Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-05

The Assistant Treasurera at New Y ork sold 81,
600 900 gold on the Both ult.. at prices ranging
from 1901 to l3l. ,-
The New York Herald of the 1st inst. rays of
the financial crisis:
1.-The gold stock spectators of Wall street
have not yet got out of their muddle. though
more light continues to be thrown upon the dis
astrous transactions Of last week and upon the
condition of the victims. Some heavy firms are
in suspension or broken, and we do not yet
know how far others may be affected and drawn
into the vortex. But there is disposition all
round to prevent a general wreck. Thls makes
every one inclined to be accommodating to or
gentle with the wounded There is. however.
an incorporating hostility to the authors OF
them! hang theml" But there is no fear Of any
lynch law or sour apple tree operation. The
truth is the men who have been cornered"
would. if they could, have made corner" on
their successful rivals, and would corner" any
body else tomorrow if they should have 3
chance The whole batch of gold and stock
gamblers are alike. When they prey upon each
other, as on last Friday. the victims cry out
Justify, but when they prey upon the public
/ they are amiable and social among themselves
as possible. So far, then, as these gamblers are
| concerned there is no cause for sympathy;
As soon as the storm is over trade and COM
merce will be benefited for people will see the
| hollowness Of Wall street speculations, and, as
| a consequence, will stick to and trust more in
| their Legitimate business. Let the merchants
| and tradesmen stand fast, keep clear of the
| whirlpool, not get excited, and be true to each
l other. They will thus avert a panic, and can
| look calmly on while the crash among the stock
jobbers and gold gamblers is going on.
| In reviewing the situation OF this financial
1 crisis we are naturally led to ask, who are to
blame-that is, who outside the rings OF specu-
latOrs that PTeclpltated the Crisis Inc Secre-
4 doubtedly. to prevent the trouble. The use oil
| few millions out of the enormous reserve he
/ constantly holds in his hands would atany time
/ avert such evils. Had he sold gold regularly
aud in sufficient quantities, the corner Of last
| Friday would hardly have been possible. Then,
1 had he acted more promptly when the first sign
| of the crisis was seen, he could have prevented
! much of the mischief. 1t is true, he came to
| the rescue at the eleventh hOur-Or, rather. be
| was forced to do that by higher authority
l but the mischief had been done then. II Mr.
Boutwell, is not guilty of winking at the scheme:
| of the Wall street gamblers. he is ignorant o.
what he ought to know and Of his duty: In
either case he is unfit for the important position
| he holds.
1.-THE question has been raised, too. as to how
| far the banks are responsible for the diSastrOu:
state of things we have witnessed. The extra
ordinary extent to which they furnish mean:
for stock gambling by call loans or by eertlhcates
| for gold operations may be all legal enough AND
may be very profitable business; but Is 1t NOR
| ally right or fair to the mercantile community
Are not the facilities afforded out of all proper
ton to the actual capital held by the banks
| These are pertinent and important questions. II
| has been alleged that the banks are unmlndtu
of the necessities Of the merchants and trading
| community because their means are employed
| to vast extent in helping the stock operators
| The legitimate business Of the banks is to aiC
| the commercial community, and 1t Is TOR TIM
| principally they obtain their charters. Tit
| temptation to make larger profits out of cal
1 loans from stock jObbers is great undoubtedly
l but tle banks should remember that the pros
| perity of the city as well as their own In tn
| long run depends very much upon commerce
| However, the present trouble will soon pas
L away, and we shall not experience anything
B similar, probably, for some time to come. Still
l there is no security for the future, and there
fore it will be the duty Of Congress as soon as /
| meets to place the financial affairs of the coun
| try on such foundation as will give stablllt!
to monetary transae ions, the currency an'
/ trade"