Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-12-07
rhe Financial crash coming.

Hnc ffuducial Crasn coming.
The Nes York Herald, in alluding 70 the
cent victory of General GRANT, at Chattanooga.
regarding it as the staggering blow from which
the rebellion cannot recover, aud that succeeding
blows Of a similar character will soon bring the
war to 40 end. predicts that financial crash will
speedily occur. II says:
Paper must go down. and paper prices with it,
Then those who have bought stocks. goods
or bonds. or made contracts at paper prices. will
suffer disastrously and, as the panic struck Times
expresses il. thousands who thought themselves
rich will find themselves poor"
Be not deluded, therefore. because a few spec
ulators coax gold up little; and the stock job
bers Of the Times, Tribune and World argue
that the end of the war is yet very distant. The
gold spectators try TO raise the price Of gold in
order to sell out. The managers of the Times.
Tribune and World are anxious to get rid
of their railroad stocks and therefore try soothe
the public mind aud quiet the financial agitation.
We have neither gold stocks to dispose of,
and can speak the truth, even though we shame
the stockholders We have foretold every finan-
cial crash since 81, and the financial world
knows that predictions never fail to come
true. Indeed, so true are they. that We have
often been accused Of causing that which we only
predicted. We know Wall street thoroughly
from top to bottom-and it is built upon quick
sands AT any moment the telegraph may bring
the news that JEFF. Davis has packed his carpet
back and fled 10 Europe. At any moment, We
may be able TO publish some equally decisive in
telligence of the collapse Of the Confederacy.
This MAJ not happen to-day nor Tomorrow, but
il cannot be long delayed. Again we advise the
public to be warned in time. The crash is COM
ing; be prepared to meet it.
We have no doubt that the Administration will
use every exertion to prevent the financial revul-
sion which the Herald 50 confidently predicts
But the principles Of political economy and the
laws of trade viii be at fault if a financial crash
does not overtake the country more sweeping and
destructive than any which has taken place. The
same causes are at work. only Intensified. which
produced the commercial disasters heretofore, and
it is idle TO suppose, notwithstanding the pres
ent apparent prosperity. that like effects will not
follow in the present case. As the Herald ex-
presses it, riches based upon paper currency and
paper prices, will take unto itself wings and fy
away. The unlimited extension of paper curren-
cy caused the financial disasters of 1897 and to
that same producing cause now is added the
diversion Of large proportion of the laborers of
the country from producers to consumers. For
over two wears ne have been consuming the
accumulated wealth of the country, but this ex
hausting process cannot much longer continue
without the bursting of the bubble 1t is far from
our purpose to unnecessarily predict disaster, and
most sincerely do we desire that il may be avoid
ed, but what would be thought of the mariner
who failed to heed the unerring signs of coming
storm2 Mankind are but little disposed to profit
by the history of the past Experience has been
compared TO a vessel sailing at night when the
lights are placed in the stern instead of the bow,
Illuminating the waters which have been passed
over, leaving all dark and uncertain ahead. The
greed for wealth also makes us blind to coming
dangers, even up TO their very threshold.
And the Administration has done all in its power
to stimulate this artificial prosperity of the
try by its financial policy The issue of paper
currency rapidly as printing presses can turn
1t out adds nothing to the wealth of the nation.
JOHN Law, the celebrated Scotch fnancier, tried
the experiment in France. For while all went
on swimmingly, the people became intoxicate ed
with the idea OF aceumilating sudden riches, but
as in all other similar schemes. the turning point
was finally reached, and then came disasters like
thief in the night The man who supposed
himself rich yesterday, the next day found his
wealth as unreal as dream. We can only say,
IN view of the existing of affairs that to be
forewarned is to be forearned, and when the re-
vulsion does come, terrible will be the response
bility of those who brought it upon the country.