The Portland daily press., 1873-09-23

banks had confined themselves to the trlns
actions which come properly within their
scope. we should have seen no trouD ID
Wall street this week. They have practically
| gone into the business of contractors, brokers
| and SPECTATORS. The prof ,ctors of all sorts
of new roads have absorbed the capital
which rightiully belongs to the legitimate
| trade of the country.-N. Y. Times.
Meantime, the crops are growing, the
manufacturing and mechanical works are
fairly active, the country is bare of goods.
and is able TO pay for them, the sun rises in
the morning and sets at night, the rain falls
upon the just and the unjust; and far beyond
the commo. ions OF Wall street, the people,
little disturbed by the tempest that RACES
there, are prospecting in their business, in
creasing their productions and meeting their
engagements Providence Journal.
When the financial harpies who prev upon
each other, and upon the commuI ity, fall in
to pits of their own digging, there is little
commiseration telt. 1t is regarded as only a
just retribution. Nobody would mourn if
one-haf the brokers in Wall street should go
under, provided their fall involved no dsas-
tiers to the producing and legitimate CONNER
al interests Philadelphia Press.
1t is to be hoped the lesson Of the crash
in Wall street will not be disregarded by our
business l. en-. Never has the failure of rep
utable brokers done so little real harm or
taught so wholesome lesson. The great
business interests of the country are unaffect-
ed, and trade moves on as L nothing had
happened. A healthier lone is sure to per-
wade business circles when these wrecks are
swept away. The reckless spirit of specula-
ton will be restlained.-N. Y. Herald.
Whether Democracy is stone dead or only
nearly dead, to-day, is question of little in
terest; it will before long be so Enthusiastically
lifeless that its organs will yield their consent
to the obseq l:es.-Mo. Republican. (De.m)
The distinguished Hollander' who has
proposed to Senator Morton the construction,
by private capital only, of afour-track rail
road from New York to ST. Louis, must be a
man of singular boldness and enterprise. In
fact, nothing but Dutch courage could have
have been locked for to conceive so vast a
work.-COmmercia Advertiser.
A provincial paper has been discussing the
question whether David, son o. Jesse, muir
dered Uriah, the Hittite. We should think
there were murder cases enough demanding
attention without going back to Uriah, the
Hittite. But if David could be shown to be
the guilty party, it would be impossible to
bril- g him to justice at this late day.-N, Y.
Mail.
Boston is not seriously affected by the pam
c elsewhere, though il has had the effect of
curtailing financial operations, and has ad-
monished our merchants of the necessity for
prudence. Our bankers and brokers are
more conservative than those of New York.
and have been little interested 10 the specula-
lions and ventures that have been so disas-
tious there.-IrduetIer.
The real cause is to be found in the paper
money of the country, the unredeemed in
Hot 6 ON Will sfc 81, c.
long as the business of the country is conduc-
ted on other than specie basis. so long will
the mania for Unlimited speculation continue,
and so long will financial crashes be of fire.
quent occurrence. 1t has been the history of
every country that has made the unfortunate
experiment. 1t will continue in our lard
while those who reap the profits of the de-
based currency control the national legisla-
tion.-Hart0rd COurant,
1t has been a source Of no little mortifica-
ton and regret to the Herald that sC@sar-
ism' afforded no opportunity for publishing
map. Why not use map of C9sarea?-
Commercial Advertiser.
An Ohio paper has returned to the old oc-
cupation of ciphering out democratic gains
upon which to predict a victory in that State.
IF the democrats in Ohio gain in the same
ratio that they did in Maine," says this ora
jority of last year and have several thousan
votes to spare" There is hardly democrat
SO reckless as to hope for a victory In Ohio,
and if there is pleasure in these contingent
and extremely remote visions we would not
deprive them of it-Ne,c York Eoening Post
This panic is only similar to the Black Fri
day affair in being confined to the street. :
That was a conspiracy; this a blunder certain
to result from reckless speculation. 1t is not
easy to determine which is the more criminal,
for that was wicked in design and this is VIC
timizing many innocent people. That was
subject for homlies, but it cleared no rubbish
away and taught nobody what to avoid; this
wholesome lesson, and it bulies the myth
cal railroad enterprises which were its cause
in the same grave with the men who fell I'M
der their weight.-N. Y. Herald.
1t is the men who have been building rail-
roads with borrowed money who have sud-
denly come to grief by the embarrassmeuts
which necessarily followe1 the cutting off of
the only source of supply of ready money for
expenditures where large amounts are de-
manded Ofcourse the canSes which have
finally brought about this disaster have long
been at work, and all these houses have been
struggling with them alike to create: or less
degree. When the time came, as it must
come sooner OF later, for one of them to sue
the panic follows.-N. Y. Post.
Some time or other, and the sooner the
better, these scoundl els who play for for
tunes with other peoples money, and condi-
ton their SUCCESS on wholesale ruin, will
have to feel that there is strong line of de-
narration between them and those who by
their brains or hands contribute towards the
prosperity of ther fellows The time must
come when The banks shall be forced to chose
between fostering the interests of legitimate
trade and industry, and aiding the sche es
of gamblers with the monev deposited by the
producers of values.-N. Y. Mail.
TIE present troubles (which, happily, may
prove not to be SO serious as at first antici-
pated) demonstrate the necessity of so mod
flying our banking laws as to provide relief in
time of panic. 1t should be the first business
of Congress, at its earliest session, to afford
the relief so urgently demanded and the ne
cessity for which has been enforced at such
imminent peril to the business interests of
the entire nation.-lnter-OceG
We 'lon't regard the crash as a great calan
isy, and we believe that it will result in far
more good than evil. Some valuable inter-
ests will suffer; a few lawful enterprises will
be retarded, and some desirable improve
ments may be wholly abandoned But the
sharpers and idlers who have lived by mere
speculation, grasping at all the available funds
Offering for loan, paying more for the use, of
money than its fair market value, and divert
ing it from the channels of legitimate bust
ness to swell their own gains by employing it
IN hazardous operations, will be swept out of
the way with the debris of the ruin they
have caused, and will leave the field clear for
that proper enterprise which alone can ad-
vance the national prosperity.-Journal of
Commerce..
Beans are selling in this market at four dol
lars per bushel. When farmer raises seven
bus hels of good sound beans, ne becomes en-
titled to the honorary title of deacon" This
year, under the circumstances, to be deacon
is just twenty-eight dollars in the farmers
DOcket-Kennebec ,1Ouyn0I