The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-21
The Brokers Savage War.

The repeated wars OF the Stoch-DroheTs
and bankers OF New York are peculiar to
she corrupt arc we live in. They are in ma"
sur. snl practice savage. They arc ubre-
xsxained hy any rule Of honesty or any feel
snc Of humanity. They are ruthless and
rclcB.lrs-, and are stimulated by the meancst
sassior of the human Gi,position-ayarice.
Il Is a great misfortune that there are no
aascr. means Of ending them.
The repeated psnics, which are brought
On nv deliberate plans, leave no lessons that
a1cr respect. They are at every return Of
she calamity - poorly prepared TO resist II as
thsv were the iirsy time it fell upon them.
This i owing to the vicious impulses That
stimulate all men who enter the business OIL
gambling in gold and stocks. The victims
=! TO-DAY are the yictors tomorrow. Each,
in ,urr. seeks 10 "gct even ut the game by
which tc loS:.
The ,,anic we have just witnessed, and
which :, not ye, subducd, was unqucStionl-
My deliberately planned. The autumn
seems ~ DC favoritc time for hostlhtle>.
The memorable Black Friday occurred on
the .7.h Of September. The means OF COM
rntIce are then actively engaged i'll moving
the produce .! the country, ana obligations
RI increasing. Capital for other purposes
ei,au tic regular honest trade OF the country
= prn ',ahiv more limited than 1T other st;l-
ton>. With the most complete system OF
zsreriu;nne how money matters stand, Inc
gamblers form their plan Of attack anu dra"
shrir lines about the community, 80 that
.sonlc arc surprised only after they arc fairly
cvcrpowcrcd.
In tho present panic those who had adj
ya.iccd money to railroads were III the folds
.sf the anaconda before the panic from JAY
COOKS failure took place. That set the lire
loose. and then the financial houses one after
another rapidly suspended.
That The failures which have occurred
were nearly all produced by the panic, ana
need not to have occurred at all, we suppose
everybody believes. The houses which had
a,ivanccd money to completed railroads. that
were in successful operation held Sood sect-
ritic,. The railroads have been more sue
scssfnl than ever, and Promise to become
yearly more strong As they pay OIL their oD'l-
-rsrionS, Those who backed them were Sc
cure. and did the public a service by sus-
sainin- the important arteries OF commerce.
But, pressed by the panic, they were COM
x,clled 10 suspend; and that WAS what the
gamblers wanted them 10 DO.
Those firms which incumbcred themselves
IL, L.. lfn al ted
railways were differently situated, and might
have SUSPENDED in the regular way OF busl-
ns-s without causing pane. JAY COOKE S
ease Was the most prominent Of these, ana
,hcv are but few. With the immense temp
sations of ultimate profit from the building
OF the Northern Pacific railroad, so lariShly
aided BY Government, he undertook to Sc
sure ile means for that purpose. Ii was IN
the eyes of sensible, practical men a route
pshoyc feasibility was every way doubtful ;
and with all the arts and appliances EN-
ploycG by Cooke lie succeeded in giving the
project only a very temporary and limited
popularity. Its bonds became utterly un
ssleab!c and his advances to it were suili
SIIutis h'i ot, da We SCcs W Nitpl9C hiih auo
sompe! him TO suspend.
But there is n radical and deplorable error
IN the financial system Of great city which
works such disastrous effects upon both sol
vent and disabled houses. The bold ant
shameless gambling in Wall street ought t.
he checked. The selling ut the Stock Boart
OF thousands Of shares of stock more than
are in existence is mere gambling-so also
we may say Of the gambling in gold. Ii
possible, men should be made to pass the
shares at the time Of transactions in them,
and so of the gold. The plans of corner.
lng0 are great evils, which, however, often
meet their antidote in the market. But New
York's great evil is the vast estates held by
unscrupuIous and dishonest men. Time and
.sxperince may bring about means to defeat
aheir pernicious customs; and all men will
pray tha. this may not long be postponed.
The whole country suffers severely from
them.
IT
LrrgLLs Lying AcE.-We have from the
g,uhiishers that excellent paper the Saturday