Wilmington daily commercial., 1873-09-27
FIRST EDITION.
PHILADELPHIA.
OUR sATuRD DAYL LETTER.


| PHILADA. Sept. 26.
We have settled down considerably here, al
though we are by no means at perfect peace.
Still, the ull after the fierce excitement of last
week gives an appearance OF rest. 1t is not an
ticpated that any further failures will occur, al
| though it is quite impossible to say it seemed
less unlikely ON Thursday week that Jay Cooke
& Co.. should suspend than 1t now seems that
any similar disaster may happen. There is gen
eral congratulation that the convulsion only af-
fected the dealers and speculators in money,
without disturbing the commercial and mer-
camille interests. Doubtless the solidity Of our
National Banking System was the main breakwa-
ter in this direction. This panic, therefore, al
though in the field it ravaged as ruinous thing
as our community has ever experienced cannot
be compared with the revusions Of '57 and 81,
when the merchants as we'll as the brokers fail
ed, involving untold distress upon creditors, of
all kinds. We have therefore great deal to be
thankful for.
As for the Deposit Companies, State Banks
and Saving Funds, they were doubtlsss saved
by the stand made by the Fidelity Trust Go
That company paid out million and a half Of
money in two days and yet dehed the panic-
stricken to do their worst. The sight OF such
courage r6stOron commence, Dut II tne
had suspended 1t would have gone hard with the
rest for general rush would have set in which it
would have been impossible to Withstand. To be
sure the Savings Funds require two weeks no.
tice but il depositors all-or in major part
give that notice it is equivalent to an immediate
demand for money, for the issue is only post
poned few days and it would have been i'm
possible to negotiate the securities held in 30
limited period. This may be considered dem
onstrated. With the State Banks and Deposit
kIar tpnuld haua haan moi
summary in case of general run" The Ma
tional Banks might have stood, but who can
tell At least, the service done by the ''Fideli-
ty" is veri real and tangible.
Over all is the mystery attending the fall of
Jay Cooke. In one sense it is no mystery, for
we know how he fell but in another sense it is
a mystery profound and unfathomable. OF
what use now is it to talk of Mr.. Cookies chari-
ties-of his liberality in all good works,-of his
service to morality and religion The plain fact
is that he obtained money under false pretence.
His crime in this is two-fold, and involves two
separate classes Of oonfidiug people. The first
cass--his depositor5 - never dreamed that the
money they put so trustfuly into his hands was
to be sunk in the trackless wilderness Even
had they believed In the Northern Pacific Rail
way project they did not deposit with Jay Cooke
x Co. in furtherance OF that project but because
they thought the house safe depositary for
their funds, and that those funds would be used
in legitimate way.-just as the Drexels employ
their money. Mr. Cooke knew that it was on
this suppostion his depositers placed their
money in his hands. The second class-the
Northern Pacific Bondhoiders - did not suppose
for their part that the agents Of the road were
going to make heavy advances outside of the
money accrung from the sale of Bonds, and
thus crippling the Banking business of the firm
plunge all, banking and railway interest alike,
into common ruin. Thus Mr.. Cooke stands con-
vcted even by people who desire to deal Justly
by him and who by no means exult in his down
fall. There is no escape from the miserable po-
sition in which he has placed himself. There
was besides, no excuse for this inoTdinate ambi-
ton. He was already enormously wealthy. and
that he had no right to risk the comfort and hap
piness of thousands of people, it may be- in order
to double or treble his millions is 30 simple
proposition in morals as not to be disputed.
Fortunately we have another exctement-ths
time OF plessurable sort-and one calculated
to relieve peoples minds of the nightmare pres
sure Of the past week. diversion such as the
Masonic celebration ia hailed as a real relief it
comes just in the nick OF time. We all felt like
throwing off trouble as far as possible, and the
mystic brethren have given the opportunity. To
be sure no great show is possible in Masonic
Festival, at least in that portion of it in which
the public may participate, The sober black
suit relieved only by the white apron, does not
have a very impressive effect in a procession.
Masonic parades cannot compare with the pic
turesqueness and variety OF the paradeskof the
Military the Firemen, or the Trades. All that the
Masons have to offer against the gorgeousness
OF other paraders is the difference in quality Of
those taking part, and this makes itself felt in
qniet but effective way. Thousands OF men Of
the better sort "a large proportion OF them either
rich or we-to-do, joined in the procession to-day
and the spectacle was unique. Again, however,
men Of this sort do not care to tramp twenty or
thirty miles in every section of the city as the
firemen and the military are not above doing.
The parade was confined to Broad street and was
therefore not as generally enjoyed as it would
have been If the Brethren had been little more
self-sacrificing. Still within its own limits it was
pronounced success. Over $4,000 men were in
line. The day was perfect, the crowds were i'm
mense, and the plessurable excitement infect
ious.
The city has not been as full Of strangers for
many day. 1t is doubtful il there was great
| an influx even for the Centennial performances
| of the 4th Of july and as that was the out-of-
town season for many of our own people the
| city had not then the crowded and hilarious ap-
pearance it wears to-day. The festivities COM
MERGED last evening with Ball at the Academy
| and Horticultural Hall, which was very grand
affair." albeit the weather is little too warm for
| such indoor crowds. The Knights gave ey-
hibition drill which was received with etfusion.
| Following the festivities to-day there will be a
/ parade of Knights Templar on the Both and for
some weeks thereafter the dedications of the
/ various Lodges in town will keep up continual
i movement in Masonic circles, although much of
/ this will be lost upon the outside world.
The occasion OF all those fine doings is, as any
| body knows, the formal conservation of the new
i temple at Broad and Filbert streets. The entire
i cost OF this great work, including $156, 900 for
the ground, has been 81 ,475, 900. 1t is the most
i imposing building of the kind in the world, and
i the brethren are proportionately proud OF it. 1t
i ia a most peculiar looking structure but very
i few persons would pronounce it beautiful. Mas
i siveness is its predominant feature, but there
| is a great deal of fnnicky ornament about the
| front that is continual fret. The sides, and
especially the rugged strength of the undressed
| side upon Juniper street, are more pleasing to
most people than the front. with all its elabora-
| tions. The tower is magnificent but the great
/ doorway on which 30 much care and money has
been expended is a disappointment that is to
the carnal eye to those who appreciate its mys-
| teries it may be the proper thing The ceremon-
i les of dedication were, OF course, private, tam
| tazing state of things, which the public had to
/ put up with as it best might. When the short
route had been gone over the lodges entered the
| Temple and there the pageant for outsiders
ended. Only the members of the Grand Ledge,
/ indeed, assisted at the Dedication; the other
/ lodges merely marched through the lower hall
| and emerged at the Juniper street door, 30 that
thousand of Masons themselves know no more
of what was done in the wonderful "Cerinthian
Chamber" than the rest OF us, if that ls any COM
| fort.
With all other exciting matters, the terrible
double tragedy in West Philadelphia, still alb
| serbs wide attention. You have already pub
lshed the points of the affair. Considering
everything it WAS one of the strangest and
| most lamentable crimes ever committed in Phil
| adelphia. do not mean by this alone that the
possession OF great wealth renders a murder or
| ida ad Mr. and parkar