The New York herald., 1873-11-10
BEEKMAN HILL METHODIST CHURCH

The Panic and It's Lessons-The Rev.
w. G. Steel on Corruption, Ostenta-
tion, Luxury, Reckless Speculation
Fast Men and Women.
The above named edifce, which is situated in
Fiftieth street, near Second avenue was attended
last evening by an audience respectable and deeply
attentive though undeservedly sparse, as the ser.
vices were OF very interesting character. The
exercises were opened with the rendition, by the
choir Of hymn well suited to the subject OF the
evenings thoughts. The music was especially
appropriate TO the sentiments embodied in the
words OF the sacred lyric and the men,
bers OF the choir gave expression thereto
as well as to the other hymns on the programme
with very creditable effect. The pastor OF the
church. the Rev. W. G. Steel then came forward
and offered prayer in which he besought the
Lord TO come down and comfort all those upon
whom temporary disaster has fallen and to extend
His mercy to the men who precipitated the recent
calamities He earnestly hoped that their brothers
In their future dealings would initiate the example
OF Jesus, making justice and piety and love the
basis OF their transactions. He then exhorted the
congregation to join in singing the apropos hymn,
.Ine mercy Seat,n commencing with the following
stanZa:-
From every swelling tide Of woes
There Is a calm and retreat:
'fis found beneath the mercy seat
Ine reverend gentleman then took his text
Irom the twenty-hrst chapter OF John and Gfth
verse:-"And Jesus said 10 them, Have Won any
NEAR and they answered Him 'No.'r The text
mao meaning very appropriate to the present
state OF sunerlng inasmuch as 1t Illustrated the
sympathy OF Jesus with the sufIerlngs of nen
Seven weeks ago an era or monetary snfYer,ng
was begun, which is now casting its DARK shadow
over the entire land. Twice already has similar co.
tastrophes befallen us though the country was for
mery worse prepared to suffer than now An
unreasontng fear and an unreasonable distrust has
come over the people. The wholesale dealer Is
unable to pay the manufacturer, ana the latter
discharges his workmen. Men who owned whole
townships have scarcely spare money enough
worse still, men seem to imagine that their none
tary afairs are OF paramount importance. What
was the cause OF all this9 The immediate cause
was, OF course, the lack OF confidence In railroad
management, stocks aud securities We have
built
TOO MANY RAILROADS
for our capital. Sixty thousand miles OF railroads,
costing 000 000 Forty per cent OF this Is In The
shape oi bonds and securities on which $780, 900
must annually be paid as interest We could not
pay this, and the result is that laborers
are being discharged wholesale. In philadelphia
lnere are $4,000 men out OF employment, and In
paterson LOCO men have been discharged from the
locomotive shops. But apart from the immediate
cause o. the panic we can see another cause when
w look az the dishonesty OF men holding the
hiHnest omces the corruption Of railroad
ylngs and rings the Credit Mobnier frauds, the
Pu,cnase OF grave Senators ana congressman by
saidfoau men. reckless spirit OF money making
anu eAtravagance has contributed TO bring about
the panic stock buying and selling Ia legitimate
ni Seoch pettlng and gambling Is wrong and always
,hes nv panic. Now 1t Is the dnty OF preachers OF
our Time 10 take up the sins OF the hour and en-
aeavor 10 turn men aside from these evils The rst
great lesson taught us by this panlc Is ECONOMY
hctrcncnment Is the highest wisdom. Let us nave
e's VVilupuVn " nigh places, less osteptatlon.