New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
THE PRESS ON THE PANIC.
A UNANIMOUS VOICE AGAINST GOVERNMENT
TAI. INTERFERENCE.
TWO MORALS FROM THE CRASH.
g,-f,u, The Suf-fu1lsLI EfDHbI,saa

plan yester day was one of the most instructive nc
dents Of the time President Grant with sudden aud
hung back from the issue OF any OF the siioCOOOO re
| serve. Secretary Richardson developed also, unu
| sua faith in the letAlone doctrine, aud cooy said
Gentlemen this Is not Uncle Sans funeral" Never
theess, the pressure upon the Administration to DO
some thing great, and the President made very
prudent proposition-simply TO convert United states
bonds money for anybody who would bring forward
the bonds Now observe the result. Only about three
millions Of bonds were presented to the Treasgry,tor
conversion Tue bonds are not In the market III they
had been, other people would have offered to convert
before President Grant did, and the panic would
have stayed, without keeping that official from church
on Sunday. Moral No. IL, then. that the Government
ust much subject TO laws OF supply and demand as
| anybody AT certain degree OF stringency IN the
money and bond markets. private capitalists ana banks
will readily convert their bonds into money
hang on to their bonds, no matter who bids for them
the United states Treasury or John smith At the very
moment, therefore, when Government aI on TINS pah
required IL becomes poweress Moral NO rs there-
fore tnat banks and spectators should rea against
day OF trial. asufleent eayen OF Government
which convertible into cash always and with the
least sacrifice OF any security In the world
| LEGITIMATE BUSINESS UNsHAKEN.
| Prom The Philadelphia Press
| The legitimate business of the whole country
has now been tested IN the severe cruciDe OF "a mad
mistaken III to-day In financial circles would but
nationally trust each other tue panic would end, and
other hand, exhaust each other by unreasonable
demands and strike at the very foundation Of all credit
Now the of the panic have surged against
channels have stood like the rock-ribbed shore Not
single mercantile house In this city has suspended not
single factory has stopped or reduced It's operations
Our merchants, manufacturers, and other productive
interests are not even embarrassed aud make no I'M
usual demands upon the teyered money changers.
Everything outside Of purely speculative avenues IS
serene and healthy and the wealth the products, aud
tne resouces %, ING wnoe cPuuy e thet
needless railroads must stop and cease 10 absorb an I'M
due share Of the resources OF the country.
THE GOVERNMENT HAS no RIGHT TO VIOLATE LAW.
From The Providence Journal
The President of the United States has no
more right to gave an illegal order than the officer to
whom it would be has 10 perform the act without
order Ii the President should direct the Secretary
of the Treasury violate the law, II the Secretary OF
the Treasury should direct OF his subordnaes 10 do
the order would be utterly invalid and would afford
no justification 10 the officer who should execute IT, The
treasury mas authorized the only measure OF lehei
that appears to De legal ana practical the purchase OF
bonds. This enables who have resources to convert
them into OF meeting their obligations. 1t GER
tainy Is not advisable for the Walst men TO recon-
mend the exercise OF irresponsible power for If the
President could be persuaded into II, pu0ic opinion
might demand, righteous exercise OF IT, that half
dozen OF the great gamblers who heap up fortunes ON
the ruins OF honest trade who impose worthless stocks ON
the pubic, aud deprecate good stocks 10 the hands OF
innocent hO should be hing at their own DOORS as
an example and "A warning.
MERCHANTS NOT TROUBLED.
The merchants are but little troubled by this
panic because they have of late bought and sold but
parngy credits and they can wait for quieter times
10 settle their mutual accounts, by checks passing
through bank in the ordinary without actual change
OF money The great railroad corporations are prepared
to pay the current demands upon them for interest
and dividends and other ordinary liabilities. and they
abundanty able TO meet all their accrung debts
The Drunt OF the crisis fails upon the STOCK brokers ana
their customers upon the men who have bought and
sold stocks for rise TALL VINO have loaned money on
stocks aud bonds at a margin whose captal was put
upon the turn OF the stock t and whose fortunes have
been swept away by the absorption OF their margins or
the srukage OF values. The temptation 10 grow rich
rapidly and without work hard to resist and some OF
those who yielded to IT are now paying the penalty IN
finding themselves Impoverished There ls, We are glad
to say no crisis IN legitimate trade ana the much more
cheerful feeling that pervades the community indicates
that III Philadelphia all will soon be well again.
