Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-03-17

during the progress Of the financial imitation, al
though with little expectation that they would i
be generally needed. The exhilarating effect |
Of The swslIing volume which more than doubled
nominal values. and multiplied wealth as II BY !
magic. vas too much akin to intoxicaiion to /
leave any chance for calm reflection or sober
tbooe htf1iness- Excitement ru.ed the hour, |
and The restraints of reason sid common sense
were alike disregarded in the race whose goal
seemed 90 near and radiant With promise Men
Of all professions have engaged in the mad par
suit cd sudden riches, and mzirOn and maid have
eagerly watched the chase. or joined in il on
their own account.
The reaction may De distant OF near AZ hsnd,
but it cannot be avoided No shock os events
can finally stay the ebbing tide. The index on
the dial Of tine may be motionless, but the up
wringing pendulum cannot pause at the end Of
the arc; whatever may be the propelling power.
il mus, fall back 10 It's wOuted level.
There is danger that when the Revision comes
Il rill find the majority unprepared, and the gen
eral suffering be thereby greatly increased As
IN times OF pestience fear kills more than dis
ease; so when a financial crash occurs. panic
nuliiphes the number of victims With view
of preparing the more thoughtful Of our readers
for the Inevitable crisis. and thereby lessening
The common damage when il comes. We shall. in
this, and few subsequent articles, offer some
suggestions relating 10 the financial future
l. a financial crash itself il not the worst pos
.ible termin alton TO an imitation. IL we compare
the progress of the latter TO the ascent Of an 10
clined plane we shall then have the question as
20 the best method of recovering the original
level. One way ia 10 come slowly back down
the hill: the alternative is TO pi'ch of the top,
aud come down with crash To a superficial
observer, the gradual descent would seem to
have all the odds in its favor But experience
has demonstrated that the sudden fall does rbe
least permanent damage.
There is Tar more confusion in the crash than
IN the backing down, and its first aspect is in
comparaby more serious. The crowded car is a
wreck, and at first glance the disaster is appall
| ing But when the dust clears away the mortal
| " IS found 10 be lar less than feared Even
broken arms and legs are the exceptions, and
| bruised and battered luntenances. or scratched
cutcles comprise the bulk of the injuries. The
| worst i known az one, and the work of recupe-
ration. as far as il is possible. begins without de-
| Law But the other solution Of the difficulty, the
| agony Is not only protraeted. but increases from
| hour 70 hour. all vitality seems suspended,
and fear curdles the blood in the veins. The
level is reached at last, bat the "rowd seems TO
have become benumbed Some never recover.
| Others start toward health, but have long relap-
ses, during which they only live 20 suffer In
short, as the danger OF breaking a limb is to the
| probability of chronic disease, so is u financial
/ crash as compared ~ the wasting hamilton Of u
| gradual collapse.
| The loss of real or faneied Accommodations is
| not serious when IL does not impair the capacity
| fofrabor The great secret OF the marvellous
/ elasticity which the people OF this country have
| shown in recovering from sudden depressions OF
business is 10 be found in this fact that the great
majority qualified for some class of labor.
In aristocratic communities, the reduced gentle
man has no vocation by which he can recover his
| fortune and the continued elevation of the ia
| voTei few makes the debAsement of the CORES
/ bonding pauper alike certain and rremedable
la this country the distinction of classes is less
strongly marked. and success dignifes any call
ing IL is true that the hours of labor ia the FL
ture to be heightened greatly by the pressure
| Of taxation If the national debt is assumed by
this generation, at least two hours per day will
he added to every mans toll But while unoc-
cupied land is abundant, none need TO suffer for
lite's necessaries who are disposed 10 eat their
/ bread 10 the sweat of their face. Besides, the
tax on labor must ere long be lightened by a
/ change in the style OF living This may be done
without abridging personal or social comfort.
| A large part OF the expenditure of families who
sre raised above the pressure of immediate want,
10 for mere display.
| The necessity which limits the qualification of
| this vanity will not prove an unmitigated evil
The avenues to temptation have been greatly
multiplied by the effort to maintain an appear
| ance of grandeur without the sffluence which il
| is intended to represent. Much of this will, of
necessity, be swept away. and the people be
| taught the comfort of simplicity.
;. The great object for all to keep before
them in view of the probable future. is freedom
from entangling engagements The crash or
| collapse must come. and the consequent shrink
ing of every mans nominal capital is inevitable
One of the greatest mysteries 10 those who
have congra tulatei themselves on their accamula-
ted fortunes will be what has become of their sup
| posed wealth They have succeeded in the ma
jority OF their speculations; they have met with
40 direct losses and they cannot Law their hands
upon the means they thought were so inds-
putably their own
The shrinkage Of values after a financial in
iation leaves no record Of il expunging process
and is certain 10 disappont the hopes even OF the
| cautious and prudent AS we have seen, how
ever, this is not serious evil if the man himself
| be left the free use of his industrial faculties
| But it viii be sad day to those who encum
bered with many engagements Debts, unfor-
| tunstely, will not shrink with the means of dis
| charging them. and many a man who might save
| a snug capital from the wreck, if he were not
| thus fettered, will come out of the trial with
| nothing about him but the burden of obligation
We make these suggestions now. not because
| there Is any sufficient evidence that the hour oil
| settlement is close ut hand. but simply because
there is paGse in the whirl of excitement. anC
manv are disposed TO listen. and to question the
future for their own proht-N. \ Jour of Com