, 1873-09-20
COMMENTS OF THE PRESS.

From the f4ncfH7luf{ Commercial.
cats Of the country viii not bo very seriously erangcd
by tho calamity Tho reason for this is, there has for
ness circles that the great uncrakngs Of fhe rm in
bchaf Of tho Northern Pacific Railroad, would be very
hcayy to and capitalists not n %a
conservative to tie Of their means. This
fact, while It has borne heavily railroad projects
Of greater safety, and, unless general smash
ours than Just now seems to be probable. Wall
not be broken down By tits catastrophe to 80 pronI-
nent concern unlesa the National Banks are very
much more involved than there is reason to below.
hope shat tho diatresaea Of Jay Cooke Il Co. will TO
purifying IN the!r effect, warning both bankers and
irredeemuble currency continually conducc must
DO avoided TINT eafety In tho business Of eaeh only
It s reasonable, though with these better asa,,r-
ances, to 10 apprehensiye TINT railroad construction
and gegotiaons Of railroaa securities wil be hin
ered, nna perhaps, aome further resulting disasters
experienced which may emharasa contractors.
Front tho CfucinnaH Gazette.
90. Viii 10 heard Of with general regret. Tho house
made grcat dea! Of money BY ita enterprise and re-
Tho War; Undertaking It Ut time i'm when tic resources @
Of Government credit were unknown. It supposed
hst snso That o e prosperity hsa aaa
bonds: In tho present sbsense i ny other inow.
hnvo. to suppose that It was because oi tho
Northern Pacific Railroad undertaking which
this house entered upon with groat deal
of courage, and whose land endowment, although
rich, ts not Immediately available We shall bo glad
II shall turn out that tho suspension IN but temporary
aud that nehor the ability Of the house nor the great
railroad undertaking will be crippled.
From The Cincinnati Enquirer.
It Is the beautea and the deceitfnlness OF TINT
iRothermnl line that wrought tho ruin. Tho philade-
phia house Of Jay Cooke Co. wgso tho fAcal agenta
Of tho Northern Pacific load. Tho Sword Of panloclea
has been impending that enerprsc for moro han
yoar. These nsc4! agents have ato large advances
to tho roaa. The July interest must hs paid The
CONSTRUCTION must bo provided for, Nearly
all Of this haa been done with tbs pro
cecda Of tho sale OF bonds, hnl whom
tho peope began to twist tho tsothcrnal line few
hundred milca 10 tho aolst1wGra, md to underAtand
the approaching h0ltomlessncss OF tho acheMe the
road fai0l Of It's resources.
The Northern Pacific hAa been chartered llttlo
mora % than ntne ycars and WIS to be completed III
1870. Government gavo It tue right Of way aud a-
tornate sections ct ton squire miles OF land. Tho
original charter did not provide for tho is-
! sue ,oea of mortgage ,honds. Al amendment
Sssp tst pova,o, 81 sg DID nFGyds uuaSs
amount Of over bearing Hold interest at tho
rate OF 3-18 per cont Tho Company could only nay
tue annual nterest nearly 81 900, by selling mora
| bouds. They have been approaching their own ruin
the preface to moro widespread laforune or to Tho
knowledge Of lt-the known wortheRsneas, or well
nigh No. of the Northern Pacific bonds which ara held
by f&rcre aud Worktngmen, and men OF email capital
| throughout tAs North and East.