Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1860-12-07
Sewing the Wind and Reaping the
WhiriEind,

The present monetary panic IN ths East is
manufactured one. 1t has no warrant or justi-
fcasion in any existing fact growing out of the
state of trade either at home or abroad. 1t
was panic deliberately got up before the Presi-
dsHtial Election, fer the purpose of soaring tho
people of New York into voting against Lincoln.
1t failed of that end, ignominiously, but those
who made it, found themselves, when the elec-
ton was over, unable to control it. They had
failed to scare the great mass of intelligent
voters Of New York; but they had succeeded
in alarming nionied men, or in SO disarrsnging
financial affairs as to alarm the most timd among
them, aud now they are powerless TO quiet that
alarm. Thus what was at first intended as
mere political trick has become n fnancial ca
lamity. The authors of IL sowed the wind aud
are reaping the whirlwind.
There never was so little cause for panic as
now. The whole North and West was never in
so good condition for being prosperous as now.
With the best crop ever gathered in the coun-
try, aud foreign demand for all the surplus Of
it at good prices, the people were, at the time
this alarm was,wickedly set on foot. in excellent
condition to reap the benefits of their three
years retrenchment, which the reverse of 1857
fastened on them. If there had been any ever
trading, it was in the South. The North, the
West and the Northwest were all on solid
foundation, buying as little as possible and sell
ing all they could. The eastern cities, too,
were rsaping the benefits of all this. The sur
plus of the bountiful harvest of 1860 was pour
ing steadily into their laps, and every available
vessel was laid nold of to carry it to Europe.
ImportaGions were falling off; the tide of gold
turning to US instead of from US; the North
and West we're paying off the debt which swamp
I'd them in 1857; and the railroads were grad
ually emerging from bankruptcy, in consequence
of the immense carrying trade thrown upon
them.
All these were the signs Of unusual prosper
ityi and commercial panic, in the midst of such
evidences of commercial health, was, to use
haOkneyed expression, like clap of thunder
in clear sky. That the panic did not grow
out of this state of things, plain and it would
puzzle any commercial man to euumerate any
other causes for it.
The whole affair is, as we have said, the re-
suit of that wicked spirit which prompted few
New York merchants, under tue lead Of Howell
Cobb, the undisguised traitor to his country
who ls serving under james Buchanan as Sec-
retary of the Treasury, to stake the whole COM
mercial prosperity of the country upon the haz-
ard of the political die. 1t was the last des-
perate chancs to defeat Lincoln, and like reck-
less gamblers, they put 1t all up and have
lost
If it was their loss, alone, no one would care.
But, while trying to serve political party with
the aid of q nomentary panic got up to order,
they have involved the whole commercial COM
munity.
In the nature of things, however, panic
based upon nothiug--a manufactured panic for
political purposes, cannot last long, Ii had
nothing to stand upon, at 6rst, aud il has moth
ing to feed upon, now. short time will sut-
fee to remove it. commercial people, suf.
fering from terror n the midst OF unexampled
prosperity, is ridiculous as we'll as disgraee-
iul sight; aud .herc is too much shIewdness In
the commercial mind not to comprehend this
fact in the first cool moment that spperyenes.
The men who have partaken OF the scare will
then be much more heartily ashamed than they
now seem to be terrified. Pitts. Gag.
A young widow who lately recovered heavy
damages from rich gentleman who hugged
NJ i \ saf kaoE