The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-09-27
New York Letter.

NEW YORK, Sept. 20 1873
1t is one of the unpleasant consequences of
he panic that it has prevented me from COM
nunicating as regularly as usual with your
readers towards whom l have grown to feel
5hat sort of good will which everybody is apt to
entertain for people who listen patiently and
lever talk back
But in these times, one cannot calmly sit
Town and philosophize on events TRANSPORTING
With such startling rapidity, that there is no
pause between the acts and 1 must fan con
tent myself with promising more detailed re-
.,ort of the situation, when the exciting drama
IS ended.
Therevulsion could no more have been avoid
I'd, than Newton's apple could have refused to
)bey the law of gravitaton. Nor has it been,
wi it prove an unmixed evil Individual
cases of hardship and disaster, wrought more
" the rashness of others than by the impru-
ience of the sufferers themselves, have elected
warm expressions of sympathy and coincidence.
But the system that has produced the dead
seas fruit of ashes is inherently vicious, and
fraught with peril. Stock gambling has grown
to be vast business. Hundreds of men pur-
sue it as a ealing and thousands take ventures
yestment and for every share sold legitimately
at least ten are bought and sold for rise or
fall.
These operations are supported by loans on
hypothecated stocks, payable on demand, and
when money is cheap, borrowers are tempted
INTO excuses which react upon them terribly
At the first pinch in the money market. Their
oans are called; they rush headong into mark
1T for fresh accommodations, competition
Oightens the purses of the lenders, shares are
pressed upon the market, tumble in prices
quickly ensues margins are swept away in an
hour, and crash go the brokers in swarms, till
Wall Street seems crumbling into general
ruin.
OF course, amid so much of hurricane,
some bankers of good standing succumb to the
pressure. But there is great deal of strength
left in Wall Street yet The Banks, with unim
oortant exceptions, have held background brave
ly, in spite of an exceptionally large demand for
money to move the immense crop of the year.
No doubt the worst is over and the storm
will purify the financial atmosphere, and prove
4 blessing to the general public.
By and by, when l have more LEISURE I may
Interesting topic.
Before close want to call your attention to
The necessity of nice attention to photography
oy printers You will have seen the "back-
pay resolution" of our State convention-the
best one, by the by, that any State has adopted
my judgment. 1t requests the Republican
Senator from this State to introduce bill to re-
store the back pay to the Treasury. All the
papers have added the letter $50 to- the word
senator, making it appear that the State Con-
IGNITION gave us credit for two representatives
If the party in that body. This takes out the
very pith and marrow of the resolution. We
have but one Republican Senator. He voted
manfully every time against the salary bill, has
efused to touch the money, and now sanctions
and urges policy which will give it back to
The nation. The other Senator,-not Repub-
can-dodged the vote, has not returned his
back pay, but is nevertheless chronicled by his
sole organ as one of The vrtuous few who did
not yield to the temptation. Such is fame!
YARMOUTH.