The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1873-11-13
THE ISSUE OF THE HOUR

SN' w N0uJ Iha' IL stlll e&l5tS, would be
useless. There is uneasiness yct-be-
gotten Of uneasipess, rather than of any
substantial cause; and therefore not
liable to arbitrary treatment. Look as
long as we may and as eagerly, we can
find only one reason for it; and that is
want of confidence.
There is no difficulty in tracing the
results of the panic from its inception
in the middle of September, up to the
present. First, few leading specula-
tive banking concerns fell through; and
the people wondered. Next, houses
connected more or less intimately with
the spectators caved in, and then the
public were alarmed, thought their
money no longer safe in banks, and
hsstaneel to draw It out. Here the
chief evil began. There was no neces-
sity for pursuing such a course. In
every city a majority of the banks were
known for their utmost reliability; it was
well understood that they had been con-
servative in their management and were
Involved in no complications that could
Bring danger to themselves or their de-
postors. These should have been
trusted. Only very small number Of
banks suffered suspension, and such be-
longed chiefly to New York. and were
SO plainly marked by their policy that
there need have been no special difficulty
in picking them out. But, instead of dis
eliminating, depositors drew upon almost
all institutions alike, and so embarrassed
all. Fresh suspensions inevitably en-
sued, and this increased the alarm.
Thus the panic fed upon itself, and has
been kept up ever day since by
fear
Embarrassment of business men fol-
lows as the natural sequence of the en-
barrassment of the banks. Previously,
our manufacturers and merchants of un-
doubted commercial standing had no diff
ficulty in obtaining money to conduct
their several lines Of industry, upon ten
dering good security but when the
banks had to refund to depositors, there
was, Of course, but little margin left for
discounting. Even those institutions
which had not yet experienced a heavy
"run" felt nervous, not knowing what
day it might come, and therefore were
deferred from accepting paper that
would, few weeks before, have been
taken with alacrity. So we find our
business men srafc- Of monoy, thoir
workshops reducing the number of
hands employed, or the wages; or event
ually closing. Then we travel another
step, and find the workingman idle
himself and family iu want, This has
literally been the course of events, and
the picture we paint is not local or re-
stricted in its application, but unfoltun-
ately national.
Sow, if such be proper analysis Of
the troubles that beset us {aud we think
no one will dispute it) what is the plain
dnty OF the people at this hour? Is it to
nourish the distrust that has already
brought about such decentralization -? Is
it to talk twaddle about issuing more pa
per money, when, for every dollar so is
sued, values will be proportionately in
fAted and new complications ensue that
may be far more serious than those now
on hand ? Is it 10 aim at promoting po-
litical reputation by attempting the great
circus act Of resuming specie payments
with S250,000 in silver, when the obli-
cations to be redeemed exoe6 s700,000,-
600? All these issues are foreign TO
The question. We are of opinion the cue
thing that We want is confidence. Let
men trust one another and trust banks
with good directors, as they did before
the spectators failure and inside Of
forty eight hours there would be a per-
ceptible reliet. There is more currency
in the country now than there was before
The 18th of September. Deposit it with
sound institutions-who does not know
Of one or more?-and it will soon find
its way back to start the wheels of in
lustry anew. We still hope that the
people will have the common sense to
pursue this course. Never was the pro-
,riety of any course clearer, or its eff
,acy more manifest. It is suicidal to
lug suspicion that really never had leg
% stand upon, beyond what too easily ex-
,ited imagination loaned. Jay Cooke
md Henry Clews and few other brok-
RS were not ready to meet their debts.
That was the sum of the case at the out
tart. Must the whole country be pros
rated for their failure? Verify, a lame