, 1873-09-22

which aro growing In tio German Empire.
s---.=--@
4 DOSE OF pHYsIO.
Tho financial disturbance just Mt this timo
prevailing In tho country ia like that dorango-
mont Of tho human syBtom which attends tho
natural movement to throw OF diseased or pos-
onous matter In tho blood OF asosnaeh.
Tho country Is really in : prosperous conet-
sion. but colo has been produced by Hwhllow-
ing Nortnorn paolflo Railroad and several other
cuoumbers which must somehow be worked oil.
Wall atreot has become poopled with class
OF mon As desperate as plratos, a. unscrupnious
as burglars, and aa dishonest ~ ptekpoekots.
Each gang of thoae had their own bubble; and
the energies Of these mon wero devoted to koep-
Ing their particular bubblcB sfoat. Tho country
is familiar with tho transactions OF Flax, Gould,
Vanderbilt, DroH, Cooko, and tho immonae
number Of othora. Pacific Mail, Northwestern,
Western Union, Wabash, Rock Island, Harlem,
and all tho othor asocks woro takon successfully
and oftou in rivalry to DO inflated OF depressed,
but alwaya to rob tho public Of whatever money
might be vanturad by tho inexperienced In the
undertakings. Tho monoy to conduct al those
schomes, tho cash to carry on theae corners and
float tleHo countless bubbles, was advanced by a
claas Of banks aud monoyod institutions largely
controlled BY these brokers. 30 extensive had
this diBreputable buHinoHB bocomo that therc
WAS = woll-deflned limo Of distinction between
the banks OF New York vino do commorcini
business, and those whose doaliugs arc with tho
gamblers and bupbls-hoaters Of Wall street. =
The naturally hoalthy condition Of the fnan-
coa OF the country WAS poisoned by these irrogx-
lar practioeB-theso sudden mutations and Do
frauda, cheats. and speculationa was Of noces-
sity to end in a oonvulsion. It has boon known
that 1t was to come at some time, and the only
uncertainty waa whether it would DO delayed
until tho substantial interests Of tho country
should have become 80 mixed up with the spec
ulativo jobs that tho crash would injnre tho
material prosperity Of tho country, or
not. Happily this hna not boon tho caao.
As an overdose Of poison causos tho
human system to reject It, when smaller dose
would kill. So the Northern Pacific proaigacy
proved too great. Tho country rejected It, vom-
itod 1t up, spat 1t out. Tho failure Of the one
scheme, tho breaking Of the giant bubble was
followed by tho bursting Of the ernallor ones.
va1uos Of ali tho speculative securities. The few
banks and money Institutions that loaned their
funds On such securities to the wild mon Of Will
strcet--to the piratea and out-throata OF the
stock-Doard md Gold -noom-Hharad tho fate Of
their clients, In the list Of killed md wounded,
thore is not q man who Was not engaged In
speculation, aud whose ruin is not duo to that
cause. There may be aomo who were bankera
as well as speculators, but Tho fact that they
were apeculators ia oydence enough that their
banking was illcgitimnte. Apart from tho loss
to nero indiylduals, this crash seoms to us to
have beon providential. It is like lightning upon
Nh unhealthy atmosphere, or, to express 1t moro
appropriately, It bas operated like 4 doso Of
salts upon disordered stomach. Tho result
will be al immonse relief. The foul and fraudu-
lent mass has beon carried OF, and the country
will feel all tho better for the operation. A
calm survey will fail to disclose anything that
the country will have cause to regret. No one
has yet fallen who WAS not at war with 1egiti-
mate businesa and sound credit, and whose
profit did not arise from tho arrangement Of the
market. No ono has poriahed who HAs not a
spooulator or Mto-nynr. Gold and greenbacks
remain just az thoy were. Tho currency has
| suffered no loss of value. Nothing has beeu
crushed but the bubbles the fancy values have
gone out with tho wind, and waterod stocks
have cvaporated- Take tho case as it now
stands, the "panio will prove blessing to tho
nation-tho ar1osting tho wastoful uso Of capital
in moro1y speculative enterprises, and turning II
into the legitimate channels Of trade aud iu-
dltBtry.