Wilmington daily gazette., 1873-09-22
From the N. Y Journal of Commerce. of Saturday.
The Crash.


This is the first time in many years that the
returns have not on their face brought us
largely into debt to Europe. 10 us this change
was very significant 1t showed, not simply
tnaG there was no need of sending large remit
tances OF bonds abroad to meet the deficiency.
D9t 70 tnOSe who watched carefully the course
OF thls trade 1t was manifest that there was no
longer the same demand in Europe for OuT
securities. In plain terms, we attributed the
railing OIL in the imports and the increase in
the exports to the fact that foreign capitalists
We're more wary and were more inclined to
take our produce than our promises and were
less anxious to run up the score in supplying
US with their manufactures on credit.
rms increased caution abroad has precipita-
t6d the Crisis among the nero borrowers here.
Ihey have filled up the home market with
tner securities wherever there was a dollar
tnat Inat could be eoaXed out of the owner hands.
ihey have paid a round rate of interest, and
tnrou9n private bankers and others have cluch-
ed at everything sthat could be gathered up
IN the way OF capital When the money was
wanted by the owners to send out to the West.
TO move the crops and to facilitate the exchan.
ges for the full trade, the borrowers could not
return L, and all the machinery through which
Ine loans were made came to grief in q crash,
that R has startled the whole community.
we come nextt to the victims, and ask, Who
y hHrt? The disasters are generally among
tho operators In the securities thus carried bV
borrowed capital, and those who have been
connected directly or indirectly with these
operations. 1t is true that our merchants who
have been engaged only in legitimate trade
have some of them been sharply cOrnered, and
had some difficulty in meeting their maturing
ODllRAtionsi but mere pressure for money Is
not 0isastrous, and thus far We find no real
trouble IN mercantile circles. When merchants
have gone outside Of their legitimate business
and have dabbled in stocks, or lent their name
and means to build railroads, and develOpe
patents, ,andOpen mines, they have been caught
with their new associates. and have paid the
penalty Of their raShneSs and folly.
But In all branches of regular trade there
Is no, sign OF trouble, nor apprehension Of
evil to come. The season for distribution
of goods had opened auSplciOusly, and heal
thy demand from the interior has been ac-
cOmpanied with prOmptness in the usual col
lectlOnB.
We do not regard the crash as great ca
lamity, end we believe that IL will result In far
more good than evil. Some valuable interests
will suffer q few lawful enterprises will be
retarded, and some desirable improvements
may be wholly abandoned. But the sharpers
and oilers who have lived by mere specula-
tiOn, grasping at all the available funds offer
ing for loan, paying more for the use Of mon
ey than its fair market value, ana diverting Il
fiOm the channels Of legitimate business to
swell their own gains by employing Il In haz-
ardOua operations, will be swept out of the
way with the debris of the ruin they have eaus-
ed, and viii leave the field clear for that pro-
per enterprise which alone can advance the
national prosperity.