The Portland daily press., 1873-08-25
Land Piracy.


Piracy ON the high seas is defined, and by
the laws of nations those engaged in it are
punished as the worst of criminals, because
their vocation is at war with all legitimate in
dustry and would eventually destroy the COM
merce of the world. Land piracy, unfortu-
nately is not so well defined. Under the
guise of legitimate business, a clique can
make war up IN all industry and, by single
combinati on, paralyze thousand enter
prises. They enter into combinations to
bring about such panics as the 'Black Fri
day" of 1869, which undermine the founda-
tions of pu bic and private credit, involve
business in general ruin by destroying or so
distu rbing all values that prudent business
men stand aghast, and the products of the
praries rot in the fields or are used as fuel
Meanwhile score of men in New York be-
come immensely rich by the operation and
thereby obtain means to still further para
lyze business by.railroad speculations or coal
monopolies.
Last spring everything promised prosper
GUS season. In the cities there was the
promise of extensive building, and the re-
ports from all directions were favorable to an
active season. Just as the season was OPEN
ing, the New York gold gamblers developed
their plot to produce panic in financial cir
cles by locking up large sums of currepcy and
gold by which the former commanded exor-
bitant rates of interest, and the latter rose to
an unexpected figure. The combination did
not produce panic, but from New York. as
the great centre, it struck reviving busi-
ness with paralysis throughout the country.
Just now the business prospects of the
country are most promising. The nation is
blessed with bountiful harvest that other
nations need; our exports have increased
to the figure of our imports; ship building
has increased to an extent unknown since
1850, and still promises greater development;
the principal manufacturers of the country
for once seem able to compete with Europe;
ships are lockingto such of our seaport cities
that are outlets to the grain and cotton re-
gions in ballast to take these staples to the mar
kets of the world.
Just now, too, there comes the rumor that
the pirates of Wall street, the gold gamblers
OF whom Jay Gould is type, are plotting to
destroy it all by bringing about another Black
Friday panic. To this end they have started
the story that there is a deficit of ten mil
lions in the Treasury. The organs of the
schemers have industriously circulated the
rumor, now authoritativey contradicted by the
Secretary of the Treasury.
Foiled in their first attempt to enrich them
selves al the sacrifice of the general prosperity,
the infamous gold ring will, doubtless resort
to some other measure to bring about the
ruin out of which they thrive.
Fortunately for the country, there is little
cause for apprehension that the conspirators
can bring about ''corner" in the money
market. The banks have over $4,000, 900
in gold; the Secretary of the Treasury has
$40,000,000 in gold and in case of
emergency can issue certificates for twenty
per cent. of the amount on hand; the mer-
chants of New York, it is said, have learned
by experience, and are no longer subject to
the exactions Of call loans; and the balance
of trade is not largely against us if not now in
our favor. Under these circumstances, we
may confidently hope that the land pirates
will come to grief.