A WISE DECISION.
The Syracuse Journal
The independent action which has been re-
solved upon by the President Secretary Richardson
after consultation with several OF tne leading hnancers
~ NewYork will meet with general appreciation. We
trust the decisive refusal OF the Secretary OF the
Treasury throw upon the country any more rredeeI
abe CURRENCY will forever set al rest the croakings Of
the secrearys opponents who repeatedly charged
him with determination 10 Issue the s4OOOOOO legal
plausible excuse should present itself Certainly
opportunity came last week But the secretary did not
seadfasty refused to place dollar the legal
reserve at the disposal OF the New-iork banks lime
will not be required justify the wisdom OF the Seere
tarys decision Ii Is evident and has long been so, that
all relief of tue kind proposed by Commodore Vanderbilt
and other NewYOrk gentlemen, would be temporary aud
fictitious, and would but ultimately augment evils
already complained o.
THE TRUE CAUSE OF THE TROUBLE.
From The Buffalo COurer.
Whenever an opportunity has occurred to
the direction o. sounder condition Of things
change and. with it, the sautaTy pains was sure TO
cost THIS state OF facts which Is everywhere recog
nized. find forth with great clearness In 0ref
explanation OF the crisis furnished THE NEW YORK
TRIBUNE by Mr.. l.. c. Stedman. This gentleman Is bet
Ter known author than fnancier yet his &c
MUS in literature has not lessened tae esteem III when
his Judgment held Waist. Mr.. Stedman dates
back the present trouble TO 1871 when Secretary Bout
well tried fund his loan from SIX to i've per eeut lie
Kent money easy for nve to six the effort
get people his loan but instead OF succeeding Ia
TINS IT resulted That he simply stimulated private spee
ation Small houses began float their private rail
road loans, large houses tempted 10 still fur
ther expand their business
coMMENDABLE ACTION OF THE GOVERNMENT.
From The Aer.HGret Palladium.
The prOverblal Obstinacy of Gen. Grant
found better field for display or was more sat
isfacorly exhibited than in his refusal 10 lend the
Treasury reserve to the banks His action will be ap
proved by the people outside OF the clique immediately
that il required ordinary frmness resist
the enormous pressure brought to bear the President
student OF political economy is versed In the science
OF finance He adheres TO one rule OF conduct IL not
his business question whether the laws good or
bad so long they remain on the statute books His
proved that they to the interests of the
country the people VIII demand their repeal. TIL they
repealed ii is his duty 10 that they are
RESULT OF MIR. BoUTwELLs IDEAS.
From GerradnoCn tPeSRl Chronicle.
We do not believe that the President or the
Secretary OF the Treasury has any authority whatever
although as the Secretary has always claimed the au-
thority reissue them at his discretion. and as the
present emergency certainly great as any IN which
he has previously exercised his authority. shall have
nothing say upon this point now; but there certainly
from the Treasury cancel other obligations Of the
Government They may be used-u used at ALTO cash
warrants buy bonds but they may not be lent
given away That is not the kind OF shop that Uncle
sam keeps, 1t is time for the brokers 10 recognize
the fact That such propositions were made Sun
day could be made at all, even by men crazed with
the results Of their wild speculation only shows 10
what extravaganza ideas Mr.. BoutwelPs practice OF
"moyng the crops has given rise.
GOOD SENSE OF THE PRESIDENT.
The Worcester spy
The manic i'm Wall-st. seems to have sub
sided Yesterday there less excitement the Stock
Board still closed there was no run on any OF the
banks: business, except in Walst went on much as
usual confidence began 70 RETURN and those people who