The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-27

'N'i"'h' 10 tdltu .upOil W tpHNCIC III
extra session of Congress, the effect
of which must, necessarily, have
been TO prolong the period of the
panic, further dcpress values unscttlc
business, destroy, rather than restore con-
fidence, and end in smoke after all. It Is
difficult to sec what Congress could have
done, even If in session, but an extra ses-
sion could not have been convened for
weeks, and the fact OF its having been
called would have been taken BY the ma
jority as al evidence that the situation was,
even, more grave than they had imagined
in their widest yagaries of thought, when
under the most intense and unreasoning
excitement and panic Then they are i'm
portuned to again violate the laws by an
ticipating the payment of government
bonds not yet due, Notwithstanding such Il
procedure is absolutely forbidden by special
enactment. Akin to this was the request
that the treasury would buy of banks, saw
ings banks and bankers. all and every
specie of government bonds, no matter in
what amounts offered. under the under
standing or agreement. on the part of the
banks and Others, that they would buy
them back when the crisis was over. OF
all the absurd and ridiculous propositions
ever made. this, il seems to tIs, cans the
climax. Yet II was soberly, honestly made
by the lealing fnancicrs of New York
city. So much fol the attempts to place
the government in ridiculous and absurd
position. for it would have so resulted. even
If the protector. and urgcrs Of these scyc-
raj schemes had no such intention. and
probably, they had not. The government,
We are glad TO say passed through the
panic without compromising itself or 'hc
country.
We will now turn to another ridiculous
phase. Nothing need he said about the
astntc conclusion 10 which these mclropoli-
tan financiers arrived that they were the
universe. and that the outside barbarians,
scattered through the several states in the
Union. didn't amount to anything and.
therefore. did not need. and must not have.
money. any further than to note the adj
ditional fact that Chicago has come to the
same conclusion. Two years ago. her
business men bankers included were
frantically calling upon the country to aid
them in their distress. Nobly did the
country respond, and with II generosity
heretofore unparalleled in the history of
the world. poured in contributions of
money, provisions, and materials that en-
abcd Chicago TO escape much of suffering,
to rebuild her dcsolatcd streets, and to re-
sumo her commercial and financial import
ancc almost at bound. When, now, the
country, which is tributary thereto, has oc-
casion TO use the money there deposited by
them. and which is still in the hands of
her banks and bankers, they are informed
that money will not be paid to be taken
out of Chicago. This. perhaps. should be
classed rs financial meanncss rather than
as ridiculous and absurd, although it par
takes of all, but more largely of meanness
1t must have presented something Of far
cical, as well as depressing. appearance to
see staid, sober, respectable and, at most
times, unapproachable financiers and
bankers rushing frantically about the
streets of New York with fist full of
first-class. prime securities, mploring
everyone whom they met, who were sup
passed. To have 49, '.--', ="
discount or buy at an interest of seven hun
drcd and thirty per cent per annum. In
cooler moments, such things would not
have been attempted, because its absurtlity
would have been apparent at once. The
very fact of such men offering securities at
such II fearful discount would demonstrate
that the securities were not what they pur-
ported to be, or that the houses represented
by the individuals making the offer. were
in lettering, if not failing, condition. Its
tendency at any time, but more particularly
in panic, would be to bring on, or inten-
sify, the very condition they were seeking
to avoid Let us pass to the still greater
absurdities of the telegraph, or rather of
the correspondents and reporters who fur
nish the matter to be telegraphed, over the
country. Jay Cooke & Co. suspended last
week, being among the earliest houses to
succumb, yet a special dispatch was tele-
graphed from Washington, Thursday
it was deemed of sufficient importance to
be Erc-telegraphed over the country that
government business with Jay Cooke,
McCulloch q Co. has been stopped" The
suspension of Jay Cooke IL Cos. several
banking houses throughout the country has
been understood for some days, to he an
| absolute failure, but whether this is true OF
not, the government would be worse than
| idiotic to continue business with the paren!
house or any of its branches. OF course,
government business with these houses
has been stopped" and the whole country
has known ii for over week. yet report
ers are found, At this late day. to telegraph
the fact MS mars. A dispatch from tho
west, however, more than meets it Ii
idiocy and freshness, when il announces
under date of Thursday, that 'thc banks
of Nashville have suspended specie pay
ment." This in new and startling, indeed
and we dread to hear of lis effect upon eX
cited New York, y review of the panic
we think, will disclose about as much ab
surdity and nonsensical action as was ever
brought to the surface in the same space o
time
Brandon Farmers and Mechanics