National Republican., 1873-09-22
TIE LESSON OF TIE CRASH.
The BnsIness Interests of the Country L
unnrtesl.


The BusIncss Interests OF the Country Tn
affected.
The New York Herald Of Saturday has an able
editorial article on the financial troubles, from
which we extract the following:
The crash In Wall street, though It involves a
few Of the best known bankng-houses IN the
city and has destroyed more than dozen OF the
smaller operators, cannot have the effect OF
some previous panlcs, notably that OF 1851, upon
the business interests Of the country. Jay Cooke
4 Co. failed confessedly because they were car
rying the bonds OF railroad which was paying
little or nothing upon the capital already in-
vested, and which promised so little In the
future that these bonds could not be negotiated.
Fisk a Hatch, who also failed yesterday, were
dealing In the same kind Of insecurites. The
smaller houses were to some extent dependent
on the large ones, and OF course were operating
In the same class OF stocks. II is because OF this
fact that we think the general business interests
Of the country will not suffer.
Most OF the railroads whose stock Is now en-
barrassing the speculators are wildcat affairs.
nowhere to nowhere, and 1t was impossible that
they should long continue to Withstand the
shocks OF speculation, based as they were upon
mythical capital and Leng without business aud
Quoted the negotiation OF their bonds was doing
wrong to all the legitimate commercial inter
ests OF the country. When Jay Cooke Go, nn-
dertook TO carry the bonds OF the Northern Pa
cinc railroad they were laying the foundation OF
their destruction and the destruction OF all SIM
liar dealers in similarly baseless enterprises.
The downfall Of this house, owing to their rela-
tlons with this road, was impending for long
time. hut now that the crash has come 1t Il to he
hoped that the atmosphere will clear, and that
speculation will no longer be allowed to divert
sound and legitimate commercial enterprises
from their regular channels Into the devious way
OF the gamblers Of the street.
IL Is 70 be hoped the lesson OF the crash In
Wall street will not be dsregarded by our bust
ness men. Never has the failure OF reputable
brokers done so little real harm or taught no
wholesome lesson. The great business inter-
ests OF the country are unaffected, and trade
moves on as II nothing had happened. healthier
tone Ia sure to pervade business circles
less spirit OF speculation will bo restrained. II
will be more apparent than before that the lcglt-
innate business Of the country Is sound and safe.
A week ago general prostration would have been
predicted on the hypothesis that Jay Cooke 8
Co., Fisk Hatch and dozen other leading
bankers should fail. They have failed, and yet
no serious consequences have resulted or are
likely TO result from the disasters which have
oyertaken them. They were found 70 be only
few men making haste to he rich by dealing In
unsound securities aud attempting to do u larger
business than their capital allowed. While we
regret their failure we rejoice that the crash has
had no more evil consequences than to clear the
atmosphere, and show the world that the true
representatives OF American business and Amerl-
can credit are unaffected. 1t has been, let rs
hope, like thunder storm In midsummer. The
storm Is over, the sky Is clearer and the air
pnrer.