The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1873-09-25

TEaE FENANCIAh CAnsEz.

For week back the financial world has
been at wits end, because of the failure of
many of the heaviest financial houses in Wall
street, New York, to meet the demands upon
them. The first shock was occasioned by the
suspension Of two large sugar firms, and a
money making machine with which they were,
connected, and which, under their manage
ment, had stepped out of its legitimate track
10 take advantage of side speculation. This
was followed by the suspension of the rich and
extended firm of Jay Cooke & Co., whose
liabilities were set down at some $7O0oO,Ooo
This, in turn, was followed by the suspension
of some dozen or fifteen other firms, among
them, the hitherto staunch house of Fisk q
Hatch, and the consequent creation OF panic
which. overriding all values and all settled
consideration of circumstances, looked upon
every house in Wall street, and nearly every
bank, both in New York and elsewhere, with
suspicion The result has been grand crash,
which has brought ruin and wailing and woe,
not only upon the monied houses themselves,
but, also, upon thousands, including widows
and orphans, who had their all placed in the
hands of the supposed millionaire, for safety
and profit.
Various reasons are given in explanation Of
the terrible crash which has thus fallen upon
the country, and the blame is scattered in
divers directions; but, the truth is, probably,
that men, encouraged by the success which
has hitherto met their advances towards the
tickle goddess fortune, have gone beyond them
selves, and rushed too madly into the pool
which has engulphed them. Indeed, it is
claimed by the parties who failed, themselves,
that the large amount Of money that has been
loaned to western railroads, and the failure of
the companies to meet demands upon them
was the sole cause of the crash. And yet not
one of them can but say that in venturing so
far into the millions, and so recklessiy, they
were placing themselves beyond the pale of
financial legitimacy speculative gambling
was their real business and that the bursting
of Nle bubble and the financial ruin of them
selves and their customers was the legitimate
result. If none but the principals in the
failures were to be the sufferers the end would
be a cause for rejoicing on the part of those
who long for the return of all financial busi-
mess to safe channel, but the result reaches
innocent parties, who, in good faith, placed
their funds in the hands of the cormorants for
5nvestn,cnt and for these the sincere regrets of
all cannot fail to arise.
It is fact to be rejoiced over, the crash,
thus far is confined to the stock brokers and
financial gamblers; and that the mercantile
ard general business of the country will not
be seriously affected by it. Indeed, outside of
the great stock speculating centers the
monetary surface has scarcely been marred
by even ripple and the signs all are that the
destructive influence of the bad mems deeds,
which resulted in their overthrow, will not reach
those who are content with the moderate but
eale gains of legitimate business.
1t is a source of graduation to the country,
that President Grant, who was importuned to
come to the aid of the brokers, empbatieally
refused to lend himself to the illegal attempt
TO loan the money of the people, who have
been swindled, for purposes of further specula-
tions on the part of the swindlers. There is a
wisdom in his conduct which will not be for