Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-10-09


The gold and stock Spectators Of
Wall street have not yet got. out of
their muddle, though more light con-
tinues to be thrown upon the disas-
trous 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 a dis
position all round to prevent a gener-
al wreck. This makes every one in
clined TO be accommodating to or gen.
tie with the wounded. There, is how
ever, an incorporating hostility to
the authors of the calamity, The cry
everywhere is, Hang them hang
them ~ But there is no fear of any
lynch law or sour apple Incorporation.
The truth Is the men who have been
"concernedv If they could, have made
"corner" on their successful rivals,
and would "corner" anybody else to-
morrow II they should have O chance.
The whole batch of gold and stock
gamblers are alike. When they prey
upon the public they are as amfable
and social among themselves as pos
sible. So far, then, as these gamblers
are concerned there Is no cause for
sympathy.
AS soon rs the storm is over trade
and commerce will be benefited; for
people will see the hollowness of
Wall street speculations, and, as q
consequence, will stick to and trust
more In their legitimate business
Let the merchants and tradesmen
stand fast, keep clear of the whirl-
pool, not get excited, and be true to
each 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 crisis we are naturally led to
ask who are to blame--that Is, who
outside of the rings of spectators
that precipitated the crisis. The Sec
rotary of the Treasury had 1t in his
power, undoubted, to prevent the
trouble. The use of few millions
out of the enormous reserve he con-
stantly holds In his hands would at
any time avert such evils. Had he
sold gold regularly and in sufficient
quantities the "corner" oflast Friday
would hardly have been possible
Then, 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, he was forced to do that by
a higher authority-but the mischief
had been done then. If Mr.. Bout
well is not guilty Of winking at the
schemes of the Wall street gamblers
he is ignorant of what he ought to
know and of his duty. In either case
he is unfit for the important position
he holds.
The question has been raised,
too, as to how far the banks are res
ponsible for the disastrous state of
things we have witnessed. The ex-
traordinary extent to which they fur
nish means for stock gambling by
call loans or by certificates for gold
operations may be all legal enough
and may be a very profitable bust
ness for them; but Is IL morally right
or fair to the mercantile community?
Are not the facilities afforded out of
all proportion to the actual capital
held by the banks? These are peril
nent and important questions. 1t
has been alleged that the banks are
unmindful of the necessities of the
merchants and trading community be-
cause their means are employed to a
| vast extent i'm helping the stock OPP
orators. The legitimate business of
the banks Is to aid the commercial
community, and it is for this princi-
pally they obtain their charters
| The temptation to make larger profits
ont of call loans from stock iobbers Ia