The New York herald., 1873-11-01

try-Duty of tho Workingmon to
Themselves.
During the recent financial panic in Wall
street the HERALD took the lead in advising
the people to act with wisdom and modera-
| ton At the same time we made no excuses
for the spectators who failed as the result of
their own recklessness and folly. 1t seemed
| to us that it was to the interest of all, and
especially of our working population, that
confidence should be maintained and crisis
averted. We saw immense resources in every
part of the country contributing to the gem
eral happiness and prosperity. These exist
to-day, and there is no more reason
now than then that they should not
contribute to the same general end.
But at that time the mercantile and legitimate
business interests of the country were un-
affected. No commercial houses had failed,
but only few Buchu banks and bankers.
Since then, however, the stringency occa-
stoned by the misdeeds of the spectators
has been felt in many quarters. Some busi-
ness men have failed outright, and others only
stopped short of complete failure by the
euphonism of suspension. The mills in many
parts Of the country have shut down altogether
or are running on half time. Thousands of
men are thrown out Of employment on the
very threshold of o long and terrible winter,
and much suffering is inevitable. We may
avoid another panic, but we cannot evade
long season of distress that will be felt by
the poor rather than by the rich, principally
because the latter are doing business on
| credit and are unable to meet their obligations.
| 1t is not unnatural that at such time there
should be plaintive cry from some foul and
unhealthy birds. Even the Union Trust Com
pany, among the first of the speculative insti-
tutions to fail in the recent panic, lectures
the press of this city upon its duty. "In the
| Judgment of this Board" ]" says the worthy di-
rection of this worthy company, "the press of
our city is charged with a vast responsibility.
1t has the power to mitigate the prevalent dis
trust, or to increase, intensity and extend the
general alarm" This may mean one thing
and it may mean another, but in the mouths
of these Buchu fnanciers we fear it means
that the press "of our city" shall act
and print lie. They would probably
have US conceal for instance that the
Spragues are in trouble and that
their failure or suspension would
affect all the business interests of the
country as well as of thousands of working
men; that there is no danger in the future
but that everything is bright and fattering as
it ought to be in q country rich and produc-
tive as ours; that currency is not to be had
because there is not enough of it, conveniently
forgetting as q matter of course, that the banks
no longer indulge in the pleasant pastime of
currency payments; and, finally. that the
speculators should be sustained though the
entire people suffer. All this might be well
enough for people who see the duty Of the
press through the spectacles Of their own
selfshness, but the newspaper which would
act upon it would fall far short in its duty. A
that all men may understand the situation, SO
| as to be enabled to take such care Of them
selves as circumstances will permit
The peculiar duty OF the press at this mo-
| ment is to support and advise the working
| population. When the mill is closed it is idle
to tell the operatives that work is abundant
When an old established house is embar-
rassed it is as wicked to conceal the fact as
to assure that the business was never more
prosperous. severe winter is at hand for
the poor. The strictest economy is necessary
that all may live. There must be no indul-
gence in luxuries, but every dollar must be
made to swell the stock of Goals and prov-
sions 1t is impossible to foresee all the suf-
fering that may come, and SO it is necessary
to fight the battle now with as much vigor as
if general bankruptcy was imminent. 1t is
more important to say this than to seek to
mitigate the prevalent distrust by false insinu-
ations or an attempt to conceal the truth.
Looking upon the recent failures and embar-
rassments we see in many Of them indications
of the worst possible character. 1t seems as
if business men were in the habit Of combin-
ing to ruin each other. Brokers combine to
drive other brokers off the street. Merchants
agree and act together not only to undersell,
but to destroy at an opportune moment other
merchants Manufacturers invest o large
capital in the paper Of other manufacturers to
crush powerful rival. The banks, which
were created as convenient means of diffus-
ing well-regulated currency, lock up cur
rency and create an unnatural stringency.
These acts are crimes against our working
population-the worst and most fragrant
crimes which capital ever committed upon
labor. Had not these crimes been committed
we should have seen the end of our financial
troubles with the Wall street panic. And
now, while we still deprecate general alarm
and preach wisdom in moderation, to the
workingmen we can only say" Husband all
your resources spend not cent for luxuries
buy Goals and bread and beef with whatever
money you have; prepare as completely as
noasible for q winter Of great distrust and