such time set an example of
courage and generosity will not only reap their reward
in the respect of those in their employ, but will largely
contribute to the reestabishment of that confidence
from the destruction Of which they may be the victims
The outlay Of few thousand dollars for few weeks
wages is nothing but may effect mighty results
as species of financial sedative.-N. Y. Daily News