Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1873-11-05
The = situation.

indicate, is no better than it was ten
days ago.
4 number of failures, in different
sections, among manufacturing, mer-
camille and banking people have been
announced, aud doubtless there will be
a continuance of similar failures till
the bottom has been reached.
There scenes to be considerable re-
luctance to play The role of prophet as
to where and when the end will be or
come. This time we have all been
so scared at the IDEA of bankruptcy,
that our prOverbial conceited belief in
our ability to foretell business events
has been completely stunned into dead
silence. None now venture to say
what will turn up Tomorrow.
You meet friend on the street, who
is noted for his ability to read the busl-
ness world as pbysiognomist reads
the character of man in bis face, and
YOU ask 'swhat next" with a returning
look that Is innocent" child like and
bland" he awDsers, 81 don't know"
and SO you go to the end of the day,
which reached is no more satisfactory
than the one that preceded 1T. The
days doings are now over aud you sit
down with a sense of uneasiness pres
sing on all sides you feel as if about
to put on financial shroud and be
buried in the laundering crash that
is heard all around Then glsam Of
light flashes across your despOnding
mind, and you realize that the Amer
people, just now are panic stricken, and
are rushing heAdlong like herd of
stamTeded bufaloes, regardless of con-
sequences, or hcw many are crushed
10 death you realize too that all that
can be one till the rush is over is to
keep clear of the entangled current.
\ cheering peculiarity in the cases
of bank and other failures, not found
in the financial troubles of 1857, and
beyond that date in the past, is that the
closed concerns all claim, and actually
show the Pc. session of more property
and securities than will pay every dol.
of their Indebtedness. The valuation
of their assets is made or the basis
of paper currency, which under the
circumstances is right. In the by
gone panics. with a banking system
having a coin bais for security, when
the doors of a house closed, the cen
Germ was shut for good. The coin
was not there as a basis, and the
promises to pay were not worth look
ing at, and were ever afterwards worth
less. There was nothing to pay with:
The paper currency was out of con-
fdence and there was hot gold and
silver enough-and there never had
been enough-to meet the financial
or business requirements.
There never has been enough gold
and silver in the country for its business
requirement, and you may tell it in
Gath that there never will be enough
OF the glittering, communicating lucre
in this country for its business require
men;s, until you muster millions of
Yankees into armies and send them into
China, Japan and India, whence the
countless millions of gold that the
Western nations hare dog OFT of the
bowels of the earth have been carried
in trade, TO bag up and bring back to
America and Europe for coin circu-
lation. That would BE rather a dear
way at getting TO specie payment; and
would have a taint of robbery and
Blood That will never do. You may
tell it in Gath that there never will be
gold and silver enough in this country
fer its business requirements uRtil We
can raise or manufacture something that
we can ship and eel! 70 the heathen in
habitants Of the countries of China, Ja-
pan aud india that glitter all over with
gold that has been gotten from the
Western people through the avenues Of
trade, scarcely ever grain of which,
under our present business relationship
with those countries, ever gets back to
our shores. Those are The gold reser-
voils of the world.
The American people do not want
gold and silver coupled with the hea-
then Chinee, Jspanee or Indian way OF
association and living with II. W Nhat
they want is prosperity such as they
have enjoyed, the like of which the
Eastern nations never dreamed of
The prosperity of America has not
been created under coin currency. 1t
has been created through the instru-
mentality of a paper currency. The
defect in it heretofore has been that
confidence in it became shaken or en-
tirely broken up. Such, however, Is
not the case now and therein lies a
popularity in this trouble not in those
of past days. The paper currency now
is eagerly sought for BY the whole pee
pie. They prefer ii to gold aud silver.
In 1857, and yet further back in the
past, the great desire of the people
when they had pap er money IN times