The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1873-10-11


the first public service ever did at the Cap.
| itOl was to give warning about him. The
lobby in this city must be tanned down, and
special shower-bath and cell put up in the
Capitol for the hangers-on who follow the bus
mess. Until that is done, foolish rich men
like jay Cooke will be ruined by boys like
Chandler, and weak congressman tempted in
to dishonesty.
WHAT BEGAN THE PANIC.
1t will not be correct, either, to say that the
failure of Jay Cooke & Co. solely, or in the
first place, brought on the panic. The pro
portions of the house made the loudest report
when it fell, but the first break was made by
the Brooklyn Trust Company, and the New
York, Midland IL Oswego Railroad. 1t be,
gan, indeed, with the reputation OF interest
by Ben Halliday and several other American
railroads, with the welknown depleted con
IditiOn every southern state, and with Credit
Mobilcr. Talk of confidence amongst com
mon people, when ColtaX, Henry Wilson,
Dawes, Patterson, Conklin, Brooks, etc, are
seen to have been the recipients of Union and
Central Pacific Railroad tavors or fees! Talk
of confidence when the Presidents whole
magSterial career has been that of a man
more indignant at his partisans for their vir-
tues than for their crimes! Confidence, for
sooth, when Bingham is sent to Japan and
Newman To Polynesia, and when the secular
press IS put 10 It's trumpS To save the Meth
odiSt Book Concern from such detalcation rs
Cartoons! Confidence ceases when the farm
er and mechanic is convinced that almost ev-
erybody to whom he delegates his money and
suffrage is teathering his;nest. And back pay
made the millions button their pockets The
failure of Jay Cooke was the failure of the
Grant party'S policy; for that party is not the
nj al fol
carry off its principles; Jay Cooke was a
more potent name in the Union than Grant
he represented the wages which made so many
laboring men vote the bankers ticket last
year. Grant represents nothing but large
number of presents and great deal of loose
apprehension In this country, security in
any Presidential term begins atthe top. Hay
ing elected a President, the people suspend
vigilance and trust to their Chief Magistrate
If he makes an example OF every low fellow
in his civil list, every defaulter, every bad eX.
ample in morals, and raises to example every
bold and prudent eXemplar, the heads below
him trcmble. But the President whom the
bond selling world reelected is deficient both
in pride and example. We never had onel
who began with so little, and slid so far back
Possession increases the density of his ignO
rance, as Il barnacle grows mere stony by long
cingng. Until our people arouse and make
this Shclltfsh feel by their diSpleasurc,-hcI
who conquered by attrition and was prolonged
by inscnsibility,-th is no real political
life in America lie Roi s'amusc
THE TWO FIRST PROPS GO
The Brooklyn Trust Company showed that
the city of Henry Ward Bcechcr and \. A.
Low was only a blood portion of Tweed
Sweeney, and Weeds New York The res
pOnsible man of the concern, Mills died like
a true financial intidel. He went in bathing
at Coney Island with other lost regulations,
and calmly put his head under the water and
sank. No noise, no resistance, no cry for
help, he revived IN his resolution the worst
period of France and Greece, suicide without
speech. That City of Churches was com
mttcd to this bank. The news went over the !
ferry to the Financial Metropolis where the
Midland Railroad, like the Northern Pacific, |
was contending with destiny. That road was
nearly 800 miles long. Its receipts were only |
about $4,000 and its debt, stock, liabilities, |
etc, above S20,000000. 1t was no wild cat
road, but a grand diagonal cutoff on the Van.
derbilt system, with propositions in hand for
far western extensions, The sense of suspic-
ion was now at that point where
Dangerous cOnceits are in their nature posons,
Which, at the first, are scarce found to distastc;
But, with little act upon the blood,
Burn like the mines Of sulphur!
SO the panic in New York began, AMI,
presto! Jay Cooke suspends-that great Co
lOSsus of Grant, the administration main
subscriber. The mine has burst.