Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-09-27
Delaware State journal.
WILMINGTON. DEL,
Saturday, Sept. ~, 1873.
The Crlsis-Its lesson for whining

The CrIsis-Its Lesson for Whining.
tOu.
Every failure which has recently taken
place Is traceable directly or Indirectly to
the speculative mania for railroad build
ing which has absorbed the savings Of
the people, and large amount Of the
business capital Of the country for a
long time. We have recently, in explain
Ing the dizziness at our car shops, shown
the utter lack of confidence which the
failures to pay interest on railroad
bonds had brought about, ond
the failure Of Jay Cooke 4 Co., and Of
the New York firms whose failure pre-
ceeded theirs, was the natural result Of
this lose Of confidence. Men whose CHIEF
available assets consisted Of such bonds
found the people grown so timid about
them, that even those of sound compa-
MES could only be sold at sacrifice,
while those OF roads with uncertain or
undemonstrated prospects could not
be touched. Whenever those whose
ability to ray depended On the sale
Of such securities" were compelled
to meet demands upon them, there was
but one thing for them to DO and that
was to suspend.
Such suspensions are, OF course, pre-
judicial to business interests generally, but
whether they are to prove calamitous OF
not remains to be demonstrated. The
prevailing opinion amongst the wisest
nuanciers seems to be that there Is no
real danger of the panic extending to
general business ard that the worst Is
over. The National Government has
come TO the rescue by ordering the pur-
chase Of ten millions of bonds
to-day and this will, of course, release
that amount Of money for immediate
use. This the New York Bankers said
would give them all necessary relief,
while the Philadelphia banks are entirely
safe. The general feeling in financial
circles here at home is that this action
will give the needed relief.
II it is all over the legitimate business
OF the country will be none the worse
that this has happened. We
have been in a thoroughly
unhealthy state of excitement for some
time. People have had their natural
greed for sudden riches stimulated aud
played upon, until no investor was con-
teri with any such interest as safe, and
legitimate business was able to pay and
prosper. The money has been drained
from the business centres, aud scattered
TO the borders Of The continent IN the con
structiop Of railroads where there are not
enough people to make railroads pay for
years to come, and the people have poured
their savings into such channels because
they were wild to obtain interest at seven
or eight per cent on 800 bond, which
they could buy for $40 OF $sO. The CAPT
same excitement, and have Toured out
their own and others money u specula-
lions which were little more than bets on
the increase Of population. They have
done ii without intentional dishonesty,
but they have been imprudently euthusi.
aetic aud forgotten, apparently, that they
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NEUTRALITY-SUSPICIOUS.
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