Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-10-01
THE PANIC.
OpInions of the Prern .


The Baltimore SIM in q sensible editorial
on the all engrossing topic says:
at could not come at more favorable
time for the country at large or for the gem
| eral interest of trade, when crops are album
dant and the foreign demand for our pro-
| ducts Is active; when the balance of trade
| is in our favor and specie is beginning to
| flow into the county from abroad; and
when at home business is in sound and
healthy condition, and the country strong
to meet any strain that may be put upon
1t. We have all the sources % wealth in
profession around us; the country seems
with them, and Europe asks to share in
our abundance. Whatever speculation has
been rife has been wholly apart and re-
moved from the legitimate objects and pur-
suits of trade and commerce. BWhy, then.
should we be afraid? If we give way to
unreasoning and unmanly fear, and lose
our heads i'll panic, of course we may do
ourselves and others irremediable mis-
chief. But If we reflect upon the real
strength and resources of the country, and
the solid means of wealth that are in our
possession, and retain confidence in our
selves and in each other, from the heads of
our largest banking institutions down to
the humblest depOstor in the savings
banks, all will be well. Unnecessary alarm
in a crisis like the present, only begets the
danger which it fears"
The Courier Journal discusses the local
bearings of the question as follows:
The reports which we give this morning
from our local banks are gratifying. 1t is
evident that the waves which lash SO furi-
ously about the heads of Wall street bank
ers have not reached US. Confidence in
the stability and strength of our firms is
mistaken. There is, indeed, no reason
why it should be shaken. The excitement
in New York is continued by fictitious
causes. Those causes do not operate here.
There is no fever. There is no distrust.
Business continues to run in its usual and
legitimate channels and the goose really
hangs high. The reason why we are so
much better Off than New York is simply
due to the fact that our bankers have been
cautious that they have made no large adj
vances to railroad companies on long time,
relying upon the chances of making enor-
nous profits. They have been content to
get rich slowly and surely, and have been
too prudent to hazard everything upon the
possibility of performing miracle in the
way of constructing railroads through u
sterile and unexplored country, expecting
to draw in the capitalth thus invested in time
to meet the demands of depositors at home.
1t is only the reckless gambler who loses
everything on the turn Of card
The Memphis avalanche observes:
There need be no appfehensions of finan-
cial trouble in Memphis. We haven't
much money, it is true, but are in liberal
receipt of cotton daily, and it is the next
thing to money. Late as is the season
1.-TWO weeks at least as compared with last
year, our receipt of cotton from Septem-
Der LIST to last evening, as appears from our
commercial review, sum up 7,649 bales,
against ssh corresponding period last sea
son and 3,S7l, the season before. 1t is true
that cotton, owing to financial embarrass-
ments, is duh of sale just now, but it is
nevertheless basis of credit and exchange
and in this light is equivalent of money.
SO far the panic in New York has had only
an indirect bearing upon mercantile af-
fairs but should 1t extend further the vol
ume of money will remain the same as
now, and will seek cotton as before. 1t
occurs 10 us that the affairs of Memphis
are, comparatively speaking, in satsfac-
tory shape az least, and that the panic re-
ferred TO, so far as our interests are imme-
diately concerned, could not have occurred
at more suspicious time.
The New York Post closes an editorial
with these words:
1.-THE whole difficulty began in little
circle having its centre in Wall street, and
the almost universal feeling is that it
ought to be confined there Very few
banks or financial houses, and no strictly
commercial houses in any part of the
have failed on account of this
panic. Everybody feels that the excite
ment ought to be checked where it is. But
the troubled is that everybody is too apt to
indulge in feeling of dlstrust and de-
'pondency. With the knowledge that
there is plenty of money in the hands Of
the people goes the knowledge that they
are afraid to pay it out. The efforts of the
press and the merchants should therefore
be continued to promote confidence, which
3 the Key to am easier money market and