The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1873-10-02
rHE FINANCIAL SITUATION.

has been followed, ae mignt nave Oeeu "a
pected, With long list Of suspensions =
Many Of the wrecked parties doubtless
have been brought to ruin BY the failure
ofthe supposed great milliOnsires' Wills
Others that have been kept aAO't BY to-
support afforded by Cooke & Co. Of course
went down when that supper! was with
drawn. Others ugnin who have really
sustained no loss by the failure Of Cooke
& Co. seize upon the opportunity to an
nounce, what was before inevitable, their
suspension. That The ruin that will result
from the oyerdooe business Of Cooke & 20,
will involve thousands we doubt not In
order that our readers may more fully uu'
dersiaud The situation. we extract several
articles 90 the subject from the New York
PRESS The Tribune says, our currency
is deprecated The premium on gold
the increased cost Of living, and the com
plele withdraw Of coin from circulation
afford sufficient proof Of that. tits dePre'
ciatcd because too much has been issued
TO add to tue volume will oUly dePreCiate
it the more. When greenbackS were
made legal tender and prices began to
rise, the debtors Of tho country found that
their debts could be settled for much less
value than they originally received from
tho creditor. SpeculatiOns were thus en-
couraged and an era Of reckless borrowing
was inaugurated. The furore Of gambling
spread 90 every side. The morals Of
thousands Of men in business became con-
taminated. We sowed the wind, and we
now reap the wbirl-wind. The iosidiou'
disease which for len years aud more has
been poisoning the blood cftbe nation now
shows its hOrrid work to the light Of day
and the eyes Of the world. FaiIblcssnCsS
to their trusts iu officers Of Government,
from the highest to the lowest, aud in Gus
todians of private funds, rapacity and un'
scrupulousness Of corporations; cowardlce
aud yonality Of those wLo should be the
guardians of the honest and simple these
have at last worked out their inevitable
result. The indignation Of the public is
reused. The cOfdence Of The public is
gone. The New York World says Be-
yond these considerations which unite tt
show the groandIessness Of further panic
there are two important points to be noted
We desire to impress upon the pubIl'
mind, now in condition to listen to
word Of warning, the practical deduction
which seem to US to follow irresisdbly up
on yesterdays disaster. The experiment
Of building railroads with borrowed mon
ey has been fairly tried, and must now b.
.bsodoued as a failure. It demands TO
its success protrscled ruD Of COED fOrtun
which no undertaking has right to cOuu
upon. Instead Of raising all the cost 0
railroads by mortgage bonds, with Ihei
half.yearly interest days, those who con
struct them must place large proportion
Of the cost at the risk Of the business; mus
initiate, IN short, the Illinois Central rail
road, even Il the imitation needs to b
complete, and involves tie paying in o
every dollar named 10 the certificate
capital stock. There are roads buidln!
even now on this wholesome plan; We d
not need to say how many have been IN
dertaken on The other system. Aud, sec
Oudly, the sound doctrine must be restores
Of giving no subsidies to railroads; neithe
lands aor bonds, money nor credit. TIL,
res. Of our railroads must be produced OF
business principles, If these two idea
are appreciated BY OUT people, the deP'or
able event Of yesterday win yet yield valu
able fruit The New York HerAd say
the suspension Of tue Cookies, who wer
highly favored BY the Government and to-
fuaucisl pet, of tue administration an'
who bad made many millions 10 the cOurs
ola few years through the favor Of tn
Treasury Department, ought to be a lessor
to The government. Instead Of squsnder
;ug money on speculative agents, who baVI
little power or credit except that which
their connection with the Treasury give,
them, the government should manage it
Owu financial transactions. Among Othc
evils resulting from the war Is that of en-
rishiug few favoriIcs at the expense o