Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1873-09-26

n SRASH-IANlC AMONG TIE MONE1
kINGs.--It seems very extraordinary and
yet it is certain, that there is regularity in
the recurrence Of monetary panic which
takes place about every ten years, and
which seems quite as unavoidable as
storms in the armament. business can
not remain undisturbed for any long period,
and like the tide. one after another occurs,
and each seems to originate from the same
cause. Within the last week the country
has undergone another of these exctements
caused by crash among the money kings.
The firm of Jay Cook & Co., who gained q
wide reputation during the late war,in sus-
tanning the government by supplying her
with means to carry on the war. suspended
payment, suddenly. on Thursday last, and
at once regular panic ensued throughout
the United States. The suspension Of this
heavy firm caused a number Of other bank
ers to follow suit, and within forty-eight
hours some fifteen banks aud bankers of
Philadelphia, twenty in New York, and q
large number in other cities, were COM
PEELED to suspend. The excitement caused
in the cities was immense, and various ru-
mors were set alloat that the Government
was likely to suffer. The excitement which
was thus kept up for several days was
nearly as suddenly abated as it originat-
ed, by the government offering to purchase
thirty millions of dollars in bonds, and
thus reinstate confidence among the bust
ness circles of the country. No bank, no
trust company, no saving fund of repute,
no merchant, no manufacturer has been "a
tally hurt by the late disaster. There is
not single failure to record from among
any of these classes.
This fact proves something. 1t proves
that the genuine trade of the country, that
upon which the real prosperity of the nation
rests, was never in a healthier, stronger
condition than it is to-day. We can recall
no other time of financial disaster at all
approaching in appearances of general ruin
this last crisis, in which commerce, manu-
features and agricul lture did not share in
the misfortunes of finance. But in this pa
mic, finance alone was hurt, all other
branches stand ing firm as rock.
All that there is to do now is to clear
away the debris and TO understand clearly
the causes which led to the great crash
Having done that, let the dead bury the
dead, and let the living press forward to fill
the places that the panic has left vacant.
The late money panic will, we believe,
result beneGcially, and render the govern
ment still stronger, while it teaches Sc
we're lesson to banks and to the spectators.
1t has shown to banks the danger of the
principle of certifcation where there may
be any doubts Of the making good Of the
accounts. The panic did not extend much
to country banks, and where banks have
been conducted like the First National of
this place, no fears are entertained of their
holding out against any panic. Under
such management security to depositors is
complete--every dollar issued will be re-
deemed. Several banks in the cities, which
were conducted on the same principle stood
the crash nobly, and went far to check tie
run upon other banks, and TO allay the ex.
Citement which prevailed.