New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-15
FINANCIAL DISCUSSION:
SOME EXCUSE FOR EXPANSION.

TO the Edftor OF rae Trtbune
SIR: Mr.. Fessenden once, while he was Sec
Rotary Of the Treasury had I'm contemplation an I'M
portant financial measure. but beng uncertain ouchne
consequences sent for two eminent bankers or new
York 10 benefit by their views upon the subject These
two gentlemen immediately responded to Mr. Fessen-
dens invitation, and In the interview with hima tho
beginning OF which he stated his proposed measure
ranged themselves opposite sides OF the su'ject
with great promptness and good deal OF heat Tncy
argued the question In all It's besrngs-pro and con
and the end left the Secretary undecided as he
had been at the opening Of the conference, But ne
thanked his visitors for their attendance; frankly
admitted his perplexity, and said he would con
suit them future occasion, and asked them
in the time give the subject their best Thoughts
fortnight later he called them TO second interview
Imagine the Of the Secretary when ne found
that In the interim his visitors had exactly changed sides
and were ntoersn other as they had been
on the occasion Of the frst meeng MI. Fessenden. 10
is said more than once declared his belief that hnancs
was not science, and Instanced this circumstance
But 10 IL.
The late panic to have confused large part OF
the public mind aud the newspapers teen with crude
notions touching remedies, not the least and most
absurd of which that the time Ia az hand for esumSa
cash payments 1t ia foolish and than foolish, to
indulge the common happiness OF saying II told yoa
so Nor 1t worth while to speculate upon the causes
OF the panic. Tho fall Of any great house was almost
certain In the financial condition as IL stood on tho
18th OF September last, produce it. The fail oil tha
house Of Jay Cooke could not fail In It's result
THE TRIBUNE the day after that eyentrghty de-
scribed It as a thunderbot curious example OF tho
instant effects OF that thuudebot has been told TO me
At the time OF the suspension OF jay Cooke, certain
great travelling exhibition was In Central Pennsylvania.
probably at Harrisburg. at any rate near that city,
p 70 the very day the announcement OF the failure
this great establishment had played To CROWDED AUDI
| fhat1
1be instincts OF the peope-not the learned In political
| economy but those who labor-were prompt 10 warn
them Of the impending changes In the Industries OF the
country and they did not wait for the morrow to begin
their preparations. How true those instincts were
events have since manifested. have some means OF
knowing and there good ground for saying that ths
the stoppages OF wooden and cotton mills aud other
manufactures In the NewEngland States alone, sinca
the 18th of September last have thrown out OF employ
ment 5000 adult persons, and how many more VIII De
idle before Years Day 1t Is impossible TO say Bun
II New gland be any fair index OF the operation Oh
the panic" throughout the country, 1t Involves great
suffering TO The poor and anxiety and embarrassment
| to the rich
What the country wants s not learned essays on po
| utcal economy but remedies for financial evils IL
remedies be within the power Of the Government the
Government is bound to apply them. The Government
is made FOR people, not the people for the Govern
,nen and it's duty not TO separate ts interests from
theirs,
This Is the natural instinct OF mems hearts, and u
rightly So and be will admit IT'S existence at any Ist,
whether right or wrong, who knows the almost uhaui
| mons public sentiment OF the people OF New-fork'
| What il the remedy III are governed Dy tue
lessons experience the answer VIII instantly De-p
Inc Treasyy should ertend relief 10 banks There are ID
the Treasury-Or ought TO be, II the public Is not o
ceyed as To It's condition-s4 100000 OF legal tend re-.
| commonly called the reserve" it Wouu DC olmcus
10 describe the exact character OF this reserve NOT
II necessary do good deal OF cOhnct OF opn
ion exists in relation TO but without DOUBT All cohies
ourht resolved in favor OF the pubic interest ~
other words this should be so appled as inme
dstely 10 give relief 10 the suffering mercantile and In
iustra interests the community This Is the clenea
OF finance in its relations to the present nnanca e
iganey The chief objection TO ths Il DtseuIt 10 NV
TOD harsh to say-upon merely speculative opinions OK
non fhosh ultra freetrade conceptions OF uo'eInus
which wouid Utterly separate the Government RON tps
| neonle and maEa~ their interests distinct. ~
| does not seem able>Io comprehend the broad
distinction between q perm, apent useless innallon
| OF the currency and JudicoIs assistance III sea
sons Of public distress 1t IS not worth Tne, Sn
go the trite history OF English pshics pted "
| the wise, prompt action OF English Ministe-si What
everybody knows is that the Federal Administering
has relieve tho people andis bound 10 exer
else it, About the remedy. there are no two opinons
but ms its application there are many but not, how
ever m the business world There the sentiment Is
INIT and II the matter submitted for their action
or that Of the whole people. the verdict would not be
doubtful; fact OF little importance ia speculative
and ultra free-Irade political economists on the one
hand IA t Ineffective In procuring action upon tho
] mart of weak aud faltering Administration tina
other have little d0abt that some bankers who, q
month ago were very earnest against this measure of
relief would to-day be very earnest In favor or IL,
they consulted by the President and his Secretary
| Of the Treasury.
Nete-YOIk, Oct. p, 1873.