New-York tribune., 1872-08-30
THAT FINANCIAL CRISIS.
FEW GROSS MISREPRESENTATION OF THE
GRANT ORGAN CORRECTED By NON-PARr-
ISAN JOURNAL.


A FEW GROSS NEUTRALITY-SUSPICIOUS. OF THE
GRANT ORGAN CORRECTED By NoN-PARr-
ISAN JOURNAL.
As stated in our last issue, the money article
OF the Administration organ here asserted. two weeks
ago that the duilness OF the stock market was at
len 9Th broken by sharp decline in prices which began
with assertion OF Democratic triumph IN North
Carolina" An editorial paragraph in the same paper
in ndenally put forward the caim and on Sunday
morning last the leading editorial unbuhlnsy asserted
that sensitive the business world 10 tue least hht
Wntsd States Securities instantly declined in the
London market. His endorsement By the Democratic
Convention Baltimore was mmediately answered by
claim that his supporters mad carried North Carolina
and which, on last Friday believed by large part
of the community produced still further rise gold
or other words depression IN the value OF stock;
and securities" This reasoning Is quite fair provided
that the decline and rise did occur stated that
the assigned is the most probable one. The cause
is of consequence TO seek unless the fact Is correctly
stated and although it is not The FtnGnciers business
TO adjust partisan squabbes have taken the pains to
examine the record and ascertain the reality 0f these
" facts"
IL appears from the London quotations Of American
securities that the Cincinnati nomination was followed
by very slight decline OF securities in London, and
that the first report from North Carolina followed by
rise OF about in gold and steady decline IN stocks,
but that the Baltimore nomination ala not aEect gold at
all, contrary The TmeS's assertion Yet the fact Is,
that other at work Throughout the spring
months the Alabama trouble was affecting American
bonds London, according the prospects OF ADJUST
ment varied from time 70 time all through May the
matter was its muddiest, and quotations were de-
pressed the small decline was caused by this not by
Mr. Greeeys nomination, and did not recover for some
weeks thereafter As 10 the rise In gold after the Nortn
Carolina election gold had been rising steadily ior Two
months previous and The Times did not carry on
its research tar enough TO discover, or lacked
the eandOr say that although gold did rse ana stocks
did decline just after the first returns announcing
Liberal victory they kept on doing SO during iu week
aferward. Gold was higher, ana stocks were lower ON
Friday the 9th, when Cadweils election was sure than
on the previous Friday, when MerTimOn believed
elected The election had nothing whatever to do with
the movement OF either; for II false report sent god
up 1t Is irrational 70 suppose that the correction ot thaG
report could send 1t up higher -.
one more comparison. table Of quotations OF Ameri
can securities in London directly after the Baltimore
nomination, which The Times Omits TO mention, shows
that Mr.. Greeleys nomination at Baltimore was lnne
datey followed by rise OF United states securities in
the London market and il the argument good in one
instance II must be Just as good IN the other Oddy
enough IL happened that decline IN 1928 and ls65s IN
London followed the meeting OF the Philadelphia Con
vention. from which fact an argument might be con-
structed.
interpreted anything but the impartial crtl
cism which alone The FGneier proposes 70 use, and
are therefore. the free to that nobody need
fear general cOnyulson OF hnance ana business In
consequence OF the election, let that result IL may
There Is disturbance, but that comes from uncer
tanty not from fear OF n possible coming calamity"
The country Will Outast either Grant Greeley, and IL
has certainly proved its vitality and endurance under
the former But il is certainly disgusting the
orators and organs conducting the campaign much on
sressi2S for so little truth The Times makes this
ridiculous plea, in the expectation that people who
never look at financial quotations Will believe IT
and quote it.. and so they Will. Mr. settle, a few
DAYS ago told the people or Greensboro, N Co. pattern
ing after Mr. Boutwes speech at the same place, that
the Government now borrow all she wants Tor L.
a. and per cent; that the bonds Of the United states
are eagerly sought after and be disposed OF In more
foreign capitals than the bonds Of any other
on earth and that gold has come down under Grant
from 40 70 only III Gold has not been as low as
that for than three months and the 0ther state
mens are lust about true, but the people who heard
doubtless believed them for didn't he say sol Inc value
OF popular ignorance as ahordng an indispensable con-
don 10 the existence OF certain class OF orators ana
scrbblers hardly received It's appropriate rec0gnl
hitherto In estimates of the national resources