National Republican., 1873-09-23
THE PRESIDENT AND THE STOCK
GAMBLERS.

THE PREsfDENT AND THE sTOCh
GAMBLERS.
The action of the President In declining TO
accede to the almost infamous propositions
that were made him Sunday evening will be
commended by the entire country. Tho dis
patches received at this writing abundantly
Justify his Judgment, and We have no doubt
that subsequent information will give II still
stronger confirmation. The Fifth Avenue
conference Sunday night was in many re-
spccts the most memorable that ever took
place In this country so far as financial affairs
are concerned. 1t carried US back not only
to the days OF Nicholas Biddlc and Andrew
Jackson, but to Robert Morris and the Revo-
luton. The fortitudc which Jackson cxhib-
tied was rc-cxcmplincd in General Grant
The pressure brought to bear upon the
President was simply enormous. The
New York journals tell US with sort
Of triumph that bankers and merchants
and capitalists, representing some one
hundred and fifty millions of capital, sur
rounded him from early Sunday morning
until nearly the midnight of the same day,
plying him with arguments, bosecchlng him
with personal entreaty, putting forward as
their advocate an old and eminent counselor,
now nearly eighty years of age, who has won
some reputation as a constitutional lawyer,
who has been singularly honored by his State
and by his country. But the stock gamblers
who bent Mr.. Reyerdy Johnson like piece
Of whalebonc found In General Grant col
umn OF irou-a President faithful to the law,
and still more faithful TO the best interests of
the people.
The REPUBLICAN, in its Issue of Friday
morning last, took the ground that the only
persons affected by the crash wcrc the rail-
road bankers, brokers and operators; that
it did not touch the solid business and COM
mercial community; that there was no reason
why public confidence should be shaken in
our banking institutions" The events of the
last four days show the entire correctness Of
the opinion then expressed. Among the
men doing legitimate banking and CONNER
cial business there have been no failures; the
savings banks have wlthstood the unexpected
and terrible strain made upon them, and
proven themselves to be In a sound and
healthy condition, far moro secure and
healthy than their best friends anticipated or
their most confident depositors imagined.
The honest business classes have safely
weathcrcd the storm, and can look with the
most cOmplnccnt satisfaction upon the
wreck and ruin that have ovcdakcn
the wicked, unscrupulous spectators who
have been abusing the confidence of the peo-
pie and erecting paper houses upon founda-
tions OF sand. Commodore Vanderbilt.
the chief nf the tcmpters who pre-
sented Themselves to the President To induce
him to violate the law ia a fair specimen of
this class. Now nearly eighty years Of age,
every year Of his life for upwards Of quar-
ter Of century is marked with the wrecks
of the fortunes Of scores and hundreds OF
his victims. And yet last Sunday night he
cane forward in his insolencc and offered to
advance ten millions Of dollars to the banks
II the Government would advance proper
tionate sum to them. This, be 1t remembered,
at the very moment when an institution In
which thousands OF widows and orphans had
Invested all they possessed d-the onion Trust
Company-had its doors closed because he
was defaultcr, and refused to pay nearly
two millions Of dollars which he had bor-
rowed to sustain one of his shadOwy spccu-
lations. His proposition was simply an In
1t is the most convincing proof of his own
vilainy.
In the present crisis no one outside OF the
unscrupulous gang Of which this man Van
dcrbilt is the type will be affected. And the
sooner their power Is overturned the better
will 1t be for every substantial interest In the
country 1t Is u matter for public rejoicing
that the President did not come to their res
cue; that he left them to ilnd their own way
out of the calamity which they have brought
upon themselves. The stock-gamblers may
Iull, Duk nbuNbb lllCl VIII W Nut io-
mantle schemes may dissolve, and South Sea
bubbles hurst, but in their place we shall
have honest business, legitimate trade and
commerce. II is rather a misfortune than
otherwise that the present condition Of af-
fairs Is not, so far as these Wall street
gamblers are concerned, more serious than 1t
is. II the President had yielded to their en-
trea,les and in u desire to save and protect
innocent persons had consented to assume u
grave responslbility-a responsibility lnvOlv-
ing violation of law-he would have simply |
made these wcchcrs the masters OF the Gov
ernment, and compelled II, II 1t followed the
precedent, To do next week what II did this
one. The present is, after all, the most
opporsune time TO put an end TO
q system OF reckless speculation; to the un-
dertaking by corporations and individuals OF
that are simply chImerIcal, with
The tone of our New York reports would
seem 10 indicate that the worst Is already
over; that public confidence is being grad
lally restored, and that to-day or tomorrow
We shall have new departure on Il basis
more firm and enduring than that upon which
We have been heretofore working. The
,anks seem to be In good condition; all
ranches OF trade evince healthy tone.
resident Grants action tends directly 10 ad-
ancc every material interest of the country
u, ults. rs shown yesterday, defeat the
.loyuy predictions that were made by tho
joulds and the YanderbiiIs. The Issue Of