Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-12-04
rae s,nancsal crash csrnrng.-


The Ne~ York Herald. in abiding % the re-
cent victory Of Genera GAM, Al Chattanooga.
regarding Il ss The staggering blow from which
the rcociiion cannot recover. and that succeeding
blows Of similar character will soOn bring the
v.r,o an end. preies. that financial crash vii
speedily occur. IL says.
Piper mus, 90 down. aod paper psices With H.
Then those who have bought stocks. OF goods.
or bonds. OF made contracts at paper prices will
suf.r disastroasiy and AZ the panic struck Times
expresses i, thousands who thought themselves
rch will fnd ihemselves poor"
Be not deluded, therefore. because few spec
ulAtor- coax gold Up little, and the stock Job
bcrs OF the Times. Tribune and World argue
that The end Of the war i vet very distant The
gold speculstors Try 90 raise the price OF gold in
order % sell out The managers of the Times
Tribune and World are snxious 70 get rid
Of their railroad stocks and therefore try TO soothe
the public mind and quiet the financial agitation.
We have neither gold nor stocks to dispose OF.
and can speak the truth. even though We shame
the sfockj0bbers We have foretold every hnan-
cal crash since 81, and the financial world
knows that our predictions never fail 10 come
true. Indeed. so true are they. that we have
often been accused Of csusing that which we only
predicted. We know Wall street thoroughly
from top 70 bottom-and il is built upon quick
Ne the news that JEFF Davis has packed bis carpet
back ard fed to Europe At any moment, we
may be able TO publish some equally decisive in
teiigence of the collapse of the Confederacy.
This may not happen to-day nor Tomorrow, but
il cannot be long delayed. Again we advise the
public 70 be warned in time. The crash is CON-
ing; be prepared to meet it.
We have no eoub, that the Administration will
use every erertiop to prevent the financial revul-
sion which the Herald 30 confidently predicts.
But the principles Of political economy aud the
laws Of trade will be at fault if financial crash
does not overtake the country more sweeping aud
destructive than any which has taken place The
same Causes are at work. only intensified. which
produced the commercial disasters heretofore, and
il Is idle To suppose, notwithstanding the les-
ent apparent prosperity that like effects will no.
follow in the present case As the Herai. ex
presses il. riches based upon paper currency and
paper prices, will take unto itself wings and fiy
away. The unlimited extension Of paper curren-
cy caused the financial disasters of l537 aud to
that same producing cause Is added the
diversion Of large proportion of the laborers Of
the country from producers to consumers. For
over two years we have been consuming the
accumulated wealth Of the country, but this ex
haustsng 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 it may be avoid
ed. but what would be thought Of the mariner
who failed to heed the unerring signs Of coming
Storm Mankind are but little disposed to profit
by the history of the past Experience has been
lights placed in the 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
And the Administration has done all in its power
70 stimulate THE artificial prosperity of the coun-
try by it, financial policy. The issue of paper
currency as rapidly as printing presses can turn
70 out adds nothing to the wealth of the nation.
JoHS Law. the celebrated Scotch 6nsncier. tried
the experiment in France. For while all went
on ssimmingly. the people became intoxicat I'd
with the idea OF accumilating sudden riches but
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 state OF affairs. that to be
forewarned is TO be forearmed, aud when the re-
vulsiou does come. terrible will be the response
bilay Of those who brought il upon the country