The Volcano lubricator. (Volcano, W. Va.) 1871-1879, 1873-10-07
ZEE PRESENT CRISIS.
a word 70 Business Men.

The faarc; aitroubie and excitement
which mas prevailed il New York city
Tor severa! days past, and has caused
the suS ocrsion Of several leading bank
ing houses in that city and their
branches in Philadelphia and Wash
ingson, has NOT extended 10 the in
teric:, ros affected as .y-, any leading
branch @: trade or manufactures, ex-
cept in the instance or Locomotive
Works, in New JERSEY.
The bcst authorities attribute this
crash to the speculation of :hesc banks
n railroad tor3> ot' doubtful value
NJ baux any where has ycl failed doins
!es:ti:nat= commercial business. The
o;.iy thing to DC !eared is panic, in
whl.n communities lose their heads
and demands 81 banks their deposits
all * cnce, and altogether, which, from
The lack u! currency which. everywhere
yTc.a;.s through the coun;rr. few. ii
anv, OF the banNs could Meet al DAYS
notice. although having in their vaults
secu:iiieo ard co!iaicraiS isn!cio the
l"i"Irr .: :n=:r deposits.
II mist &C remembered that banks
recr:Te ;heir money ircm deposltors
-! hen loan il on good securities. sand
10 not keep large amount Of currency
unemployed OH hand, Tor II they did
SO, saci: dcposiiors would be unre-
!nGnerat.ve. It would be no object Tor
hanks 10 ;al,e DEPOSITS, and open &C
counts al large expense. Tor the simple
accommodation OF their depoSitorS and
!ae safe keeping o: their E:uds.
The safety Of .ne business pubic and
al our citizens and property owners
les II not compelling our banks to
sacr,.ice their securities aud convert
.::c.r assets AZ days notice, bul 10 :.p.
p - III. banks 90. lao more funds
than they need in their usual every CAY
transactions, ana then our banks can
carry or the mercantile. Eauuiactur-
!ag and other business interests o; this
c-grtty safely, and .egi,ima,ely.
Such is the tore OF all our exchanges
in the cities east AID west, and for
sterling So2i sense We eau heartily
commend the .eaaer in the Buffalo
~e%rts% ~ Wednesday last, which is
'''-!! WORTHY careful pera&al, ,o Wit:
"ihe occupation OF the man OF stocks
= .naecd suspended for the xonee-
c!:.ls and bears are equally unhappy.
aai:Hs nothing 10 fight about-5ut
legitimate business is rai.ying from its
:nomentary shock, and the public pulse
4: :nC financial centres beats with COM
pa1atlre ca..nness once more.
- the same time the recovery of
tone IT the financial system must needs
be gradual one. The past week has
becn one Of terrible depletion; it will
.~4uire time to bring back confidence
ana restore the vanished currency 10
.sS Old channels. Yesterday il New
IUIG demonstrated that the banks are
to stand firm, and that only modcra-
Ion S..- sanity on the part OF the pub
nc are needed 10 tide over the danger
completely. The purchase Of bonds
oy the Government contributes much
- :r'iere the situation by supplying
cu--cncy where it is most needed
H:vplc realize also that, outside the
c..c.aS OF stock speculation, the gen
aTai business OF the country has never
BE IN better shape to meet disaster.
There are always in every com
.apnity panic manufacturers, and they
No IGsy yesterday, even in our own
c.,y. We 60: say with confidence and
s-~~nasis that there is nothing in the
cc....t. .. u the Buffalo banks, whether
'!scount or savings, to make panic
.. Il must be fabricated, ii at all,
At - mole cit.h. They are sound
md fally prepared to meet every legit.
;:!:le delaanI unon them.
Everybody understands, of course,
- no bank in The word can give the
~-..~sicy on demand for the whole Ct
- liabilities. lit eu.,d ~ Sa It would
~; 5e ban". Tor it must invest IFS de-.
r-a.,. ~ ord e 10 business at al, and
...:- Is EeeCed to tura the best and
.rost abundant assets :nto cash. This
;s particularly true or our savings
2aoEs which are i, >trc"s:y founded
o.. .,yua ...G ample SECURITIES as any
!,a.-.G. institutions can be. Yet ii
81 the aepositora o! any one of them