Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-09
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1t is pretty generally agreed that, commercially and
financially speaking, in the midst OF no insignia
cant revusion crisis has arisen in the monetary
affairs of the country, which is likely for time to oper
ate etoppe upon the progress OF trade and industrial
development. Everywhere the panic is spreading with
resstss rapdity and pervadng all classes OF our popu
lation. The newspapers TEEN with accounts OF bank
suspensions and failures among merchants stockholders
and business firms of almost every description. The
gloom of wide spread disaster hangs over the CONNER
cial world The whole financial system of the country
has been thrown into violent commissions from the effects
of whchIit may not easily 1t is very natural
that in such state of things, people should be terribly
alarmed and put on long faces and look if the day of
Judgment were at hand 1t is very serious matter to
be sure to be caught with pocketfl of paper rags
which the hungriest darpydon OF all street would
not touch with a forty foot pole. But like most other
serious affairs, it has its ludicrous side Res stunt hu
name febile l,tdbrium In the midst of the general
turmoil and confusion of the panc, everybody is ask
ing everybody what's to be lone and nobody seems
to know, though all concur in the opinion that some
thing must be done to relieve the sringency and that
right speedily. Then, two individuals agree concern
ing the origin and causes of present financial de-
rangements Read the thousand and articles in the
daily journals, containing the profound specuatons of
this and that and the other able pOtcoecOnoGst, and
defy any man, be he gifted with penetration
and power of anal ysis to form satisfactory conclusion
from such Heterogeneous mass of contradictory state
ments.
The New York Herald is an exception. That saga
cous journal knew all along that there something
rotten in financial Denmark but did not condescend
to initiate the herd of scrbbers into the secret
of its wonderful foreknowledge We are a nation of
spendthrits and reckless adventures everybody is Ell
Their struggling to make splendid fortune in the twink
ling of eye by the turn of card, trying to
how easily a fool and his money may be parted
Here speculation pushes its rash ventures beyond
all bound of reason and philosophy; there needless
extravaganza riots in sybarite luxury and Incidence,
wasting in hour what has cost years of toll and
trouble to accumulate, Thus, by the combined oper-
ations of shapers swnders spectators and spendhrs
this terrible revusion has been brought upon the
try. So says the n. Y. Herald whose wisdom" is
intutive and whose honesty and uprghtness nobody
preends to doubt 1t is consong to reflect, amid this
deuge of corruption that there is at least honest
man in Athens, who may be found without the aid of
Diogenes' lantern. Bennett continues to walk the
streets Of modern Gotham with the oS sublime, proudly
conscious of his immaculate integrity and caring not
pin for the furious rawlings of the stpendary press of
the stock jobbers and spectators" To his unsullied
purity, the Herald establishment its salvation from
the overwhelming tide of ruin,a veritabe tabulo na-
fragii in the midst of the universal destruction.
Benefits prophetic eye first the impending
crash" and he forewarned the people against the
/" bulls and bears of Wall street The Herald
stands unscathed-a monument of the wisdom and viz
tue Of James Gordon Bennett and living exemplifca
ton of the maxim, Honesty is the best policy. Ben
nett orgets there is such thing the bnoyancyof pr
refaction.--Richmond South.