The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1873-10-02
OUR FINANCIAL SITUATION.

A brief review of the financial events
of the past week convinces us that mon
etary matters are slowly and gradually
assuming their former status. The
bankers and business men of New York,
by united action, assisted by the Secre-
tary of the Treasury, quietly but With
energy, placed their shoulders to the
financial wheel and have lifted it out OF
the slough of desponpency and panic.
The Secretary purchased $13, 900, ,000
of bonds and redeemed $12,O00,O00 of
treasury certificates, thus throwing
twenty-five millions of greenbacks
into the New York Banks to assist
in staying the financial storm. These
efforts with the loan certificates issued
by the associated banks of New York re-
stored quiet in the market and invited
confidence there, which is being gradu-
ally restored all over the Union.
OF the prominent bankers who sus-
pended, it is now announced that the
house Of Jay Cooke & Co. have large
Will soon resume. Henry Clews & Co.
and Howes & Macy, bankers, have re-
sumed business with every prospect of
success. OF the six National Banks in
Chicago that temporarily suspended in
order 70 avert panic, all but two have
resumed business or given notice that
they viii resume, and all show a surplus
Of assets over liabilities, proving that
not a dollar viii be lost by their GUS
toners and patrons. The people every
where have nobly seconded the banks
and materially aided in restoring none
tary affairs to a sound basis.
As we said before, we can see no real
good reason for such financial uphea-
val. 1t is undoubtedly fact, that
speculation has been rife in stocks and
fancy securities, induced by plethoric
money market in New York. That the
railroad interests of the country have
been pushed much farther and faster
than the real needs of the country re-
quired, thereby imparting a fictitious
value and demand in the several markets
of the United States and the world for
such railroad stocks and bonds. With
the markets in such a condition the fit
full rushing to and fro of the bulls and
bears of Wall, street when the right
chord was struck and the blow became
deadly to some of the mammoth opera
tors the rhock rebounded through the
nation and was only arrested and held in
check by the combined influence of the
.. S. Treasury and the monied institu-
tions Of the land moving together for
the one purpose.
We can see no evil really to result to
us from all this. The business interests
of the country, mercantile, manufacture
ing, agricultural and banking were never
more prosperous. Our cotton crop was
never larger with but one exception.
Our cereals are in bou1ltiful supply. Our
iron snow underselling that of Europe
in the English markets, and we can feed
and clothe the poor and oppressed OF
down-trodden monarchical Europe from
our surplus.
Especiallyt the West and with it our Owl
State, favored, greater demand than
ever now exists for the magnificent crops
of wheat, rye, oats, barley and hay that
this immediate section has nov safely
harvested and waiting to market. So we
can say be of good cheer. The money
lately held and used solely for speculative
purposes has been found insecure whe1
used for such purposes, and it now seem:
| to be the undoubted fact that large
, amounts ofcapital will be sentinto the agri
cultural districts to- move the crops and in
sure the prosperity of legitimate business
1t needs but short time to insure good
markets and prices for all farming pro
ducts again. Nothing has been lost, the
nation has only been purified, and we
shall be the better off both financially
and morally.
To the farmers, one and all, we say
yoTr bank notes are positiuely good, yor
can lose nothing by waiting, hold you
hay and grain until the speedily strength
ening markets shall have been fully re
stored, then sell If you wish and at re
munerative prices.