Wilmington daily commercial. [volume] (Wilmington, Del.) 1866-1877, 1873-11-03
ERELHIs0T0E. DELI
Monday Afternoon, November 3,
THR GRAVITY OF THE sITUATIoF-IT DE.
HANDS PATIENCE, AND WILL NOT PER.
NIT FORCE.

Everybody begins TO see that the panic ia
not q mere passing shower, and the fact. after
this, which has como out most plainly within
the laAt fortnight, is that where great interests
are temporarily embarrassed, though really sound
at heart, they must be assisted and given time
to recover. There has already been q great
deal OF disposition shown by imprudent credi-
tors to force liquidation. This is not good
time for that sort Of treatment. All the inter
ests Of the country are too Intimately associated
to permit the slaughter Of Jay Cooke, Il Co. or
the sprsgues, or the Northern Pacific Railroad
to say nothing Of the smaller enterprises suffer.
ing for the time, as they are. This ia not a
time to wan'only destroy values tley should + a
s'Ved and nursed. 1t is time for patience
moderation, and assistance and not for a cold
blooded, tWo-penee half.penny, policy of fore
Jog an embarrassed debtor into bankruptcy
Among the most important elements Of opr
national strength and material prosperi.
ty-We may ssy, with safety, the greatest of those
which are the product of human hands-are our
railroads. And yet there has been most min.
dcious and foolish disposition manifested 10
treat them as if they were public epemies.
Some OF them are premature, perbaps some
have been built before they we're really needad
and capital is lockedup in them, which sheuId
have been otherwise used; but there is not a mile
ofrai laid for which the country will not in a faw
years, have legitimate commercial use. Ma.p.
while, the credit OF the roads must be sustsinsd
and not destroyed and those who have inva.,od
in them must be protected. not demorslized md
slaughtered. The magnituds OF the intsrasts
ia fbaty q
ana time Is not granted; il every embarrassed
enterprise is to be attacked by its creditors and
forced TO hquidste, at once we shall pull down
the whole structure Of American material inter.
ests, and bury everything in the ruips
crushing not only ourselves, but INJECTING such
wound on the public and private credit Of the
nation as would not be healed for years.
Apropos to this very subject is the Chesapeake
Oho railroad, whose semi annual bond inter.
est amounting to about $4,000 fell due on
saturday, and was not paid. The road ia naw
has cost more than was expected and has NOT
yet got upon its feet. 1t has not earned the in
terest, and il payment of the eounons bsd r.,
maze II would have been by negotiating some
SUIT Vi temporary accommodation, and so in.
oreaslns the floating liabilities. The Directors
tnerefore decided to default the interest. and m
oner 10 the bondhoders to fund this and the
next three coupons in income bonds. This offer
WILL We presume, be accepted the bondholders
nave no doubt learned that much wisdom. by
TINS time and seeing that they must wait a
little and not undertake policy of force in times
Ike these, will take their Income bonds and su,
render their coupons, In two years, the road
VIII get upon its feet, and while it is doing so its
improving condition will give credit both to it,
nrst mortgage and the income bonds and make
them both marketable. By little patience. A
little assistance, and little management the
interests OF both debtor and creditor will be thus
preserved