The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-21

ence IS called to order 1t Will be found that no
such galaxy of divines was ever before assem-
bled in New York. The subjects to be dis
cussed are full of interest and they will. no
doubt be ably handled We wish the Con-
proceedings, and our comments will be freely
given as the occasion may demand.
The Financial Storm-Good Effects of
Sunday Rest and Peace.
The week has been one of great excitement
in Wall street and some alarm in business
circles, but we may expect that Sunday rest
and quiet will bring confidence and wise coun-
sell Yesterday, like the two days preceding it,
was busy day in the street Additional failures
were added to list already too long, but
better feeling prevailed at the close of business,
and it Was generally believed that the panic
would be confined within its proper limits
those of reckless speculation. So far the
banks are not affected, except one or two,
which were closely connected with the opera
tons of the speculative brokers. The trust
companies which have failed owe their down.
fall to similar causes, and in one case, partially
at least, to defalcation. Outside of these there
have been no failures. The mercantile inter-
est is as safe as in the best of times. The
railroads, except the wildcat affairs which
were made the basis OF reckless speculation,
are uninjured. Credit generally is unim-
paired. Nothing more serious has happened
than the overthrow of few houses which
were doing n VIGOROUSLY unsafe business. It
was mere financial thunderstorm, passing
through Wall street and topping over some
unsafe buildings, but leaving the substantial
houses in as good condition as before. AL
ready the storm is almost past, and the sky
will soon be serene and fair and the at
mosphere purer and better, if wise counsels
prevail There is no occasion whatever for a
general panic. The real business interests of
the country cannot suffer while the embarrass-
ment is confined to the spectators in worth
less railroad bonds and the gamblers in value
less stocks. 1t will be wholesome lesson to
all classes of business men if the storm is
confined to those who courted it, and when it
is over no one will regret that they who
whirlwind.
This panic has been entirely different from
any that preceded it. In 1857 the evil
effects of the storm were felt all over the
country. The banks generally suspended,
even those which were solvent beyond all
question being compelled to adopt this course
as precautionary measure. Business was
Frustrated, and the suffering was intense and
universal. Black Friday was entirely confined
to the Stock Exchange and the street, and
had no effect one way or the other Oh the
great question of moving the crops This
panic is only similar to the Black Friday
affair in being confined to the street. That
was conspiracy this blunder certain to
result from reckless speculation. 1t is not
easy to determine which is the more criminal,
for that was wicked in design and this in VIC
timizing many innocent people. That was
subject for homiies, but it cleared no rubbish
away and taught nobody what to avoid this
is wholesome lesson, and it buries the
mythical railroad enterprises which were its
cause in the same grave with the men
who fell under their weight. And it
must not be forgotten that Congress
is partially responsible for the present
condition of things, for, to great ex-
tent, these worthless railroads were projected
merely to seize upon the public domain, with
the consent of the national legislature, and
victimize the people into buying bonds of
companies which have plenty OF land, but no
money. If, in addition to sweeping this worth
less stock from the market and from the lists
of reputable bankers, the public lands, 80 IN
wisely appropriated, can be recovered the
storm will become almost matter of rejoic-
ing if not an actual blessing
We cannot dwell too much upon the fact
that, notwithstanding all the fear and alarm
and excitement of the past few days, the banks
are safe. This seems to show that their deal
ings are with the legitimate business interests
of the country, and not with the reckless
spectators While they remain firm the evil
consequences of the panic must be of little
real importance. Public confidence, which
has chung to them 80 far, can do more to keep
them firm than anything else, and the still
ness and peace and quiet of this Day of Rest
should usher in week of security based upon
the general prosperity of the whole country.
SPAIN CONTINUES To BE AFFLICTED by the
terrible Earring of dynastic and political
'isms." The public hodge-podge is OF such
miscellaneous composition that the Spanish
people obtain but little Of national nutriment
from it, and are exceedingly likely to burn
thaix auRezs uheR they apwaaNh tQa e|oae "