The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-09-27
WAYNE COUNTY

WAYNE COUNTY,
'ze ~ Rahss /. Wan ss.sss. If
The New York Times of 6atassl
lay has i wen considered artioje On
ne panic, from which We take the
following extract: . -. ,- -
1.-THE banks have been departing
lrom their legiimate line of business
There has been 8 railroad mania,
and the banks have lent large sums
81 money on railroad bonds. - the
exclusion Of the merchants IF
these banks had confined themselves |
10 the transactionswhich come pro-
perly within their scope, we should
have seen no ,trouble in Wall street
this week. They have practically |
gone into the, business of .contrac- /
tors, brokers, and speculators The
projectors of all sorts of new rail
roads have absorbed the capital
icll.rightfanys belongs TO- the le-
gitimste trade of the country East
year, over 900 miles of new rail-
roads were hali1t, NOD 500 mlss of
which was really needed, or can be
turned to any, profitable use. The
foreign markets have been glutted
with these. schemes Many gross
swindles of one kind or other have
been foisted nponb these markets
during the last two or three years.
At last, confidence has been broken
down. For, some years to come,
nothing but . first mortgages bond
will find ready acceptance. Many
of our bankers accumulated rail
road bonds in the expectation that
they would be taken in Europe
They supposed they would get a
commission, and with this they
proposed to retire from the scene.
But the foreign market suddenly
failed to take the bonds offered to
them. For the present they have
had enough Theinvestinents sub
mitted to them of late yeats have
not paid A great deal of capital
has been sent over here for which
mo return whatever has been made
The public would be surprised if
they knew how many swild cat
schemes have been placed upon the
markets in London and Frankfort
with temporary success. Now the
reaction has come, and we are suf.
feri ag the consequence of q loss oi
confdence insoneiniportant branch
Of our national enterprises SD
T In the following extract from the
New York Mail Of week ago, may
be found solid reasons for conf
dence in the future notwithstand
ing present squalls: rgotg9 odt q
3sIhe western merchants are al
ready sending their orders, or buy
ling personally, with more liberalit,
and confidence In the future thar
they have shown for many year,
past .They were prepared for hare
ftimes; tht &bnndaht ana fxpidf,
marketed crops enable them 4
purchase far more largely than the,
expected. The south, which is be
ginning to market far larger cot
ton crop, than was counted on a fey
months ago, win also be able I,
swell our, trade during tho fall +
vast dimensions. So far as "
know, all branches of trade in thi
city are prosperous and hopeful
IF Wall street viii only have brain
enough toget along withonta need
less snarl, and pluck enough not !
yield to the cowardly whispers 9
unprincipled operators, all win ;
we'll" e,;@ - 80 ,~4ss.s.-s.
/ lfiaia4ns QUITTING DOWN. arnssa
! ei The Governments has wisely deter
/ mined to use portion of its lArS
+ surplus in the Treasury to relieve tt
/ situation in Wall street by the ,pul
! chase of bonds. Aside from the in
mense effect this will have in bridi
/ ling over the crisis and allaying pani
/ lit is a good stroke of financial polio
/ for the Government tolsbuy up its 81
! curities at the deprecated rates no
I offered. Even those who have carpe
i most at any interposition of tt
Treasury, Department to sustain ii
credit of its legal tender notes or |
!. relieve money pressure, are a
. agreed that the policy now decided {
is highly commendable, as we'll a
salutary in its effect. This measu
alone should be sufficient to arrest Il
', stampede in Wall street and to. pr
vent the extension Of panic into 9th
! quarters. !.
! Another quieting and wholeson
:. measure is the concerted action of Il
!, New York bankers to sustain eas
! other by issuing ten millions of Clea
: ing House certificates, to be used
aiding any bank which has ample a
T sets to meet its indebtedness, thou.
: not Immediately convertible into cas-
1 The effect of this policy will be full
appreciated by the public. Combin,
! with the action of the Governnel
:. just noticed, it will enable all solve
: banks in New York to endure t
J pressure; and this fact, being know
I the pressure will naturally cease.
9 The bankers Of Cincinnati may CO
: gratulate themselves on the safe a
= conservative policy which now, as /
! former occasions, has secured the
! against possible disaster. There is
: cause for any alarm here, and 0
J! business public, having met the NJ
{ mentary danger Of last week in pr
! dent and commendable spirit, m
!, safely rest in the assurance that t
4 crisis is past. Every day will ma
! the situation better, and affairs !
Y trust; will speedily resume the ev