The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-09-24
The FINANCIAL SToRM-GooD EF
FEors OF SUNDAY REST AND PnAoE.-
The New York Herald, OF the 21at. says:


FEoTs OF SUNDAY REST AND PRAoE.-
The New. York Herald, OF the 21st, says:
The week has been one of great ex-
citementin Wall street and some alarm
in business orioles, but we may expect
that Sunday rest ana quiet viii bring
confidence and wise counsel. Yesterday,
like the two days preceding it, was a
busy day in tie street. Additional fail
ures were ADDED to list already too
long, but better feeling prevailed at
the close of business. aud it was gene.
rally believed that the panic would be
confined within it's proper limits-those
Of reckless speculation. So far, the
banks are not affected, except one or
two, which were closely connected with
the operations OF the speculative brok-
ers. The trust companies which have
failed owe their downfall to similar
causes, and in one case, partially at
least. to defalcstion. Outside of these,
there have been no failures. The mer-
camille interest is as safe as in the best
of times. The railroads, except the
wildcat affairs which we're made the
basis OF reckless speculation, are nnin-
iursd. Credit generally is unimpaired
Nothing more serious has happened
|
which were doing q notoriously unsafe
| business. It was nero financial thun-
der.storm, passing through Wall street
| ipgs, but leaving the substantial houses
in as good condition as before. Already
the storm is almost past, :. q the sky
will soon be serene and fair, and the at
| mosphere purer and better, il wise
| counsels prevail. There is no occasion
whatever for general panic. The real
business interests of the country cannot
suffer while the embarrassment is con-
fined to the spectators in worthless
railroad bonds and the gamblers in va
lucless stocks. It will be wholesome
lesson to all classes Of business men, if
the storm iB confined to those who
courted it; and when it is over no ono
will regret that they who sowed the
wind we're compelled to reap the whirl-
wind.
This panic has been entirely different
from any that preceded it. In 1857,
the evil effscts of the storm were folt all
over the country. The banks generally
suspended, even those which were
solvent beyond all question being com
PEELED to adopt this course as q caution
ary measure. Business was prostrated,
and the suffering was intense and uni
versal. Black Friday was entirely con-
fned to the Stock Exchange and the
street, and had no effect one way or the
other on the great question of "moying
the crops" This panic is only similar
to the Black Friday affair in being con-
fined to the street. That was u con
spiraoy; this blundcr certain to result
from reckless speculation. It is not
easy to determine which is the moro
criminal, for that was wicked in design
and this in victimizing many innocent
people. That was o subject for horni
lies. but it cleared no rubbish away and
taught nobody what to avoid; this is O
wholesome lesson, aud it buries the
mythical railroad enterprises which
were it's cause in the same grave with
the men who fell under their weight.
And it must not be- forgotten that
Congress is partially responsible for the
present condition Of things. for. to o
great extent, these worthless railroads
were projected merely to seize upon the
public domain, with the consent Of the
I National Legislature, and victimize the
people into buying bonds of companies
which have plenty of land, but no
money. If, in addition to- sweeping
this worthless stock from the markets
and from the lists of reputable bankers,
the public lands, 60 unwisely appro-
priated, can be recovered. the storm will
become almost a matter of rejoicing, il
not an actual blessing.
We cannot dwell too much upon the
fact that. notwithstanding all the fear
and alarm and excitement of the past
few days, the banks are safe. This
seems to show that their dealings are
with the legitimate business interests OF
the country, and not with the reckless
spectators. While they remain firm
the evil consequences of the panic mnst
be Of little renl Importance. Public
confidence, which has clnng to them SO
far, can do more to keep them firm
than anything else, and the stiffness nnd
peace and quiet of this Day of Rest
should usher in week of security,
based upon the general prosperity OF
the whole country.
The people Of the great State OF New
York are, in turn, having colored school
troubles, the natural results of so.
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