The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-24
Public Feeling in Richmond.

The surprising news from Iet'isoe'S -
received here at an early hour Yesterday
morning, created more Of interest than Oh
exciten1eu, in this community. The D's-
patch builetin.hoard was crowded tor se'e'
IA. hours bu: after reading the news people
Withdrew and went about their business
with no unusual excitement, but manlieslipS
much sympathy for Petersburg.
The banks seemed to be in no wise tie
objects of attraction, and so far as the appear
apcc of customers at their counters WAS con-
cerned no one could tell the day from any
,,bcr-no one could tell that any unusual
excitement existed.
We publish in another part OF this morn
iuc.s Dispatch an account Of the appearance
OF things in relation to the financial intelii'
gencc yesterday, to which We refer the
reader. ...
We do not fear panic in this city, but II Is
proper that we should say 4 few words peril
nent TO the possibility of undue eXc'tc-
mcnt.
First. The nature Of panic is opposed 10
reason. Men act wildly and riSh'y. ana
neither consider rightly their own Interests
nor those of the community. NO bank can
stand a run upon il hv it, dcpoSitorS under
the impulse OF such madness. Deposits are
loaned out. and if Immediately demanded b!
the dcpoS!tors they cannot be paid. Every
man who knows any thing of banking knows
this. The banks keep enough currency for
daily wants, but never have enough to pay
all their drpoSitorS and though their bills
receivable and their collatcrit> may be five
or ten time, the amount Of their deposits,
they cannot pay them when suddenly de-
mandcd.
Second. The consequence Of forcing Il
national bank to suspend is fatal. 1t at once
goes into the hands of the receiver and Is
wound up. ard its assets di, idcd amongst
tic,osi,o;S and stockholders. This process
reuuircS months. during which the COM
muni,y losc> the capital locked UP III 'hc COZ
Germ. Such consequences would be Iulnou>
10 business and place community under
great embarrassment.
Therefore. WE SHOULD AVOID rASiC AS WE
WOULD PLAQUE. Indeed, there Is not the
s,iehtc>, occasion for one. The banks OF
this city are well managed and have the con
fl !cncc OF the community. They are not
complicated in the slightest degree with the
institutions OF any embarrassed community.
They have confined themselves to the lc9ti-
mate mercantile and manufacturing busl-
mss OF the st,tc. and are therefore in that
condition Of order and so.yency which even
il New Ioik has been sheltered from the
storm. They are rs sound and solid rs any
banks in the Union, and can 90 on serving
the community and promoting the general
welfare IL. Ion. rs healthy state OF public
feeling prevails; bat they c.n no more than
the best institutions els where resist the un-
reasonable Geman ds of an excited people.
We have lccn familiar with money pres
s:lres and panicS for more than forty years,
and we may say wiki entire truth that tins
community has always borne such excite
ments with unpara lerd self.posscs>ion and
prudence. They have shown wisdom, for
bearancc, and faith. They knew that their
interests were identified with those OF the
banks, and they knew too well the con>e-
xIucnccs to themselves to do anything TO i'm
pair the credit of those institutions.
Fortunately. Richmond has always had
good banks. and still has them. Never since
we knew the city has single one of her
banks failed or forfeited public confidence.
Now let lis hope that whatever other cities
may do the people OF Richmond will main
tain ut this time tner high character for
self.control and wise regard for their own
interests. An hour of folly may leave them
months of repentance. Our city is steadily
improving, and we are in the midst OF a
prosperous fall trade. TO retard the general
improvement and put check upon our
growing trade now by impairing the public
credit and gripping our banking capital
would exhibi, to the world one of the most
sad cases of public folly that ever happened.