The New York herald., 1873-11-09
The Religious Press ON the Finan-
ciai Situation and the Stokes Ver-


ciai Situation and the Stokes ver-
dict.
The columns Of our religious contempo-
raries this week possess no particularly distin-
gushing features although the panic forms
the subject of remark in some Of them.
The Methodist discusses the financial situa-
ton and AYERS that 'the trial has proved the
essential strength of the country. Our great
staples, grain and cotton, are in active demand
and are exported in large quantities. That
occupation which is the foundation of the
rest, the culture of the soil, is ~. q
healthy condition. Our imports are
limited to immediate necessities Nothing
has occurred to prove that the business of the
country is rotten. When great manufacturers
suspend temporarily with a surplus running,
at o moderate valuation, into millions, we
may infer that time will rapidly effect fecu-
peration." "When one compares 1857 with
1873" the same writer pertinently remarks
"the better wisdom in the treatment of a panic
whsia, "htains pow is very perceptible In
1867 there was less of the determination
among the various classes Of business men to
sustain each other we may say that in 1878
widespread ruin has been averted by the de-
termination of those who hold the reserve of the
country to use it freely for the relief of bust
ness. The good effect Of this policy has been
seen In the repression of unreasoning fear
The Liberal Christian is disposed to take
cheerful rather than lugubrous view OF the
crisis "The commercial trial through which
we are passing" writes the editor, lis, on the
whole, highly encouraging in the results Of
the test it has applied to American character
and to the business habits of the country 1t
turns out under very severe trial that our
banks and corporations are-admitting our
monetary basis to be theoretically wrong
essentially sound and well conducted that a
selfish desire to maintain each other in credit
mark the attitude Of our monetary institu-
tions towards each other that our great mer-
chants are ready to make frank exhibits of
their affairs, and have, in most cases, when
overtaken by storm which came out of
clear sky, been able to weather the hurricane,
and, If momentarily crippled, to prove them
selves still seaworthy.''
The Christian Union, after stating that the
rumors Of coming disaster we're plenty enough
last week ITO satisfy the most morbid appetite
for financial tragedy proceeds -
when matters we're at the worst news came
that the meeting OF bank presidents, called TO con-
slder the condition OF the great dry goods house
above referred TO, had adjourned without taking
any action In the matter AZ the house proved per-
fectly able 10 take care OF ITSELF II was explained
moreover that the Bank Of England bad raised the
rate In view OF the stated semi-annual settling
day. when some such action IL often taken a.
precautionary measure even In ordinary times.
fhe announcement shortly followed that the banks
had gained something like four millions IN legal
tenders Upon this there was q rush OF brokers 10
tine Exchange, and stocks went up rom one TO i've
per cent amid great excitement. OF course, IL Is
impossible to say how long this state of things VIII
last but it is pleasant at least, 70 begin the week
without reasons 10 anticipate farther trouble.
In regard to tho Stokes verdict, the same
paper asserts that if the trial had taken place
under the new law for the punishment Of
such crimes 'Stokcs would almost certainly
have been convicted of murder in the second
degree, and sent to State Prison for life. Such
q verdict in the Judgment Of thoughtful men,