Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1873-10-01
The Great Panic.

We have said but little on the financial
pauie. owing 10 crowded space. The e.
feet. il now sppears, will not prove disas-
trous to legitimate industries Of the eOun-
try. yet schemes Of a wildcat Haiurs'
will, many of them be swept away and
the lesson it has taught, be Of inealeuia-
bic value to the country. IL vas caused
as most Of eur readers already know, by
the attempt to build certain long and eH-
pepsiye railroads solely by the sale OF
bonds. These enterprises, like aay siruc-
,ure without foundation, being subjected
to pressure, fell. carrying down with them
their operators. The list Of failures Is
COMPOSED almost entirely Of the names Of
those who have dealt in this kind Of stocks.
Persons who have dealt in securities OF
different Kind have not been visited with
papies. Those bankers who would not
undertake to place loan for their Gus
toners on anything but what had a sure
foundation on which TO found loan, out
rode the great gale with sasiness. As an
instance of this We notice that the firm OF
Hassler & Co. and others wko are selling
the p. & o. bonds do not appear il the
suspended list, aud this fact ought to IN
spire still greater confidence in the enter
prise.
IL has been apparent TO us for some tine
that there was not a sufficient amount oil
the circulating medium to do the business
of the country, AMI that some plan should
be devised whereby it might safely be 10,
creased, so We notice with pleasure By The
following letter from the President, that
A considerable Increase is TO be made:
EXECUTIVE MASsIeN,(
WASHINGTON, Sept. y, 1873
Mesas. n. B. Cigain and CAaicS L. anthony
Gspflemen In res ponse to the views you have
communicated to me touching the present strin-
gency in the money market of the country and the
necessary steps TO restore confidence and legitimate
trade and commerce, have the honor 10 oomlnu-
nicatc the fOllowingi The Government Is desirou'
of doing all In Its power 10 relieve the present un-
settled condition Of business affairs which IS hold
ing back the immense resources ofthe cOuntr. now
awaiting transportation to the seabtard and mar
ket.
Confidence on the part Of the people Is tho first
thing needed relieve tins condition and to arrest
the Threatened destruction Of business with its ae-
companying disasters to all classes Uf the people
To re-establsh this feeling the Government Is will
Ing to take all the legal measures at its command
but 1t is evident that no Government efforts wi
avail without active cooperation Of the banks and
monied corporations Of the country. With the
S4,O0OOOO already paid out In the purchase OF
Government Indebtedness and the withdrawal OF
their large deposits lrom the Treasury the banks
are now strong enough to adopt liberal policy on
their part by general system oil discounts 10 sus-
tain the business interests of the country
Should such course he pursued the $i4,0OO,Ooc
ofreserye will be considered money in the Treas
ury 10 meet the demand Of public necessity MS the
circumstances of the country may require,
Close attention will be given to tho course pursued
by.thoso who have means at their command ofren-
iering all the aid necessary to trade to its proper
channels and condition, with aview of strengthens
ing the hands of .hose who carry out the measures
above Indicated.
Orders havehready been issued for the prepay
ment Of the interest acaruing IN November.
CSigpedi U. 3. dhANi'