Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1873-10-02

THE PANIC.
THURLow WEEDS THEORY OF THE
CRISIS

THURLow WEEDS THEORY OF THE
CRISIS
TO New York Tribune reporter
Thurlow Weed said: Viewing this
crisis 10 its most remote aspects, we
are simply paying one of the penal
ties OF our great war. All great
wars are followed by great penalties.
Most, and | may say all, wars hither.
TO have been followed by great de.
preston and distress 10 the financial
and business interests OF the country
that has carried them on: but our
war seems Ia nave had, tor the time
being, different effect. One reason
OF this Is that we spend money more
lavishly during the war than any
other nation ever did. No nation
ever before paid its soldiers s14 per
month, or spent any thing like the
sams amount OF money that we did
IN me same time. This immence
amount of money thrown into circu.
lation gave rise to reckless specula-
ton on all sides;it engendered habits
of extravance and general desire
among all classes to get rich sudden
ly and without work. But among
it's worst effects was a general de-
moralizatioR Of the country, affecting
public men and business men alike.
"Rings" were formed everywhere to
make money and to rob the public
Everybody knows how they robbed
this city, and they robbed the State,
too, and would DE robblng it now if
we had not been fortunate enough
last fall to elect an honest govern
ment. The present financial crisis
In Wall street is attributable imme>
diately TO two causes: First, TO few
large capitalists and money.lenders
who have tied up large sums of mon
ey in order that they might force
usurious interests. The banks have
lent themselves-infamiousIy lent
themselves-to the purpose of these
men. The second cause is the action
of gold spectators; men who have
resOrted TO all sorts of schemes to
raise the premium on gold; and they
too, have received aid from the
| banks.
THE ORIGINAL CAUSE.
| (Frsm the Baltimore Americana
The original cause of the panic
was the general assault on the rail.
ways, especially at the west. The
rapid spread OF the Farmers Gran.
ges and thoir organized assault upon
the railroads. taking even the shape
of constitutional provisions and the
control of judicial elections, arrested
the vast railway movement as though
a pOwe break had been put upon
it. To say that the sale of bonds
was stopped because public conf
dence was gone would but family ex-
press the situation. All the business
that depended upon the movement
was at once affected Nobody careo
to hold railway bonds when a State
constitution like that of Illinois
cou d render it almost impossible for
the rail way to develop It's business
and earn expenses and interest,
LEGITIMATE BUSINESS WILL BE BENE-
FLIED.
| Frem the philadelphia North American.
While there has been constant
suspicion for long time of an I'M
wholesome condition OF things, and
people have pointed to trade 80 not
yielding an adequate profit, it now
turns out that all productive classes
OF business have been sound and pros
porous, and that the banks that re-
! lied upon these classes are safe. This
test is worth something in business
point OF view, Inasmuch as it proves
that merchandising does pay we'll
after all, aud that industrial move>
ments are equally profitable The
result OF the panic and it's Develop
ment will probably throw more cap
ital into the pursuits, and give them
a fresh impetus. The real injury
done to business by the crash had
been confined TO two classes Of inter.
ests-railways and private banking.
Commerce and insurance have not
been disturbed. We notice in some
quarters TN apprehension that real
estate operation will be affected by
the arrangement OF credit and an in.
disposition to build or buy. But
this will be largely compensated by
the withdrawal of capital in specula-
ton to invest in something solid and
indisputable.
MORE CURRENCY THE GENERAL CRY.
From the New York Heraldl
The general cry is for lew more
millions of the national currency.
The public confidence in this univer.
sal paper circulation of the country
Is mistaken, and here we have a ba.
SIS OF security against any financial
disturbance which we never possess.
cd under any other system. The
| question now TO be determined by the
government is the question of tenn.
porory paper imitation to meet an ex-
traordinary contingency, though by
many fnanciers it is held that the
smallest paper Initiation involves a
further postpOnement of return to
specie payments. From all sides.
however, We hear the complaint that
the paper circulation of the country
is not equal To the business wants of
the country. 10 any event if an adj
dltlonal sum of twenty, thirty, or
fifty millions of currency will relieve
our banks and merchants from the
embarrassments which otherwise
threaten them, the President will be
endorsed by Congress and tie coun-
try in this timely measure OF relief
PAY YOUR DEBTS IF you CAN.
CFrom the Washington Chroniclel
Each individual has duty TO perr
form that is as far as possible, to
promptly pay his debts Ii is not
necessary for every man who owes
small sums of money to make the
present lutter in financial circles The |
excuse tor not paying. The real
facts are that the nresent nanic 10