The Portland daily press., 1873-10-28


most noteworthy and hopeful signs of the
times.
AS an illustration Of the utter abandonment
OIL every principle of common sense, to which
stock gambling leads its crazy votaries, l cite
an Item from the extraordinary statement of
an insolvent share jobbing concern; out of an
investment amounting to S312, 340.97, they have
left 1900 shares of Union Pacific railroad, the
present quotable value of which is $76,500,
leaving loss of 1926, S4O.97! All the capital
there ever was in this enterprising establish
rent did not exceed $50, 900! Their daily oper-
ations counted by hundreds of thousands!
If one wants to get an idea of the Elusive
nature of the paper fortunes which have APP
peared and disappeared like dissolving views
within the purlieus of the Stock Exchange
during the legal tender decade-without incur
ring the hazards of active participation in this
gigantic game Of chance-let him read the histo-
ry of the rise, progress and fall of the anglo
Bangalee DISTINGUISHED Loan and Life Insur-
ance Company which was created by the in
ventve genius of Montague Tigg, or Tigg Mon
tague with its "offices newly plastered, newly
painted, newly papered, newly countered, newly
floor clothed, newly tabled, newly chaired,
newly fitted up in every way. Business!
look at the green ledgers with red backs, like
strong cricket balls beaten fiat; the court
guides, directories, day books, almanacs, letter
boxes weighing machines for letters, rows of
fire buckets for dashing out a confagration, in
its first spark and saving the immense wealth
in notes and bonds belonging to the Company;
look at the iron safes, the clock, the Office seal
in its capacous self, security for anything"
In gorgeousness of appointments, in lustre of
carpeting, in richness of stained glass, the pal
aces of your modern disciples of Midas who
per senate the bulls and bears of this great
human menagere outvie the splendors of the
tabled ADglo-Bengalee. They buy and sell
thousands of shares and millions Of gold day
by day, borrow the money to carry them and
retire at the close of the performance to enjoy
their fancied profits in dinner at Delmonico's at
800 a plate, or drive in the Park behind
$1O 600 team, or loll at the opera in a $4,000
box.
But the crash must come sooner or later.
For if this thing were real, if dame Fortune
could be won by such wooing, who would plant,
or SOW or toll?
1t is not unusual to hear men admit that this
vice of gambling in shares, and its concomitant
iniquity of initiating their nominal value by the
process popularity known as watering, has oc-
casioned the panic and that the immediate
victims, whether they be principals or accesso-
ries, deserve to suffer, but that lnasmuch as
any disaster which may befal them will nfict
collateral injury upon innocent parties engaged
in legitimate pursuits, they must be helped out
by government aid. Nobody pretends that
government can interfere without an absolute
violation of law, but your thoroughgoing in
fationist treats such a trifling obstacle as
that with sardonic contempt
OF course all such devices for suspending the
operation of natural laws would prove futile if
we had President amiable enough or Secre-
tary facle enough to violate the Statutes os the
land in the interests of tine most dangerous class
of adventures that ever preyed upon the indus
try and corrupted the moral tone of the people.
The disease has got quite beyond the arts of |
empiricism and must be treated according to
the canons of sound political economy |
if a radical cure is to be effected |
The world is full of examples of the rem ark
able manner in which history repeats itself.
''Benton's Thirty Years in the U. S. Senate
contains in the beginning of the second vol
ume, an interesting and minute account of the
variety and pertinacity of the appeals which |
were made to the government in 1887 to come |
to the rescue of the sufferers by the panic of |
that memorable year. Cajolery and threats
were alternately piled by individuals, by |
committees, and by public men, with persist
ency which no emphasis of denial could repress
to induce reinforcement of the Banks from
the national exchequer Nicholas Biddle was
the Vanderbilt of that day and held an empire
as absolute and imperial as that over which
the Railroad king welded his sceptre when the
panic of 1873 began. President Vau Buren,
will live longest and most honoraby in Ameri-
can history for the firmness and heroism with
which he met and resisted the opportunities of
these unwise advisers who implored him to re-
sort to temporary expedents to avert results |
which time has demonstrated to have been in |
eyitable. His statesman-ke policy led to the |
absolute divorce of Bank and State, separation
OF which the nation has set its seal of approba-
ton with emphatic unanimity of voice. The
issue of greenbacks and the establishment of |
the National Banking system have not changed
the relations of Bank and State. Each is, and
of right ought to be, Independent of the other.
Government may be a borrower, but cannot be
a lender. Banks may be borrowers-when
they pay interest on deposits they become such
but their business is to lend, and if they fail
in ability to meet the reasonable demands of |
their patrons, their usefulness is at an end.
The difference between this panic and any
preceding one is, that in former cases the
country was much less able to bear apparent
reverses than it is now. In 1887 we imported
breadstuffs Ins1S57 we imported jewels and
satins exchanging gold for them. In 1861 we
were entering upon an exhaustive war, which |
was not merely to stop the labor of million of
men, but to set them to destroying property al
ready accumulated. In 1873 we have the won
derfully favoring circumstances. of an unparal-
elled harvest, and promised balance of ex-
ports over imports, which is accepted the
world over, as a conclusive proof of national
prosperity. 1t seom fortunate, therefore, that
the bill for our ten years frolic should have
happened to be sent in at the opportune mo
ment when we could settle it on much better
terms, than any thoughtful observer supposed
we could, during the long period that we were
running it up with profigate extravaganza and
riotous living. YARMOUTH.
News and Other Items
1t is stated that Jay Cooke & Co., contem-
plate making to their creditors the proposition
to pay 20 cents on the dollar in cash. and 80
cents in Northern Pacific bonds
A junction City, Kansas, girl swallowed a