Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1860-11-07
THE WAY SOME THINGS ARE DONE.

of the mOnled men OF that city, got up panic
in financial circles, for the purpose of doing
injury to sshonest old Abe," and of carrying
that State against him. Instead of having the
contemplated effect, this rascally transaction
drove thousands of honest voters off the DEM
ocratic ticket. Here is the article:
ssTHE ATTEMPTED PANIc.-The history of
politics in this country exhibits nothing so dis
reputable to all concerned, as the deliberate at
tempt made last week by capitalists and Dem
ocratic or Union banks, to create panic in
the money market, in the hope OF thereby dri-
wing the people into the support of the Fusion
ticket. We charge, and in a court of law
could prove, the existence of conspiracy to
produce panic, which far exceeds in infamy
anything of the kind ever heard of in this
country; and we could, If SO disposed, give
the names of brokers, bankers and banks con-
cerned in the conspiracy, which would utterly
ast ound our readers, and consign all implica-
ted to the richly merited contempt of the pub
lie. Swindling is crime which assumes diff
ferent phases but never is it more despicable
and disgraceful than when persons OF wealth
and position combine to cheat men out of their
property, either for the purpose of enriching
themselves,or with view to accomplish po
litcal purpose. And yet this is precisely what
was done last week and that, too, with appa-
rent success, SO far as the cheating was con-
cerned. The political effects have not been,
and will not be produced, even if the existing
attempt to get up run upon our banks should
be successful.
'sOn Monday, of last week, we were apprised
that combination had been entered into be-
tween certain very heavy bankers and banks,
to "cal in,'' simultaneously, all their sscall
loans,'' and thus produce panic in the stock
market, which was then to be attributed to ap-
prehensions of dissolution of the Union if
tncn In q ha oil fa1 --ap1 thtlc6 6rix
ters from the Republican to the Fusion ticket
He gave us the names of the individuals and
banks said to be parties to the conspiracy, and
said that he doubted not but the work was then
progressing, as he knew that the notices for the
return of sscall loans'' had been extensively is
sued; and he fixed the arrangement of the
plot to the evening of the meeting on the cor
ner OF Anthony street and Broadway.
ssWe paid but little attention to the story.
not believing it possible that capitalists would
indulge in such hazardous game to achieve a
momentary political purpose, which at best,
could only lessen Lincoln's vote in the city,
and in no way affect his election. During the
morning, however, Broker after Broker repeat
ed to us that the most fearful attempt to Bear
down the Stock Market which they had ever
witnessed was then in operation. And they
added, that the cry in the street was that dis
solution Of the Union was inevitable if Lincoln
should be elected; that all stocks would in
that event, fall from ten to twenty per cent. !;
and therefore the only safe course was to push
of everything. And to insure the sale of
stocks at depreciation, there stood the notice
to return all 'scall loans.'' To the uninitiated
we should explain, that the custom of dealers
and men OF small capital, is, to borrow son
call'' within five or ten per cent. OF the mar
ket value of any stocks; and thus, with a
small sum of money, hold for rise, large
amount of stock. Thus with fifty thousand
Il hold half
or more, of any good stock. But when the a.
mount loaned is called in on twenty four
hours notice, it follows, of course, that he
| must borrow somewhere else, or sell his stock.
ssNow then, when the persons loaning, COM
bine to call in their Loans, what has the inno-
cent holder to do but to throw his stock upon
the market2 Or if he refuses to do this, why
then the capitalist sends the stock to Broker,
to be sold at auction to the highest bidder, a.
greeably to the printed conditions of the loan.
OF course, combination of this kind may
force many a million of stock upon the mar
ket on the same day and if so, who are to
become the purchasers OF course, the act
of forcing large amounts of any stock upon
the market, produces more or less panic and
then if those who are combined to produce
this result, stand aoof, it necessarily follows,
that the stock continues to decline, until f.
naly 1t is purchased at q Uery ioic figure by the
| rery persons Oho hare forced ii upon the market,
and possibly arrange among themsesres at what
price they should purchase
s:Now this was the game played in our city
all last week; and to give efficiency to it, Mr..
Cobb, the Secretary of the Treasury of the
| United States, was present on the spot, pro-
claiming that in the event of Lincoln election,
dsunion was certain, and the total defange-
ment of our monetary affairs inevtable The
result was, panic in the stock market, which
| robbed honest men of millions of dollars, be-
rrIt1 4
the orphan and the retired business man, to
the amount of tens of millions; and all to
enrich the conspirators, and to prevent, if pos
| sible, the election of Lincoln. We know of
no Highway Robbery more deserving of pun
| iShment than the robbery by capitalist who
loans his money son CALI upon stocks, and
then combines with other capitalists, to COM
pei the innocent borrower to sell that stock
ten per cent. below its real value, and become
the purchaser of it himself! He may at
tempt to stihe his conscience by pleading that
1t was to achieve great political object and
| save the Union! but we tell him that in the
sight of God and all honest men, he is robber
and thief, and should be treated as such, al
though the law cannot reach him.
ssThe New York Central, tho Erie, the Har-
lem and the Hudson River Railroads, were the
pri ncipal stocks operated upon to produce
the panic but as is well known, the entire
stock list was affected, and even the best State
stocks, were compelled to give way under the
ficttions demand for money thus created; and
that, too, through the presence of the Secre-
tary of the Treasury, brought here by the
conspirators, to aid them in alarming the pub
lie, and robbing the widow and orphan. We
give, therefore, the transactions in the stocks
referred to, as affording general view of the
game played. And if such has been the trans
actions in four stocks only, how enormous
must have been the operations In the entire
licf 1irfr Stafa
millions of property have thus been ruthless
ly destroyed and how enormous the amount