Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-22
THE FINANCIAL PANIC.


country are now passing, will be temper
ary. Perhaps it is needed to clear the sur
CHARGED financial atmosphere. as thunder
tempests are needed. and are real bless
inps, In purifying the atmosphere. though
the merciless bolt may descend into the.
bosom of an innocent family, carrying
death and destruction in its train. One
good effect of the panic may be to lead
moneyed men to look about them and see
if they cannot find some local enterprise
in which TO invest their money-somethlng
more tangible and less visionary than
western railroad bonds or balloon securi-
ties-somelhing that will build mills and
machine shops. setfactory wheels running,
and furnish business at our doors. Then
will our boys and girls have some work
to do at home and the State cease to be
depleted 1t may learn moneyed men to
make their investments nearer their own
doors.
There is general surprise and regret that
the Messrs. Jay Cooke & Co., should sue
cumb for the time being to the run upon
their house. But undoubtedly their abili-
ty has been overestimated. They have
been conspicuously before the public, and
the people may have got too exalted ideas
as to their financial standing. Every
thoughtful person who knows the services
rendered to the country by this house, will
desire to see it emerge speedily from the
cloud that now lowers over it. The gov
ernment stepping in on Saturday with its
timely aid, scattering ten millions of dol
lars from the vaults of the United States
Treasury. has doubtless by this time
brought relief, and eased the money mar
ket.
Some Of the spectators will undoubtedly
be pushed to the wall never to rise again.
Their exit from business circles will be a
public blessing. Many individuals and
firms, living extravagantly and doing bus
mess. upon borrowed capital, paying a
large per cent, and drawing their checks
upon Moonshine banks, must submit to
inevitable fate and ''go under" Others
will rally, after being cast down for sea-
son. and. gathering strength, rise to their
feet again, with courage stimulated by
temporary adverses.
The country has passed through too
many shocks like this to be unduly excl
ted. For thirty days or more men will
hold their purse strings tightly, not know
ing where to invest or how to invest; thus
business will indirectly be affected, per-
haps; but the country is rich in material
wealth, and not in paper bonds. The
crops have been gathered in, and 10 the
barns and graneries are not large enough
to hold them corn and wheat have been
produced in such abundance that even
railroad transportation is too meagre and
slow to bring them to the consumers. In
everything that goes to make up the ma
terial wealth of the country we have an
abundance, and this little rufile upon the
waves of that financial sea that is restless
in its best estate. will soon pass away,
and business move along in its accus-
toned channels.
THE RESCUED EXPLORERS.
The rescue of the Buddington party,
says an exchange, by Dundee whaler.
brings the history of one of the most re-
markable Of Arctic voyages to most re-
markable close. Probably no expedition
that ever penetrated into the frozen seas
was so i'll equipped for encountering the
dangers and trials OF the Arctic winter as
the party led forth by Capt. Hall. Yet it
succeeded. partly perhaps by luck. partly
BY the courage and persistency of some of
its gallant members. In accomplishing i'm
portant scientific results, and passing be-
yond the boundaries which closed the ex-
plorations of the most distinguished of its
predecessors. Broken up more than
year ago by disaster so strange that at
first men refused to believe in it, every
life has nevertheless been preserved save
that OF Hall himself, who persisted of dis
ease In the ea-ly part of the voyage.
One half of the crew floated for six months
on cake Office. supporting life by shoot
ing seals, and were picked up when the
foe had melted away from five miles in
circumference to few rods. The other
half. after wintering in camp built from
Their disabled vessel, put to sea in canvas
boats, and are heard of now on the other
side of the Atlantic.
At last we suppose the doubts which
rest upon certain portions Of the story of
the Polaris will be cleared away. The
records ofthe expedition have been recov-
cred by the steamer Tigress, and Capt.
Buddington and his companions will prob
ably be subjected to close examination
by the Secretary Of the Navy. If there is
any secret to be divulged we shall now
get at II.
1.-The national executive committee of
the radical democratic party" has thought
1t worth while to issue an address to the
oranges of the Patrons of Husbandry,