The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-08-09
rfen tAs n. 7. 1ndepsnaens, July s1s..
SPEClR PANIO.

i
vas the tipping over Of an ash barrel, It oc,
CURED precisely ct the moment when . man will
= wonderfully long face CROSSED the street from
the BANK OF America, with bag Of gold on biz
shoulder. This remarkable coincidence, this ex
uaofolnary phenomenon, caused several leadin1
operators" to put on their leather magnifers
1ney saw something, surs, or thought they did
ana snat Wa enough. II was time then e
move. and when Wall street dses move, il moves
quickly. "Stand from under" is the motto
tnere. and the golden rule ID, sEvery man fol
himself, and-bad luck to the hindmost." But
the reader asks, How about such high premi
um! How could that be brought aboutf VIZ
Will tell you. It wAs work Of styateqy-an ex
traordinary flank movement Of certain opera
tors who carry al the screw drivers. They
know when to give double quick, extra turn,
and when to cry Open Sesame. That ia theil
study. They also know exactly when to charge,
and when they do it, It il done not with the9
glittering generality and flourish Of "know all
men BY these presenta but With direct ..plesse
call at the captains Office and ssttle.n Such
charges generally amount to something. and
they occur et every golden opportunity-no,
one being allowed 70 pasA This last move.
ment hss been decided success. It has been
. great victoEy-.s profitable engagement, and
now these Napoleonic stratsgists look out from
"all is safe within these Inca The, % h.,s s.,.
made their fortune in the struggle. and havips
completely hsdEed themselves against all re.
verses, are ready for peace, or another dash. !,
the case may be. -
The game Of money-makipg in Wall street, il
played with Ill the skill and adroitness which
can be mustered in that clear-eyed, quick.eared
and most sensitive locality. The men who
handle the cards.there are not amateurs They
have ciphered long way beyond Signor Blitz.
They are professors Of the art. Their tactics
are not known in the books, and no fortune.
hunter can, BY searching, fad out the secre,
paths Of their success. 70 al men, therefore,
Who propose entering upon . career of 'great
financial prosperity" We would say, start BY
writing an advertisement, "Brains wanted.n-
Publish it IN all the newspapers. You NAV
have everything else-the riches of Astor, OF
the whole capital Of the Bank Of Commerce,
but without brains you will fail. Your capital
in this line must be large; you must have . big
stock on hand, and always have it available.
Now We will tell you how this specie panic
was started. Certain we'll known capitalists,
having gone as fer as they dared, in running up
Government stocks, made up their minds that it
was best to unload and try something else. They
did so-sold out entirely. They then started
the specie panic upon the we'll known basis of
scare" Of all men in the world, not except
ing spading, skedaddling army, none are 90
Give them start, and they will 60 out of their
skin At one bound. The first move Of these
panic makers was to buy up al the gold aAoat
in Wall street. To do this didn't require much
capital, - the banks and trust companies we're
full Of money, were glad to make loans on gold
at q low rate Of interest, and with . small mar
gin. After securing . large amount--all that
could easily be collected, outside Of bank-thsy
commenced the second most important move Of
Offering small premium. This had the desired
effect. It opened the old stockings, old drawers,
and old hiding places Of thousands Of petty
misers. To get premium on their treasures
was . streak Of luck entirely unlocked for these
hard times. The spectators, having now made
sure of profit on al first purchases, began .
boldsr policy. They offered . higher premium,
borrowing on their purchases from day to day
- fast - they were made; and We know the very
institutions from which they were supplied with
money. Every day the rates of premium ad
vanced, and In that proportion the people were
scared. Our importers, to use common ex.
preston, were half frightened to death. What
TO do, they didn't know. Large amounts Of
goods had been sent for from abroad, in antici.
patton Of high tariff, and now they mnst be
paid for. Money was easy and prospects good
for fine profits when the orders went out, 80 that
goods were beginning TO pour in upon u from
England, France, Germany, and all over. The
specie spectators knew this would be 90, and
knew also it would help them in their scheme,
amazingly. It did help them. The importer
gave their orders with no such programme be-
fore them ,g
Bank officers now began to talk very wisely.
A usual, when leaf blows BY, they al tremb.
led. Old seedy bullionists also came out to sun
themselves. One thing they knew, aud that was
certain; We were " al going to ruin" "Just
% I" said the spectators, and up went the pre-.
miums. II told you co." said Anti. Treasury
Nots, ESQ, whose grandfather was in the war Of
the Revolution, and had fine taste of the real
"Continental" currency the history Of which
is read up weekly in certain circles. II begin
TO think you are norm half right" said the
sp6eulator, and up again went the premium
can goin' 70 smash, says old Bullion, once out
again, ~ be enters the bank parlor of one Of the
prime movers Of the panic. awful" says Mr..
Shylock, adding, With long-drawn breath and
. sympathetic shoulder movement, ~ long ago
foressw this" THE Herald, first banging all
the abolitionists, NOW SAYS, THE gold excite.
u00Ut SOOuuUCU, Uub Jig E9tS6 VI pISWiUus IL Is
generally believed, in financial circles, will not
20 above Is per cent" H-o-o-rs! Up goes
tho premium three or four per cent Just at
this moment wellknown bank ofncer, bold
fellow, said he 'couldnt SEQ the sense of al this
panic" and "my opinion (he added) is, that this
bank had better sell out it, specie short meter.
He drought the matter before the board ol
directors" /" and, strange - say, majority coin.
cidsd With him, and sell they did. "What's oil
this mean ?" said Mr.. Spectator, - soon as be
heard Of this counter movement; II must sell,
also" And cell he did-instanter. Wall street
is again frightened, but those now most scared
are the speculatora The old cry is again heard,
''Stand from UNDER" and down goes the premi.
um. The bubble has burst. Everybody now
wants TO sell.
Who ever heard of such panic before?-
Here We have, within the reach Of our very
fingers, $4,000, 900 in gold, lying idle, and
all at once it jumps up to 20 per cent premium.
That bank president who made the first dar.
ing movement to sell out should be our Gen.