The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-09-29
PANIC mAKINe As A BUsINEss.

Everybody is familiar with the trick Of the
wag who collected a crowd at a street corner
in midday by simply gazing skyward for a
few seconds, aud that when a dozen gaping
idlers had joined with upturned faces in the
business, he slipped of, feeling sure that the
increasing mob was axed institution FOR \
whole afternoon.
With the same ease a panic can be created
in the money market, or in the dry goods, gr9-
ceries, coal, or any other business. The sud
den swapping Of a single cog o' single wheel
may stop the operations Of huge and intrl-
cate machine. The panic Of 1851 which
swept over the world was started and TO
mentcd by the New York Herald, and was a.
unnecessary business tragedy as was ever
| performed The nercest lightning stroke may
| be conducted over a powder magazine on
wire. If natural laws are obeyed, while tho
staunchest ship will he shattered If her broad
| side be held TO the angry seas, instead Of her
bows.
The natural and healthlul laws Of trade are
being assailed with blind fury by certain
newspaper writers who exhibit the same ava
riclous conduct In the management Of their
business that they charge upon merchants and
storekcepers. Almost all the newspapers in
Philadelphia and New York have advanced
the prices of their Sheets and increased their
advertising rates. They did this in conse-
quence Of the rise in gold affecting the values
Of commodities. Now that gold has fallen, does
any newspaper propose to lower its charges to
suit the circumstances? None, that we have
heard Of Our contemporary the Bulletin,
which has been extreme In its denunciations
Of what It has been pleased to term merchdn-
disc gamblers, was reluctantly compelled to
add fifty per cent. to its price. 1t has made
no sign of a reduction since the tumble in gold.
But let us look one moment at the facts of
the case. Gold advanced during period of
over three years TO a premium Of about one
hundred and fifty per cent. This heightened
term embraced over six active business sea-
sons, and at the commencement of each, every
storekeeper's stock had to be replenished ir
not entirely replaced. Many persons have
also entered in good faith into business upon
rising market. In the space mentioned, these
goods have been sold off spring and fall--sum-
mer and winter successfully at ordinary bust
ness profits, the rise Of prices being so slight
as to benefit the buyer as well as the seller
Suddenly, within the last month. gold has
fallen fifty per cent. Every merchant and dealer
is aware of the necessity Of getting rid Of his
stock at the best prices that the public will
pay, and that he must get rid of his goods at
some price as early as possible. All that is
necessary, therefore, is for the proper con-
ference between storeSeeper and customer.
We therefore denounce the newspaper ap-
peals TO the public to stay at home and not
buy at all, as ungenerous and unjust; and If
they he carried 10 such an extent sS to involve
our business community in s common ruin.
they viii he infamous.
LnDk at the following from the New York
Times Of yesterday
"T'hf crash 20 long p-edi-tei 10 these columns
has N length begun Ibe currency, measuring
by rOld Rs its STANDARD has risen 10 vsiae forty
PEI cent within few days, that Is every person
who receives money IN wages or salary, or in any
form 10 which paper l. used, has nearly half as
much income again as be had before. The pur-
chasing power OF the dollar ought 20 have risen
forty per cent. So all who had accumulated stores
Of pToduCe and provisions, or cotton and woollen
fabrics, or manufactures, will generally find them
selves worth forty per cent less than they thought
them.e elves. All values must fall which have
been affected by the depreciation Of The car,
the immense prices for cottons and woollens aud
hardware. all these ought soon 70 come down
at least one-third. But they will not for the
reason that the dealers aud spectators will COM
bine for a time to hold them up. They are
making fortunes by high prices, or they wish to
save themselves from great losses, If they sell at
gold rates. Market rates will descend slowly.
The only way TO bring them down is for con-
sumers temporarily TO combine. Let every one
Who would this week buy new hat, or coat or
cotton dress or house furniture, or who would
lay in stores for the table or the winter, hold OFF
Il little. Two or three weeks waiting will make
hut little difference in the purchases for many
families, and fortnight may see vast reduction
in prices. In marketing, Of course, every one
must buy every day but here we can all seek out
especially the cheap dealers, or we can economic
for time. The spectators have been making
fortunes from us, and now our turn must come.
Let every one determine to delay all possible
expenditures for short period, and the dealers
and shop. keepers must make great reduction of
charges. And then the very amount of previous
speculation will help the consumers; for, as large
stocks have been bought in anticipation of a rise,
they must be forced on the market, in fear of a
vet greater fall, and sold AZ a sacrifice. In the
long Iun, as is well known, Spectators only
cheaper the price of commodities to the consul
mers."
Here the plot is discovered of a combina'
ton to abstain from all purchases whatever
until stocks are forced on the market and
sold at a sacrifice" The last halEdozen lines
of the Times article are simply outrageous
and should be condemned by every thoughtful
man in the community.