Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-11-15
Our Financial system.

The signs of the times show only too
plainly a deliberate attempt to create
financial panic. If it shall succeed, it will
simply be repetition of the old game that
has been played so long in this country,
in which the few win ana the many lose.
The great loss Of property caused by the
recent destructive fire in Boston is the
pretcNt seized upon by the PARTIES who are
seeking TO build up their fortunes by re-
ducing to beggary and starvation thousands
| of their fellow-beings.
The possibility of such All attempt being
successful gives food for very serious rehec-
tions upon the conduct of the affairs of a
great and apparently prosperous people
that permits it. 1t is safe to say that there
is something radically wrong in the manage
ment of its financial affairs, when the de-
structiOn of less than one hundred mil
lions of property in remote section of
this country shall threaten to Convulse it
from centre to circumference in every di-
rection. 1t is safe to say that there is
something radically wrong in the system
that to-day places it in the power of one
man to say whether or not there shall be a
panic, crisis and crash in our affairs,
that will be felt during the remainder
OF our lives. No human being that
ever lived ought TO be entrusted with
such power. The temptation to eXer-
else it for private and personal gain is
too great for poor human nature to resist.
=
| power.
| If there was needed any proof to
demonstrate the proposition that the peo-
pie ought to be left free to manage their
own business affairs, it is to be found,
full and ample, in the condition of the
country to-day. Congress has undertaken
to dictate to the country what and how
much currency is needed and shall be
used to carry on its business. The result
| is that the country is under the control of a
comparatively very small number of capt.
| talists at the North. 1t is absurd to suppose
that New York capitalists know what are
the business demands of Georgia, or of
North Carolina better than the people of
! these States do; and yet it depends upon
the views of New York or Massachusetts,
capitalists what and how great or how
small facilities for transacting business
they shall enjoy. If we had not witnessed
so many other strange things, this would
! strike us with establishment. AS it is, how
ever,W seem to take it as matter Of course.
The present financial system of the
| CiVy oT
its nnpolicy than the fact that it depends
upon the will of Mr.. Boutwell, to hasten CT
Save off a crash.
The following extracts from the three
leading New York dailies, and from the
Philadelphia Bulletin, will show what dan
ger is apprehended:
From the New York World.
! Judge Richardson, Assistant Secretary
of the Treasury, is in the city, and an-
nounces himself on duty to stave Off pos
sible financial panic from the Boston fire.
We are very happy to hear it for if he car
! do little or nothing of use, he can refrain
from doing much harm. This is the very
nick of time for him and Secretary Bout
we'll to publicly forswear the intent to
again initiate the currency. This they did
utterly without warrant of law the other
Gay SO as 10 make LlnnSS easy lOr UFanI
election, thus usurping from Congress
wha. Congress itself had before usurped
from the people the power to do. Let
Secretary Boutwell, and Assistant Secretary
Richardson make haste to give public
pledge that they will not add to this vista
ton by fire, the calamity of imitation. EThe
one devastation is all the country can bear.
From the New York Times.
Already the Secretary of the Treasury
has been telegraphed to, in order to secure
some action that will arrest the panic which
certain bankers and insurance companies
apprehend. Mr.. Boutwell, may, undoubt-
eddy, be relied upon to prevent the Gov
eminent securities, (which will necessarily
be thrown upon the market, from becom-
ing the sport of the spectators. Any
other action which can be legitimately ex-
pected OF him, with view to relieve the
momentary financial pressure, will unques-
tionably be eXerted. There may be a few
hundreds of men interested in promoting
feeling of general distrust and alarm in re-
gard to the consequences of this calamity.
There are hundreds of thousands whose
interests are all the other way, and we
I have no doubt that the merchants of New