The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-28
Tho Religious Press-Their Views ON
the Financial Situation and Other

Matters.
The chief topic of consideration in our
principal religious papers this week is ma
turally the recent financial revulsion, if we
may be justified in terming as recent that
which may be prolonged for some days to
come.
The Independent ikens the crash to an earth
quake shock. 'But no one" it says, ''could
have supposed that when the crash should
come the first house to fall would be so stoutly
built and buttressed as that of Jay Cooke q
Co. THE Independent proceeds to descant
upon the moral view of the shock:-
The moral side to the disaster is the old lesson Of
rugality, which Is the only path to SOlvency II
we would be sale, as well as prosperous, we must
pay our way as we 90. II there is railroad to be
built the stockholders must not expect the bond
holders to provide all the money. Business must
be reduced Just as tar as possible to cash basis,
remembering the text, "Owe no man anything ex-
cept TO love one another"
In regard to the Evangelical Alliance,
which, next to the financial crash, is the sub
ject most talked about in some circles of So
ciety, the Independent AYERS that ''the Vatican
Council has been followed by low thunder of
protest and defiance from almost every Catho-
lie country of Christendom. The rulers may
all be in error; but they declare, with aaton-
ishing unanimity, that the action of that
Council menaces the stability of their thrones
and the liberties of their people," No such
result as this will follow the meeting of the
Protestant Council
The Methodist omcularly declares that
''never has there been less reason for general
panic than there is now" and concludes that
there are causes to explain the disasters which
have overtaken financial houses and which fix
the limits of those disasters
Railway building says the Methodist,
''has been pushed to an imprudent length,
and bankers have involved themselves in the
effort to float the obligations of companies
whose roads are not finished. Unquestiona-
bly,, these corporations have largely discounted
the future and have relied upon contingent
cies, of more than ordinary uncertainty for
success" 'The one saving fact in
the condition of the country is that it's mercan-
tile interests do not respond to the commotion
in Wall street. There is momentary sus-
pension of activity, but that is oil. Merchants
wait till the tempest has subsidized"
The EuangnNst, speaking of the panic, asks
the question, "When will all this stop?" and
replies -
Just when men cease to be frightened when they
recover their senses and act with their usual calm
ness and elaboration. There Is no occasion for
this Wild terror. The country IS rich enormously
dant prosperity The western prairies groan with
their harvests. Mines and manufactures yield
their wealth. All ordinary kinds of business are
fnh uu1fh Ad han tho
public returns to reason, and, instead OF tearing
itself like maniac Is "clothed and in its right
mind" all will be WELL
The Liberal Christian believes the panic not
only to have been necessary but fortunate in
having come SO soon. "a year later, if it
could have been postponed SO long" remarks
the editor, sit would have been more ruinous.
Clearly, the banks have been dlverting, for
some years past, an unwarrantable portion Of
their means to the aid and relief of the stock
market, leaving the more legitimate business
of the country in an embarrassed condition"
In this connection the Liberal Christian
makes the following timely and judicious re-
marks:-
There needs to be a deeper. earlier and pro-
founder dealing with the direction and formation
OF character in our American youth Our whole
and sober ways OF living and of making living.
We need another kind OF teaching respecting the
supreme value OF character as distinguished from
reputation. There are things which q sensitive
right minded, conscientious young man cannot do.
There is sort OF training al which would make it
for his own personal advancement; to take doubt
Tu courses because Offering short road to sue
cess to associate with swindlers or gamblers or to
pursue any line OF business which involved HIM in
constant anxiety as to its moral quality.
The Observer is so full of the Evangelical
Alliance that it has not space to devote q
thought upon the fiscal troubles. 1t has as
certained, however, that there are more Jews
in New York than in Jerusalem or Palestine;
more Germans than in Berlin, more Irishmen
than in Dublin, more Catholics than in Rome.
There being no census returns of religious
statistics for this city the number of Jews is
estimated by the quantity of Passover biscuits
yearly manufactured, just as we suppose the
number of Irishmen is ascertained by the
quantity of potatoes consumed, or the number
of Germans by the quantity Of lager beer dis
posed Of
The Golden Age is not at all complimentary
to the Gogs and Magogs of Wall and Broad
streets Hear it -
the stock gambers-all these become, in such a
time as this q pack OF wild beasts, devOurng each
other and the community at large. II the mercan-
tile firm OF A. T. Stewart Co. should be guilty OF
the base practices which Daniel Drew and COmmo-
dore Vanderbilt last week permitted themselves
to adopt 1t would be chronicled as bankrupt, and
would earn the scOrn which we trust the CONNER
cial community will not fail to visit upon the two
chief culprits Of the last week OF agony and an
gush namely, Daniel Drew and Cornelius Wander
bt. May their names become as rotten as their
crediti
The Christian hdeugencer believes that the
financial hero has not yet come to retrieve the
fortunes of the day and to turn defeat into
victory" and asserts that even periods of
great financial disaster like the present have
their bright side. All of which, it says, is
shown in the cordial sympathy which is
manifested for honorable houses which have
been carried down by the tide of misfortune,
and in q marked manner towards the we'll