, 1873-09-25

Tho business password Of the day should DO
"Forbearance." Tho outcome Of tho present
financial panic depends upon tho cxtent to which
forboaranco aud moderation shall prevail. Tho
tendency in times like these is for every man to
look out for himself aud devil take tho hind
most. II this foll spirit can DO kept back,
nothing can seriously impair tho present pros
ovory ovcnt tho West will stilI be tho grannry Of
tho world aud Chicago the principal atorehouso.
Specializing bankers may suspend, mooushine
railroads may DO stopped, stock bubbles
may burst, but people must have bread
to cat, and they must como horo to
got it. Even in tho present stringency in the
New York money-markot, and though the panic
hos had duration Of less than week, money
is coming forward for grain. Ono express CON-
pany brought half o million of currency into
Chicago yostorday. At this season of tho year,
tho movement Of currency is necessarily to tho
West. The farmers can wear thoir old clothes,
but the world must havo breadstulTs and proyis-
ions, II VIC choose to demand diamonds aud
them.
Here ie q substantial basis on which our people
may repoHo their confidence. Nothing but
spread OF tho uneasy feeling occasoned by tho
Now York troubles can bring soriouH miH-
fortune for us. It rests with the people
of Chicago themselves to subduo tho excitomont
or fan the flames into fury. We held our beads
up undor ton-fold heavier calamity than tho
present emergency can possibly bring US. Wo
saw from 100000 to $500, ,ouo,oO0 worth of
property converted into smoke and asheB within
two days, yet wo went on with now vigor, fresh
impulses, and higher ambition. NJ such vista
ton has come upon ug In this instance. There
Las been 10 great fro thoro has been no fail
Thoro il just as much money in tho
country to-day AZ thore was six montha
ago. Some Of 1t Inns been Withdrawn
from circulation aud locked up in vaults
but it will como out again before long. Our
banks arc bettor off, as whole, than any othora
in tile country. Now York City WAS more
shocked by false rumor that tho Chicago banks
Ind suspended than 1t was at anything that
happened on tho spot. Tho aecurittea iu which
our funds aro invested at tho prosont timo aro
the bost In the world. Thoy consist mainly Of
grain-recoiptH, almost altogether Of Vouchers
for commodities Of staple value. safely stored
away aud amply insured. What bottor collatorals
could 10 found7 As n,atter Of course, they aro
not nstantanooualy convertible on demand at
Aucl timo as this, but, unlike fancy
stocks, their actual valuo doea not de-
croaso. Though tho nominal price Of grain
may decline few cants, thoro iB just
tho same demand for 1t That tloro was q weok
ago, aud 1t ia worth precisely aa much. Tho de-
preston ls simply temporary and sympathetic !;
tho rebound is absolutely certain.
It is duty which tho people owo to them
aclyos ratllor than to tho banks to press tho lat
tor aa lttlo III possible iE the proBont emor-
gonoy. Arc they afraid Of losing thoir dopoaits7 2
There ia but ono way that thoy could certainly
lose them Tor lose thom temporarily, and that
is by crippllug tho banks aud forcing them to
sacrifice thoir RecuritleH. Are they In need OF
money for the transaction Of business? They
eau got that much without difficulty, but they
cannot all Of them got all thofr money ut once,
aud, II thoy could. they wouldn't know what to
do with it. Tho main purposes Of banks arc .
IL To protect monuy from destruction, or rob-