The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-24
THE PANIC.

If we are to place implicit confidence in
the latest Geographic advices, received up
to the hour of writing, we may say that
the storm has substantially lullcl or passed
over. We were, however, informed the
same thing at the close Of business hours,
Friday, and the indications seemed to point
surely and strongly in that direction, but it
proved otherwise. The opening, Saturday
morning, was bright and promising, but
when it was authoritativcly announced that
the Union trust company had closed its
doors, the panic of Thursday and Friday
was but as a gentle zephyr compared with
the hurricane that followed. Jay Gould,
to his credit be 1t said, although lie was ac-
tuated solely by selfish motives, had for
two days stood in the breach, and, by buy
ing for cash, had saved many topping
house, but, Saturday, no one man, or any
combination of men could stem the current.
Men seemed to have lost their reason, and,
as last resort, an appeal was made to the
general government to interpose and help.
This was day and hour when it required
men of determined courage at the helm.
The men who had denounced the general
government for their interference in local,
business and financial affairs, were the first
to supplicate its aid. Oh what differ.
cnce selfishness makes in mems opinions
and when, to this, is added panic and OK.
element, its yagarles pass almost beyond
the range of Possibilities and travel in I'M
accustomed paths. Probably no better H.
ustration could be found of the effect OF
panic and excitement upon the human
mini than in the case of Reyordy johnson,
urged on by Partially towards friends who,
in turn, were all actuated by self. A
statesman Of the old school, for many years
Senator of the United States. and once
Attorney General and, thereby, the legal
adviser Of the government he IL. withal,
and always has been one OF the most con.
seryatiye of conservatives. Sc, with such
anicccden,s and such methods of thought,
he urges upon the President, the exercise
OF what he declares TO be doubtful. cues.
tionablc and, 1t may be- illegal and nncon.
siitntional powers. His argument was that
the public safety is the supreme law, which,
while 1t is true in certain emergencies,
never applied, or was intended to apply, tc
eases like this. In support of his request
he cites what he, himself, calls "two great
instances of the violation Of the English
constitution"
When men of this stamp arc carried
away by panic, and ask for the exercise Of
illegal powers by the general government
is it any wonder that those directly inter
ested, whose entire fortunes and means Of
subsistence may depend upon the hazard Of
the throw, are carried to the widest ex
tremeY Can il be safely said at given
time, that the panic is over and the crisis
Is past? The least spark may again fire
the train and explode the magazine. Nc
one can tell how many houses have beer
simply bridged over the difficulty, and will
totter and fall, when the brokers board and
gold board, again, resume operations. The
failure or suspension Of few more OF
these houses may operate like the wind
upon Wade Hampton's burning cotton al
Columbia. Let us, however, hope and
! trust, 40 long as we may, that the furry Is
over, that the worst Is past, and that busl