The New York herald., 1872-09-21
OMcial Frauds and Financial Dis
turbances-Wher Is the Remedy9


OMcial Frauds and Financial Dis
turbances-Wher Is the Remedy.
The love of money, it is said in Scrip
ture, is the root of all evil, and GER
tainly we are having evidence enough
just now that tho eager grasping after it
by any means is creating an unusual excite
ment in this city at present. For several days
past there has been great disturbance in
Wall street, and in business and financial
circles generally, through the cornering opera
tions in stocks, money and gold of clique of
gambling spectators. At the same time we
learn of a stupendous robbery in the Sub
Treasury Of government stamps, which is too
mildly called defalcation. The amount of
stamps, mostly or entirely of one dollar de-
nomination, as is reported which Johnson
embezzled or stole is not yet known, but is
variously estimated from hundred and eighty
to three or four hundred thousand dollars.
The sum is very large at least And
here we have the old story in this
mans crime of Wall street stock operations as
the cause. With a salary of eighteen hundred
dollars q year johnson was entrusted with
hundreds of thousands of easily convertible
property Of the government, almost as avail
able as money-in fact, without any check
upon him-and his accounts never examined.
Catching the mania for stock gambling, which
prevails to such frightful extent, he used, it
appears, the government means of which he
was custodian. He commenced, it is said, his
stock operations last May, gaining q little
sometimes and enough to stimulate his pro-
pensity and cupidity, and then, as is usually
the case with such amateurs, lost heavily. He
had not, of course, any resources to make
good the plunder taken from the Sub Treas
ury, if even he should have had the disposi-
ton to refund. We have had frequently and
unfortunately to record similar embezzlements
by government officials and others holding the
funds of financial establishments from the
same cause Stock gambling is as demoraliz-
ing as the faro bank. Nor are the so-called stock
cornering operations by clique Of capitalists,
such as we have witnessed within the last day
or two by which the business community is
plundered, scarcely less immoral; and this evil
IDENTIFY was the opinion of the bank authorities,
who refused to let money go out on checks
to aid the cornering spectators. Whether
strictly legal or not, they acted upon the prin-
ciple that on public and moral grounds they
were justified in what they did. 1t is crafty
ing to know that the disturbance and trouble
caused by these gamblers in stocks and money
are subsiding. All such things-combinatio
to affect the market and business, as well as the
entertainments resulting from the same spirit
of stock gambling the want of high
moral principle and are fearfully demoralizing
the community. It may be difficult TO find
remedy for this great evil but it is becoming
more necessary every day that our lawmakers
should endeavor to check it at least. The diff
ferent boards of trade should take this matter
into serious consideration and make suitable
representation to the Legislature aud Congress
for their guidance. -. q;
CABLE COMMUNICATION FROM EUROPE TO Aus
TRAIn.-By special correspondence from
Australia, dated in Sydney on the Sd of August,
we are informed of the fact that the rejoicings
in which the colonists indulged over the receipt
of the first electric telegram direct from Lon
don were suddenly clouded by the cessation of
communication through the wire. Congratu-
latory messages had been forwarded to Queen
Victoria and President Grant, complimenting
the English and American governments on the
successful accomplishment of this grand feat
Of science, when the fire of the tongue of SUBJ
marine utterance was in moment quenched,
as it were, and the nerve of popular intercom-
munion paralyzed The occurrence is almost
similar to that which took place just after
Europe had spoken to America under and
from the depths of the Atlantic. The officers
of the company are endeavoring to repair the
injury to the Europo-Australasian wire, but
the break had existed for the space of month
when the HERALD letter was mailed, and the
restoration had not been effected. The search
for the injured portion of the electric rope off
the coast of Australia is prosecuted amid
ledges of coral reef, which renders the work
extremely difficult The light will shine anew,
Notwithstanding.