New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-23
THE PUANUAL sITUATI0N,

) I Deen appIeo 10 II Dy the Dank managers
stock brokers and spectators Of its chic
!. money centre. The panic that was in
tended to convulse our monetary system
and finally break down the currency of til
country, has produced very differen
effect from that contemplated BY its au
thors. 1t has resulted in very seriou
decline in stocks instead of ''greenbacks,
as contemplated by the promoters Q
! stocks and gold. Telegfaphic dispatche
1 from New York represent last Tuesday a.
the ''bluest day" ever known there. SO fa
as the Stock Exchange was concerned
| Stocks are represented as having fslle1
way below 1.-THE lowest points touched il
any Of the panics for the past Zen years
And while no disposition was manifested
by Che dealers 70 acknowledge the real
cause of this tumble, it was conceded that
the market was liable to be flooded with
stocks, and as long as that was the case,
brokers would be unable to borrow money.
II seems that the largest dealers-such
! meh a, Vanderbilt, Gould, Drew. ETC.
are beginning to lose confidence in the
stock game since they can not control the
funds Of the government TO enable them
to play 10 longer successfully. # the
I government had enabled the New York
banks to furnish the brokers with all the
money they wanted it il very certain
! that Eanderbilt's gambling operations
I would have continued successful. He evil
IDENTIFY expected to be able to command
the assistance Of the government in the
emergency which had arisen in the mone-
tary affairs of certain circles in New York
whose fate was closely allied 70 his own.
Besides heading Che delegation Of bank.
ing and stock interests that waited upon
President Grant and Secretary Richard
son to consult upon the panic and advise
means of relief, il will be remembered
that Mr.. Vanderbilt rendered himself con-
spicuous in asking the unlimited use Of
the national treasury for that purpose,
and that as means Of inducing the gov
eminent to do this, he offered to give che
banks an additional loan Of ten millions
of dollars. As matters are now trans
piring, it will be perceived that he was
playing bold and skillful game. II his
plan had been successful it would have
made him master Of the situation, instead
of the President, and possibly might have
led, as he is not without aspirations that |
way, to his being the Democratic candi- |
date for the Presidency in 1876. His plan |
was to have the government bolster the |
stock market. This would have enabled |
him to accomplish double purpose, that |
of getting rid of his stocks in time to
turn them into gold, and destroying
the value of the present currency and
national banking system. The accom-
plishment Of bis first purpose would have
vastly his fortune at the expense
of the nation, and the second being car
ried with it, the destruction of our pres
ent monetary system would have followed,
carrying with it the probable fall of the
party in the next presidential
election, and the installment OF Demo-
cratic administration, with moneyed
power at its back mere dangerous to the
liberties of the people than the old ''slave
power that ruled in the days Of that old
Democratic President, James Buchanan.
But the sagacity of President Grant has |
prevented these things, and Mr. Wander !
bits political and financial prospects
lave been seriously blighted. He no longer
lictates the price of stocks; and, being de-
,rived of this power, he has lost confidence
n them. Damaging runors are already
float about Drew and Vanderbilt. The
ormer is seriously implicated in the fate
f Kenyon Cox g. Co., lately forced into
bankruptcy, and is supposed to be at the
ottom Of the difficulty with Boyd & Vim $
ent, a large specializing firm. and the ,
act that las it has always been Commo- :
ore Vanderbilt's policy to hold up New
,ork Central against the tide. no matter
hat the consequence to other stocks. the ,
ecline in Central from Lightweight and
half to eighty-two and a half is
.keD as a sign Of the Commo. ,
ores inability to bolster up the sudden
ecline in the whole list, in which the :
'estern Union. falling from fifty-seven
i'd a half to forty-nine and halt. and
axe Shore from sixty-siS and quarter !
) thirty-nine and three.eighths. keep :,
ace.' And this inability o. the great ;,
ock gambler to stay the falling fortunes .
his favorite roads will prove disastrous :,
a large number of business nlen. who,
wing faith in the Commodore's ability :,
successfully prosecute his schemes.
ere induced to invest largely in the ;,
ocks of these roads. The man who has :,
gobbled up the fortunes of :,
hers, until he was inclined to make war | :,
ION ali interests that conhicted with his -
has at last reached the sum. G.
it OF his power, and viii. be fortunate if
is not dashed down and his fortune
billed up in turn. There certainly
uld be no public sympathy for the fall ii
a man that had mad. his vast fortune | m
plotting the fall Of others. and finally or
.empting to use the government as a hs
cans of furthering his schemes of per D,
Such men haveno SYM le