Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-05
rs THE CRrsrs ovER2

New York says, Yes. There is per-
sistent effort on all sides to quell It and to
postpone il. AS things stand, this may be
best. The surcease Of failures in New York
is generally taken as good omen. We
would feel more relieved if Friday had de-
valoped brisk fnsilade of first-class fail.
uresi Why2 Because we are pretty well
satisfied that somebody has been hurt; and
when the dead and wounded are removed
from the field, we would feel more certain
the battle was over.
The New York programme, IS we in
terpret it, is TO try to keep the gored bulls
on their feet long enough for them to re-
cuperste. This may be practicable, and,
under our awkward system of finances,
desirable. But the unpleasant fact remains
that the gored bull can be preserved
from fatal collapse only by a continued
TRANSMISSION Of the life-blood of legitimate
commerce and industry. If tlere are 10 be
no more failures, we look for a continued
striDgeney in currency. The present plan
is to prolong the agony in mitigated form,
until the recuperative powers of tho conn
try restore healthy circulation.
We have read of the generous merchants
OF New York--how This business man and
the otherl Inconvenience himself and his
customers, refusing to call Oh the hard
pressed banks for his own money that he
needed. Perhaps it was charitable, but
charity ought to begin at home. Without
this generosity, the crisis would
have been sharper, but shorter. The
gamblers would have been crushed
al once, and we think regular
business would not have suffered 1.-THE of
what has come to pass. 1t is the effort to
bloy the gamblers that has made currency
scarce. Such Is one element of the stu
alton.
Beyond this, there was palic-that ex-
tended to all classes. Capitalists locked up
millions of greenbscks with Safe-Deposit
Companies, while serving girls slowed their
scanty savings in their stockings. Whence
this widespread panic? Its one great cause
is the widespread corruption in high places.
With Radical rule and Radical whitewash-
! ing, defsult:rs and embezzlers have become
respectable. High position, either public
or private, is no longer taken by the masses
as guarantee of integrity. They have
seen too many government defalcations, too
many bank embezzlemen:s, etc, hushed up,
and the offenders resume their wonted
walk in the role of responsibility" The
Cincinnati Commercial states that in the
early days of tbs panic, confidence was
wanting, simply because people knew not
in whom to coDfide. Men asked, Is this
another Broths;-in.law Corbir flair?
Bankers had no confidence in the fidelity of
pubic officials.
Is the crisis over? Yes. The merchant
and the farmer AMI the workingman viii
grin and bear it; the currency of trade viii
be cramped to sustain the SPECTATORS; &C.
casionally one and another will become too
heavy for bis friends and fail. Ard in the
end the moral effect of the explosion viii be
utterly lost.
But, if, in this delicate process, the New
York manipulators make few mistakes,
dropping too many dead ducks at once,
again alarming the masses, sll the elements
of another panic are at hand to ignite in
stsntly. Our widespread official cOrruptio3,
breeding private imitation, and undermin-
ing all confidence, remains.