New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-16
NOT GUILTY.

. IAe HeFald pleads mot guilty to tn
charge Of having changed front on tn
bank question, and calls for proc. TIL
! REPUBLICAN respectfully submits that
made no accusation Of guilt agains. tn
Herald. nor were its remarks intended t.
arouse guilty conscience. In explana
ton of its denial it refuses to believe
what is now the general impression, tia
excessive speculation III stocks was tn;
chief cause Of the present financial and
commercial panic, preferring to take the
Democratic view of this subject, which is,
in the language of the Herald:
That the whole trouble in which the
finances OF the country have been in VOWED
was due TO the connection OF the govern.
ment at Washington with stock iobbers and
SPECTATORS OF the Jay Cooke and Henry
Clews class. and to the unsound system OF
nationa! banking.
The Herald further says. Immediately
following:
| In the condition Of our banks we found
the most striking illustration of these oropo.
| sltions.
We leave the public to draw its OWL
conclusion in regard 20 the meaning of
that sentence. Taken in connection with
the preceding paragraph, it might be re.
| Sarded IL the light Of an insinuation that
.'our banks" are in an unsound condition.
We're it not that the Ne,9I! in tie very
| next sentence says:
There was nothing inconsis.en .herew:
III the ueiense Of the management and ad-
nlnis:ration of our banks. Tnes. Were as.
sailed By the EErUBLiCAS withou, auy at.
temp; to produce any proofs.
The purpose Of the REPUBLICAN. as
stated il the article which aroused the
ire OF the Herald and drove i. to the use
OF bad language as "a means OF defending
a bad cause. has rot been to mislead the
public one way Or the other in regard to
the condition of New Orleans banks. .ts
object has been more to controvert the
in!sstattnents made by papers unfr!end,y
to the present nationa! administration in
regard 10 the causes Of the preSen: panic
than 70 attribute acknowledgements TO "o:.r
banks IL tie absence Of proof.
We e,nphatically deny that government
or its financial policy have been the cause
OF producing the fnancia! commissions
that have, recently taken place il this
country: and as the VeraN has called for ;
proof Of what we have asserted which |
We intend to productive shall hold it e |
a like measure o: justice. and call Cor the |
proof that will sustain its charges against
the government. Among all impartial aid |
intelligent business men in this country
and Europe vino have given the subiec:
any study and are acquainted with the
facts connected with the present troubles
in certain financial circles in this country.
,hei. true causes are understood and
freely expressed. They do not condemn
he government nor doubt the ability of
lie country to NEE: ali O: its
liabilities. On the contrary. English
newspapers and capitalists speak il most
terms Of both. Ia regard TO
'lir financial troubles. ". c. Watt, < Co.'S
Liverpool! circular OF the twenty-s:xtli
'!timo says:
This panic. we suppose TO be dia in a
':eat measure 10 the recent iiuanc.a! pauc !
n tue continent. which no. Oil. Y checked !
re demand :oS American securities. :,ar-
icu.Ali. the bonds OF railroad. il the |
oGEse .! construction, but caused large
mounts OF such securities 20 b. sen. BACK
0 New York Tor sale
This view Of the panic may b. new 20
ONE OF our own people who have been {
Yer ready. for political reasons, 70 att.i-
ate j; 20 tie faults of government. There
) plenty @. authority for connecting the
anic with financial operations in Europe.
nd some OF it goes to show how JAY
coke & Co. have been made the victims
European SPECTATORS. With this. how !
vec, We have nothing to do. Our pur- v
ose is 20 show that the partisan attacks !
ade upon the administration a: this .
nee have failed in their purpose. both in G
rs country and Europe. .
The New York Shipp.n; list q late I
ate furnishes the following il further. /
80 "a N-Ao puip oSe. Z
The comments Of the great London ta:.ie. f
the recent panic ia this city are interest "
g. The Times thinks that IN view of the "
,traordIuars prosperity OF th. Co4ntry, :!
~ the hlsh ard improving prices of it, | l.
'vernment securities, the gust" will sim
y cleaS the field OF "a number of dishonest | =
ements. The Nc'es believes the difficulty G
III be N amy confined 10 the speculative II
lanclers who have got stuck with the rub -
sh which they expected TO sell to the | :"
'itlsh and German public. The Teleg'ogh | lie
udes TO the fact that Europe will this !,
ar absorb unprecedented supplies Of the I"
cessaries OF life. to be purchased in the al
llted States, ard declares that we may ~
Ugh to scorn the idea OF serious loss or
olonged embarrassment. immigration has W
t stopped, and it is not likely TO be mate pt
lily diminished by the events of the last !.
rec weeks. Even greater attention than A.
1inary will be called to our securities, d.