The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-09-21

From the New York Courier
The Pantc--lta Source..Its Objects
ana Uscs---Good Ralcs OF Busi.
ness.
What was this monetary panic, and what
will it lead to? Nothing but this "A large
Institution in whom everybody had conf
dence, simply because nobody knew any
thing about its internal operations, sudden
" finds itself brought to stand still, owing
principally to the rotten condition Of a
Western RAILROAD long known to be in on
unsafe and doubtful position. Upon this
failure being announced, the people cry out,
s'What are we coming to when an institution
like the Ohio Life and Trustee collapses 2''
"Who and what's to alarm US next? "We
must REALIsK," SAYS another, who forthwith
takes out Of his safe the bonds and obliga-
tons of ns good and paying companies as
exist in the country, and orders his broker
to sell them for what they'll bring. This
forcing of stocks under temporary alarm,
is like the rolling snow ball gathering Ms il,
goes others sell out, low prices are quoted
all over the street. weak brokers and rotten
banks think it's capital time to repudiate
their obligations, or at least quietly to FAIL
under the thunder Of so big an explosion as
the Ohio Life and Trust. Then the 'sbear"
papers take up the cry, and the city 10 filled
with "panic''As bascless and unnecessary
rs it would be to call out the military md
shoot down by wholesale unoffending citi-
zens because one or two vagabonds resist
the law and threaten the officers Of Justice.
Now what will be the effect Of the late strin.
gency in the money market-the late break
ing up of an unreliable institution, and the
failures of few specializing brokers, or u
few worthless country banks 7 The effect,
all sound and true men know, will be good
IA ssgood out of evil"
The good is now about to be shown, and
the light which is following the darkness
will only show more clearly to the observing
eye how more like fools than wise men those
have acted, who, under the impulse Of need
less fear, have caused, even for few days,
a depression ia the value of reliable proper
ty. We do not allude to non dividend pay
ing roads, whose resources are more or less
exhausted, and whose prospective valuation
is dependent not upon the condition OF the
country but Of individuals holding these Sc
curities: these may respond to the easy mo-
ney market and comfortable financial condi-
tion which is sure ere many days to resume
sway in the mercantile community. These,
we say may respond, and we think they will.
But of the dividend paying roads, such rs
the Panama Railroad, (of which nothing is
safer or soundcr, viewed under its present
able management and its prospective wealth
and resources,) Illinois Central, and other
paying roads--Ohio, Virginia, and other
State Securities, and United States Bonds,
there exists no more doubt that they will all
rise to their former value than there exists
doubt that they will continue to find pur.
and that good banks and honest
mems business paper will still retain the
confidence Of merchants, and be the impell-
ing power of commercial enterprise The
storm was but thunder storm, bursting
upon US to clear away the midday heat, and
the unnatural oppression which prevailed. -
1t WAS brief, it was gloomy and severe; but
how bright shall be the horizon which ere
many days it will clear for US as will soon
DO shown. Meanwhile, let the excitable and
erratic operator beware how he succumbs to
temporary depression, and how he listens to
the voice Of the evil prophet who screams
above him like vulture waiting only to de-
YOUR.
The following rules have been the guide Of
one OF our Oldest merchants, who, in Pc
Rod of over - years, has never lost dol
lar by stock operations
ALWAYS Buy when, from some extraneous
cause, such as temporary money pressure
or large failure, people grow timid, and are
ready to sell out.
NEVER SELL on a falling market.
Always remember that when stocks in or
binary good reputation fall during money
pressure, they are as sure to rise again US
the sun ia the heavens.
Remember the good old proverh that
g extremes produce their opposite" wheth-
err in 'panic prices" or other less important
matters.
ABOVE ALL, NEVER LOSE CONFIDENCE in in
good property because temporary
causes cause temporary depreciation, but
g hold on" in the emphatic language OF
the times, for the REACTION which is sure to
follow.