Huntington independent. [volume] (Huntington, W. Va.) 1871-1874, 1873-10-02
The situation.


Americans are a people Of impulse
They depend and act upon the moment
il the affairs Of life to an extent that
j, too often hurtful to their best inter
est Their proneneSs. TO eXciten ent
when graprl'z h any real or sup
posed dange, assists in eliminating
and increasing the fitness offs fruits. II
the recent shock which thrilled the
country by the announcement Of the /
failure Of jaw Cooke & Co, there had
been cooler heads, and wiser counsel /
and more prudent action the country at
large would not have run mad before |
the spectre, but would have steamed
the current and many failures subSc'
quently recorded would never have
occurred. But when the news was
hcralded before the world that the
leading banking Institution Of the laud
had closed its doors upOn its creditors,
aud asked for time to adjust its affairs,
that moment the financial brain Of the
nation is stricken, which ultimately pre-
cipitateS into confusion the whole
monetary system. Now, instead Of the
clamOr and peremptOry demands made
upon the banks by their creditors at
this critical moment, there had been q
calm and reasonable inquiry made into
the nature Of the impending danger
and deliberate action taken for the
general good, the force Of the threat
ening calamity would have been stop
Jed, and order and motion " ould have
continued. But the opposite course is
the history as It stnuds, and the tumb-
ling Of dozens Of tie principal mstitu-
tons is the natural product Of this
incorporate action With that same
reckless disregard Of reason that impelS
Ineu to cover their full resources in
schemes whose surfaces indicate large
profits to investments, turns at the ap-
preach of seeming peril and furnishes
by the attendant alarm, the very ele-
ment Of destruction Of the purposes it
aimed 20 accomplish. Had deposit
tors at New York through the FIRST
week of excitement maintained an atti-
tudc Of confidence, afterwards inaugu-
rated at Richmond, and continued the
routine of ordinary daily life, drawing
aad depOsiting the usual sums, many
banks which we're swept before the
tide would be independent aud solvent
to-day. twas the frantic misappre-
henSion Of the real situation that pro
duced the panic and its results
But tine experience is not without
It's lessons aud its caution. 1t will
teach Scheming men and combinations
the impracticability of unsound and
false systems-against operating gigan-
tic undertakings without adequate and
legitimate meanS-againSt constructing
railroads through barren sections with
money obtained through misrePresenta-
ton and fraud, aud warn the country
.-ailst oil insinuating circulars Pur-
..,.t:Ag to represent facts, or invest
ments in worthless securities. To those
who turned an attentive ear to Mr.. Jay
Cookies well executed pamphlet, will
not forget the lesson Of the Northern
Pacific bonds, nor will they likely seek
homes of perpetual summer in lati-
tude of snow. They will prefer to in-
vest their surplus capital in enterprises
Of less pith and moment at home, to
placing il in unstable and fuctuating
stocks abroad. With the later adyi-
ces the intelligence comes Of a calmer
state Of feeling in the east. Conf
dence is springing up; business is re-
sumiDg its sway and ere another month
shall elapse tranquility will have set
tied upon the country.