New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22

with dead securities 10 may end In general
suspension. Viewing this crisis In its most remote
Aspects we are simply paying one OF the pena'ues Oh
our great war; All great wars are loi'oweu oy great
penalties Most and may say ALL wars htner'o nave
been followed by great depression and distress 10 the
eal o,d business interests OF the country that has
carried them, on hut our war seems to have had Tor
che ,,o heing different effect. One reason OF THIS IL
that We spept money laVishy during the WAT 'na
any other nation ever did No nation ever oeiore paiu
its soldiers s4 per month or spent any lhe Inc 'ne
sap,e amount of money that wo did In the Same time
This immense amount OF money tnro"h in'o
c,rcr,st,op gave rise to reckless speculation on
an .,dos a encendered habits OF extravaganza and
nI desre among all classes to get rich
aao,lv and without work But among Its worst
er,cts was a general Generalization OF the country
affecting public men and business men ahKe' hlngs
were formed everywhere TO make money ana 10 TOD tho
nnhIic Everybody knows how they robbed this city,
and they robbed State too and would be roDOin8 IL
now IL we had not been fortunate enough last
en- % eIect an honest Government. The present
eno,cia crisis in Walst. is attributable Immediately
% two causes: First to few large capitalists and
moneyenders who have tied up large sums OF money IN
order that they might force usurions interest Inc
banks have lent observation-disclosures lent
themselves-to tho purposes OF these men.
The second is the action OF
gold speculators men who have resorted to all sorts
~ sehemes 10 raise the premium gold and they too
have received from the banks. Every interest OF
this country in my opinion demands speedy resump-
ton of specie payments but this greatly embarrassed
by the operations OF the gold gamblers. ana IL Is also
bipdered TO considerable extent by the large numbers
OF Americans for the last two or three years nave
gone abroad and spent their money In Europe. Ihis
was so much gold the country and the amount is
much larger than generally supposed. But what is
needed above all things IS TO put stop to the comDha
tops OF those men who withdraw from circulation the
money that is needed in order that they may force
usurious interest of one or and half per cent day
They should be sent the State Prison wherever they
can be found together with the bank officers who aid
them.
O. You do not believe in the repeal Of the usury laws,
7 take III A. No; they should be made ten times
stronger and more effective.
O. Do you think the Union Trust Company VIII re-
sumo payment tomorrow A. hardly think II Will
O Is the report true that Mr.. Wesley has been ap-
pointed receiveri A. No; receiver has not Deeh ap
pointed yet. have nothing to do with the direction OF
the Company. am only stakeholder The officers OF
the Company are greatly to blame for the way things
have been managed there The President has been off
in Europe for the last four months instead of staying at
home attending to his business, and the whole manage
ment of the institution appears to have been left IN the
hands Of Carlton. the Secretary who Is mere boy lie
is amiabe and pleasant enough, but merely weak boy
And yet he appears to have been allowed TO loan money
TO his friends any kind of securities at his dsere
ton.
O. What have you 10 say about Jay COokei A. Jay
Cooke has failed by attempting to carry out great en-
terprise fifteen years too soon.
O. You are not clear then in your own mind. that we
have seen the worst of yeti A. No. it is impossible
10 tell what tomorrow and next day may bring forth
hope the worst passed. and that viii not reach the
commercial and business world 1t would be wicked for
them suffer for the sins of the wast gam
blers and spectators.