Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-09-25
THE RUTLAND HERALD.
r,,E FINANCIAL SITUATION.


The panic in Wall street was partial
/, overcome yesterday, and the wise &C.
ion If the banks in standing by each
ether. aided by the judicious closing of
the stock and Gold Exchanges, worked
tho excited fears of the people down to
mint where reason resumed her sway.
TbA intervention of a Sabbath at just
,ho rirht time, and the possibility of
,,ooninc the ''bulls' and clears" apart
ror = dav, has resulted in great good, and
-iyes suspicious promises for favorable
domination of what might have been
widespread disaster. Some of the sus-
oonded houses have resumed, and the
,onnling banks and firms were enabled
- brace up. so as to stand firm.
The two famous houses of Jay Cooke
g Co. and Fisk e Hatch, had come to
he regarded as pillars of strength in
6noncial circles. The former from its
carly and continued agency for the gov
eminent in placing its enormous loans
during the war, and its connection with
r,iIroads that had received subsidies of
bonds and lands since the return of peace,
had placed the house in the public
esteem upon nearly the same pedestal of
so'yency and stability as the government
itself. Fisk Il Hatch had always been
noted for careful management and sue
cessful tinanciering in handling large
enterprises, and to have these two houses
srs1,nd nearly together unsettled all
ideas Of so!vency on Wall street, and
entirely destroyed public confidence in
everybody. This is, of course, the NOV
inc power in a financial panic. When
neople lose confidence in their fellows,
and are impelled by deep pecuniary
interest to take care of themselves, they
rnsh around like so many madmen, and
first class panic is on hand ready for
use. a..... .a.....
The results of the last three days have
Given emphasis to the remark of Com
molore Vanderbilt, that building rail
roads from nowhere to nowhere, at pub
lie expense is not a legitimate undertake
ing. Railroads have been built and run
TO much in the interest of speculation,
while honest industry and commerce
have been regarded too slow and old
fashioned for the ordinary genius of the
average American citizen. The exam
ne Of Vanderbilt. Drew and Jay Gould,
with their millions of gold and their
priuro'y power, have perverted the NOR
al; and enterprise Of not only the stock
market, but also of the great railroad
enterprises about the country. We have
noted the reaction that was sweeping
over the country, and had high hopes
that the protest of honest industry
against robbery, imposition and gam
bling, would work out good results. The
public Indignation over the salary grab,
is an indication of the public feeling,
while the farmers movement in the
West is but the rumbling of the coming
storm.
We believe that this Wall street panic
will be useful as a lesson. 1t shows that
a new order of things is about to toe in
a1gurated, and will go long way to
convince the business world, in all its
departments, that there must be more
economy, better integrity and better
judgment, in doing business. The next
race Of business men will partake Of the
high notions of the yeomanry OF the
country, instead of acting upon the low
social and business planaof gamblers and
thieves. There is plenty Of currency in
the country for the legitimate needs of
business, and with return of public
confidence, we hope the money market
will I've as easy as the prosperous condi-
ton of the country will warrant, but if
we must have a season of staguation
and stringency, if it will hasten the day
Of the return of honest dealing, ccono-
mical administration Of public and pri-
yate affairs, and sound judgment in bus
iuoss enterprises, we shall feel that the
nation is better off for it. Let us come
down from our high pressure position,
and accept the rules of the christian re-
ligion as the rules of business, and fail
ures. want of confidence and panfcs will
he known no more forever.