The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1873-10-11

and there 10 little apprehsnsioo Of further
important bank failures. There wss no real
cause for Il save the ordinary combinations
Of scheming capitalists and the dangerous
'pcculs.iog of stuck brokers, with On extra.
ordinary and sudden suspicion If houses
known to be carrying large amounts Of
railroad securities. Pressed in . panic, their
securities unavailable ave st Q sacrifice even
more ruinous than suspension. many solvent
banks went to the WALL Just think Of Jay
Cooke & Co. being forced to suspend, and
now being forced into involuntary hank.
ruptcy. with On excess of assets over Ill lis.
bili'ics, ~ shown by their statement. almost
- great - the entire taxable valuation of
the property Of Montana. Itexemplities wv.
idly the vicissitudes Of speculative banking.
and. for that matter, Of almost any business,
for how many banks or business firms In The
country could pay out Of their ssfes, on
days warning, every dollar of their liabil.
tiles?
The return of confidence. and the relief
furnished by the governm. Mt in taking up
ten or twelve millions of its bonds for cur
rcncy, restored New York to safcty. and
the bankers Of other cities very prudently
prevented panic-illeesl - 1t may have
bcen-by certifying checks instead Of A.
tempting 10 pay ten dollars with but one in
the till. Already number Of the suspended
hanks have rcsumed, and . majority Of the
solvent ones will be doing BUSINESS soon.
But. the natural consequence of those sus-
pensions, aud the worst feature of the
whole affair. 10 the uudertow of the sus>
pension wave WHICH 10 now sirangling many
commercial houses and manufactures, and
which. il violent snJ general IN its nature,
- there are apDrebensi0ns It will be, will
work serious injury.
Heavy opersiors, manufacturers and mcr
chants, with their moneys possibly locked in
. Suspended conceru and their paper ma,ur.
ing elsewhere, ore between the upper and
neither milestone, and Il would be little less
than miraculous II many . gcnd. strong
house should rot break, and many fortune
acquired ~ long years Of srduous toll. en-.
ergy and deserving enterprise. vanish In .
day. However we'll disposed, the hanks
and the government-the former scarce
rightcj from the blast that struck them,
and the latter only able TO succor them In
directly-sre inadequate and unable 70 meet
1t once and fully the emergency. A. long
u the distress was confined wholly tc hnsu
ciers. II wss not greatly felt by the masses,
but 10 the resultant fact Of manufactures
discl'aFging hands the fest Of the poor
touched the heated plow>shsre, and the
shadow Of Wall Street ruin fell ON The
workingmsn's home. Close ON these pru.
der'isl retrenchments unhsppily come lid.
ings OF commercial failures-the failure Of |
great central houses carrying scores and
hundreds of lesser merchants oil over the |
country. and they IN turn crediting CON-
sumers. The extent Of these failures, i, 10 |
J" be hoped 10 limited, but latest advjces |
Indicate commerce and the industries have
Fcl' the force Of the gale and it IL 10 be ap
pretended there will be many wrecks.
Among tho manufactures which first tax |
In sail and discharged hands were lhose
equipment for railroads, and |
are not auapieious for speedy
expansion of manufacture and business.
The immense amount Of fraudulent stocks
N the market, the public sentiment against
my more rai,soad subsidies. - in Cslifor,
Mo, and the hostile attitude toward The
management Of completed roads occupied By
hat very formidable organization, the Gran.
gers, are Encouraging circumstances. The
conduct of railroad building and operation
n the cOsutry has been such that rcvolu.
hon against them was On inevtitsbls
1t seems the hall hes already
opened, and that the present winter the
srangcrs will develop their plans. If they
ave any. and some Of the questions At issus
'e determined. Until they are brought TO
ssue there will he caution In new sailvsv
Enterprises and economy in the conduct of
he old Inevitable ana near st hand 10 the
onfi'ct was, and dependent - Montana IL,
"r The development and the attainment Of
cr true position upon ra,lrosd communics.
lon. II 10 after al, perhaps, not the wont
VII that could have befallen 10 that The isape
- been prec'pits.ed thus early. The l,nan.
isl panic was not materially felt herr.
he desrth of employment East will
r"bsbly divert many eyes to the West for q,
ONES. Commercial failures. unlsss very
eneral. are not liable to work disss,sr With
9. and II our railroad builders have 70 stop
nd acquire new energies and other means
y the prosecution Of their work. The time
'uld not have been more opposiuns then
hen the seasons work he'd Just besn com>
|esed. The blow has fallen heavy. Rom
- gathered = fruitful harvest, and b yet
broad In the fields. Let 10 trust the after.
nth will be meagre everywhere.
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