Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1873-10-09
A Lesson from the Panic

For the last few years multitudes of
young men who have made or saved a
little money have rushed iRto Wall
street eager to realize a large fortune
by speculation IN stocks. 4 few have
succeeded for a time, and bv their sue
cess have daZzled and bewildered their
friends and comrades. It has been
hard for the industrious clerk upon a
salary, or the young merchant, slowly
working his way up to a competence,
70 see his former associate grow sud-
denly rich, set up a cab and drive down
town about ten clock, and to hear of
his luxurious habits and costly invest
ments. 1t has sometimes seemed to
these clerks and merchants that indus
try and integrity did not pay, that
times bSd changed, and that the only
way to grow rich now was to plunge
boldly into the speeulations OF the
day and throw overheard all the max
inns of prudence and morality. But
the financial storm of the last two
weeks has cleared the air, and men
breathe in a healthier atmosphere. It
has been shown that the business
which hiss seemed so lucrative and de-
sirable, is a hollow and delusive sham;
that the buying and paying and selling
has all been fictitious That A bought
of b stock that A never had or ex-
pected to have, and that B paid A with
checks that represented no money on
deposit. The majority of transactions
have been conducted upon principles
which set at naught all laws Of legitf-
mate trade, and all the teachings of
experience, and the result astonishes
none but those who have been dazzled
and deluded by the glare of flying
riches. To call the shouting and ges-
turing, the running to and fro from Of
flee to exchange, the circulating of
false reports aud rumors, ''Gusiness,"
is to characture that solid and legiti-
mate trade by which the country grows
strong and prosperous, and it is fully
time that its hollow pretence should
be shown up. There is regular traf-
fic in stocks and bonds which may be
honestly done for commission. bat
such a business would not support
the hundredth part of the crowd which
bas ''played the fool' in more senses
than one, in 1.-THE street. since the
second year of the late war. Of this
crowd a large portion have been
young men who ought to have been in
other company and at other pursuits.
When the timc of panic came, this
crowd Of spectators acted like mad
men; they lost the little wit they ever
had, and their propositions, instead of
the market, only afforded a
theme for sarcasm. We recall no SUBJ
Inner example of impertinence than
the proposal made to the Government
of the United States that it's treasury
should be placed at the disposal of the
very men who had brought ruin upon
themselves by their Tecklessness and
folly, and very nearly Involved the
solid interests of the country besides.
We are thankful for the flrmness and
wisdom which answered such q pro-
posal with an emphatic negative. If
the panic Of 1873 only teaches our
young men this lesson, that industry
and frugalty-a business that..is found
ed upon integrity and built up by prH-
dence and hOnesty-are the only things
that pay well in the end, it win be
worth all that it costs. Let the stock
business shrink to its legitimate pro-
portions, and the banks encourage
merchants rather than speculators,aad
sound prosperity VIII return; young
men will no longer be seen wasting
money as if they were princes, there
will he fewer defalcations, and a bet
ter state of public and private morals.
IN. Y. Observer.