, 1873-09-23
NOTES AND OPINION,

Tho bubble which exploded IN Wall Btroot OF
Thursday waR frat inflated in tho oary part of
tho war, whom pamphlet was wrltton to provo IA
Nationnl Dobt National Dlesaing," and It was
doomed patriotic duty to inoulcato the doctrine.
Naturally, that which WAS doomed good for tho
nation waB ostoomed beneficial for corporations
and individuals; mud tho aggregate national,
State, municipal, mud busuesH indebtedness Of
tho country to-day is foarfully alarming. But Of
nj formB Of credit, TINT upon which tho business
of Wall atreot ia built is tho most ruinous and
ine1ousablc. Thore Is no apology for 1t; and
tho sooner It is buried beneath tho rulnB
Of every firm md oyory individual on
gagged in 1t tho bottar. Tho country
is not prosperous because 1t has borrowed
| Thousands OF millions Of dollars OF future
generations, and haB mortgaged itaolf beyond re-
domption for paymont' while It's public tands
been piled mountain high by political spend
'h1a'o ia spo y shc E vass nr5sdacvo powers of
tho country, you SEQ around you little elHo but
| dcbt-dobt-dobt. Debt individual, but mostly
debt corporate. There is no help for It
now. Tho arguments presontod by dofautting
railroad companies aud suspending bankers con-
lain a sort Of logic which THO dullest MUD eau
Paper is not money, however handsomely it iuny
| be ornamotlteu. 4 redundant tlrcncy. cvou II
1T wero Of gold and silver, is uoycr llcssiug,
but always cs,rsc.-P PiHstu'gh (Pa.) Post.
money Of the country, tho unrodoomed inflated
curreuoy with ts uncertain value. 30 long aa
tho business OF tho country Is conducted Oh
other than specie basis, so long will Tho mania
| for unlimited speculation continue nnu no long
will financial crashes bo Of frequent occurrence.
Hartford (Ct) Courant.
Ono thing would soom to DO evident, how
ever, ind that is, that tho inolnsticity OF our
| In rfnjr1 CF
fuancial disturbauce.-A -Afil,oauhee 1Vis.) Sensi-
mel.
Our national and non-exportable curronoy
would be n sufficient safeguard evon in q tenfold
-Wo do not dispute that III inflated ourroney
and tic artificial prices Hpringing from it has
stimulated the speculative spirit whose oyor-
strain las precipitated this convulsion. Wo
eyltablo influence Of deprecated md incon-
vortille paper money, aud have repeatedly urged
1t as reason why tho country should escape
from tho unhealthy condition "a speedily ~
possible. But tho Government Ia not RESPONSE
bio for Lilo existence Of the currency We now find
here. It was ono OF tho penalties of the war;
Albany (N. ~ Journal.
-Whatever mny bo tho atter-consoquenccs OF
this sudden md, OIL many accounts, distressing
calamity, We trust that one of thom will be
to convince those who have money to inyost
that thoro is such thing al anticipating tho
doyelopment Of our national rosources'-Doslon
advertiser.
-Wo do not say TINT It would be a good thing
TO have this panic extend 30 far that it would
drive these imagnary securities out Of existence
and bring tho railroad interest down to o. sound
plishod by IN immense amount OF individual
suffering, though wo muHt adnlit thoro arc strong
roasoua for thinking that in tho end, it would
10 q blessing to the community ut largo. As it
it, NO arc always subject to just such panics, and
thoy will result in misfortune aud distress to ii1-
nocont perHons until the system Is placed on
such a foundation that speculation itself will
Globe.
Tho work Of building railroads is being con-
ductcd with little regard to sound financial pilu-
ciplce. Tho truth will probably DO found that
tho Credit Mobilior d!soaso prevails extensively
outside ~ we'll AZ inside Of Congressional halls.
Scranton (Pa.) Times.
In tic faco Of tho exposure Of tho Credit
Mobilier raacality, tho managers Of tlo Northern
Pacific Railroad Ind not the otrrontory to ask
for money nd from tho last Congress. Tho bub-
bio had burst, but tho cruel business WAS con-
tiuuol Of floating these bonds, by imposing ou
tho crotnlity Of the public, BY every device
tho day of the crash, those dosiring Hafe aud
profitable Investment" wero advised By jay
Cooke l. Co., to sell out tlor Government bonds
and buy Northorn Pacific bonds. We arc
reaching tie end Of wild orr Of speculation, and
VIC are reaching 1t, perhaps Of necessity through
individual suffering and aorrow.-Bfook|yn az.
~ Eagle.
-somo Of thoHo connected with the Northern
Pacific Company ara reported to hayo alleged
that Congress- may be usked to extoud the Ma
tion credit to tic bonds Of tho Company as tho
Government did to tho bonds Of tue Union and
, Central Pacific. This schelno |e can rdly
believe to bs seriously contemplated. but II SO,
We shall expect Congress- TO promptly repud!ato.
The country Inns Ind, and Is having. enough
Of that sort Of subsidy ss.-Detroit Post.
What the conyulBon will do and what 1t
ought to do is to arrest soInohing Of tue frenzy
OF speculation which has boon running 30 wild.
j. Th1a railroad movement las been largely
, artificial. Tho pressure has been carried too
, high, The bubble haH been inflated beyond all
reason. Tho capacity Of tho country in this
direction has boon ovorstrained, and now oomes
, tho collapse, carrying with 1t tue fall Of many
| stroug houses, aud consequences which cannot
yet DO estmatod.-Al1any Evening Journal:
-Wo arc not oyer-sangune of the Immediate
future. Labor has grown reatlosa under itH
load. Debts arc multiplying with foarful rapid
: ity The future is bartoroa to prop up the
Weak minds, deceived by appearancos, may call
she esppposso IVY simple % s uH and %
punlyhod.."-st. Paul (!unn.) Pioneer.
. our great railroad mon laB lad moro to do with
tho present crasl than haa tho war nlld its ro-
suits. Watored stock and dividends asked from,
tue people upon such t9titns ,as,, nan has co, ~
/ living aud honost busis. Tho result IL. t|at
those non who are heaviest III railroad specua.
= tions and new projects thu ilrst to 20 uldor
t -Burlington (Iotpn) 1azette.
q -Woro it not Tor tho fnct TINT tla failure oi
. suoh firm as that or jay Cooko T. Co, will bring
K disaster upon tho business of honust and indus
trioua moi, it might be- regarded W just v,sta
ton upou sot Of shyloclss aud monoy -ulla.,go,s
who toll not, neither 10 tloy spin, bit live upol
aud draw away from tho tuiIing n,i!l.o,s the pro
4 duotB OF their labor. :. They are q bad
aot, lake item ali through, md il ii no wonjo1
/" thoy have como to grief, for Justice Ia slow bu
- Huro. Men WHO grow TO DO mlllionairos out O
tho blood and taxes Of tho people during wa
for the llfc Of the country, may fatto, and thrive
, for time, but tho Tomorrow whom they dit
;, will surely como.-Roohesler Nv. " Union,
' Jay 0ooko l. Co., more than any other firm
+. In tho country. stood as tho representative o
hhudlydQm--ln unlupliY QutGr0wth Of tha Ha r