Wilmington daily gazette., 1873-09-26
From the New y ork Herald Of yesterday.
the PANIC PASSING AWAY

eoAE OF THB CAUSES WHICH Produced IT. AND
THE DUTIES THAT WILL FOLLOW IT
Overtrading, consequent upon Vhe war spirit Of
speculation, depleted the country Of its gold and
made a return to specie payments impoitc, If not
impossible Watered stocks became a common
species OF fraud and rendered shares comparative
ly worthless, while their values were unsettled and
uncertain. Congress turned the system ol pro-
teetiye tariffs into robbery of the people without
any corresponding returns TO the treasury. The
national banks proved numbering device, use
less as an aid 10 ordinary business. and with a
circulation entirely dependent on the national
credit. The reckless management of trust compA-
MES and savings bSnks was in keeping with the
daring spirit Of speculation which has Just caused
the bankers in Wall street who sowed The wind to
reap the Whirlwind- Log rolling in legislation,
both State and natiOna!; the constant recurrence
Of defalcstions by men holding the most sacred
hduciaTy relations TO the people and the govern
ment; the Tammany frauds; the criminal manage
ment Of Enc, word long synonymous with re-
pToach and bad iaitb; the general eonuptisn in
and out OF Congress; the manifestations of Cesar
lem in the dominant party, and the deadeniBR
moral tone among all classes of society tended 70
bring about the crash which well nigh involved
the country In ruin. Il is a remarkable ciTcum.
stance that financial houses antedAtng the war
have fallen because Of the evils generated BY the
wSr They caught the infection, and, though they
seemed 10 iatten on the poison, they were swept
away by the plague in the end. The results lave
been fearful, but they bring with them q promise
OF puTcr health aud sWeeteF strength in the fu-
tuTe.
1t would be easy 10 prophesy thai so mary con-
centric circles of evil all tending to destruction,
would, sooner or later, bring terrihle punishment
but 4 was not 50 easy 10 foresee that among much
30 Of evil there should be even more of good. The
commercial and industsial interests Of the coun-
try are sound and secure. The national credit is
firm and unshsken. Gold is as stable as in ordi-
nary times. An these are healthful signs-esPs-
cislly healIhful when Wall STREET is convulsed
without cenVulsing anything beyond il. IL was
elmost tradition that when lhe street is sick
the country Is also sick, and at such times it pro-
claimed itself very pool of Siloam TO the de-
ereplt Now, however, 1t is astOnished that it
lacked the DO yer 70 disseminate disease and that
angel troubled the waters that Il might heal it.
self The failures which followed each other in
such rapid succession were only 30 many pebbles
thrown into the pool, which had Nd effect except
to make ripples on tie surface. No imitation Of
the currency was needed beyond the wants of n
few specuiatorr aud herein il was that President
Grant met the situation with true wisdom. He
gave them greenbacks for bonds and refused them
everything else : but even here lAe spseulAtoEs
were untoTt1nate, for those who most needed the
greenbacks did not have the bonds. Nothing was
left 10 them except to go 20 the wall, aud In going
they have 50 far hurt nobody outside Of the WlIr-
pool of speculation. The great business interests
which centre Ia the metropolis see that they are
independent OF the men who toss stocks up aud
down, and in the future fancy shards bought and
sold upon a margin will have little more influence
upon the market Than the triumphs of the prima
donna at the opera.
As 1t seems 10 us at this time the only thing 10
be feared is in the Teachon consequtnt upon the
opening OF the Stock Exchange. TAsre have been
no actual op, rLionS in stocks for days, at least
none which will seIve as a basis loE determining
the value of shares. There can be no clear test
tll the Stock Exchange Is again pursuing its Or
dinary routine. Even people seeking Investments
at the oppressed rates are not able easily 10 obtain
" hal they seek, Whils the Stock Exchange remains
closed IL is almost perpetual Sunday among the
brokers', but Then the reaction combs u is 10 be
Ieared that stocks will jump unusually high. !
WLea the weight IL removed the scales are eeE-
am 20 20 UP. chis u an evl that W0ald soon cor
ect itself, but 1t is 70 be guarded against, like eV-
~ other danger. II seems 70 follow from this |