Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-09-27
SHALL wryAx. AnaspY.

SHALL wEYaxr iHaspY. !
Since the failure of Jay Cooke & Co.
have been dependent on the sele-
graph for the facss concerning the fail
ure, but not until to-dsy have we had
the opinions and judgment Of any
prominent aud responsible Eastern
journal. Before us lies one Of the best
authorities aud first journals Of the
country, the New York Tribune Of the
10th Inst, aud Its first editorial has
the above text. We reproduce nearly
the whole Of this able article as being
account OF the subject treated. and
the known ability OF the journal. OF
paramount interest ut the present
time:
The warnings OF the Tribune have
received an earlier and ampler vlndi-
cation than we expected. OF the
crash In Wall Street yesterday. where's
Of full details are to be found In our
news columns. It may be said that
every n expected It, and few ex-
pected the chief disaster that marked
Il. Speculation In third rate railroad
bonds has been enormously overnone.
Dozens OF financial Institutions are
loaded down with securities that &C.
cure nothing. aud have Withdrawn
money from legitimate business to
carry them. The condition Of the
money market, and the alarm excited
by the constant discoveries Of defalca-
tions, made the collapse Of these bulb
bles certain. But Of all the specula-
tive enterprises on which prudent
business men have lately come to look
with .disfavor. the most deserving has
been the first to break. We can only
speak OF the failure OF Jay Cooke &
Co., on account OF Its advances to the
Northern Pacific, with profound re-
pret. With much that the house has
done we have disagreed, and OF the
late Syndicate operations for which 1t
was largely responsible. we have spok-
en- with the censure they deserved.
But nothing CAN wipe out the debt the
country owes the patriotic aud marvel
ously energetic bankers. who, In the
darkest hours OF our civil war popu-
larized the great loans, aud furnished
the money to pay u soldiers ;-noth-
ing eau obscure the fact that the very
enterprise which has finally dragged
them down Was Of national concern.
Whatever may be the result Of the
crisis In Wall street, we shall regard
the disaster to Jay Cooke Il Co. as
nothing less than u public calamity.
On other details OF the crash We do
not care here to comment. The end
Is not yet. Banks we'll nigh as pre-.
tentious Is the great house that has
gone down are loaded With stocks, be-
side which Northern PaciticI seem
like Five Juveniles or British Consols.
1t Is n good time to stand from under.
But It Is our duty to look further
ahead and further back than from the
rising to the going down Of the sun.
There i>a strong party In this country
who believe that our financial system,
based rs it Is OIL nothing but the Gov
ernment's suspended paper. Is Il safe
and salutary one. The events which
are now happening from day to day
ought to undeceive such people. EX-
perience teaches but u lesson on
this question Of the currcncy-that no
money consisting OF paper not CONVEX
tible OF demand into tho actual guam
titles Of gold aud silver Represented on
its face can be safe or permanent.
France reaped a speedy harvest Of ruin
from her assignats. England suffered
perhaps greater severity OF punish
mens for attempting the same experi-
ment that we are MISUNDERSTANDING
to make irredeemable paper n perma-
nent standard value. Her experience
extended over forty years, and not un.
ill the great panics which eliminated
In 1887 was the old paper system fully
uprooted. Raging with the fever OF
speculation, prostrated by the inevita-
bic reaction, from the close Of the
great wars with Napoleon In 1918 to
the grand downfall Of 1887, she led
the life OF a gambler. Is our history
to furnish n simple repetition Of Eng
iatiu OlutiuCtSs HtC We W iS"ih NV
thing from tho experience OF our own
fathers and grandfathers aud Of every
civilized nation TINT has tried aud fall
sd IN the same experiment?
Our currency 10 deprecated. The
premium on gold, the Increased cost
Of livIng.and the complete Withdrawal
OF coin from circulation, afford sutll-
Client proofof ttat. 1t Is deprecated
because too much has been issued. 10
add to the volume will only deprecl.
ate 1t tho more. When greenbacks
were made q legal tender and prices
began to rise. the debtors OF the coun-
try found that their debts could be
settled for much less value than they
originally received from the creditor.
Speculations thus encouraged
and ar era OF reckless borrowing
was inaugurated. The Juror Of gam
bling spread on every side. The NOR
ais Of thousands Of men In business
became contaminated. We sowed the
wind, and we now reap the whlrlwind.
The insidious disease which for ten
years and more has been poisoning the
blood Of the nation nov shows Its hor-
rid work to the light Of day aud the
eyes of the world. Faithlessness to
their trusts In officers Of the Govern
ment, from the highest to the lowest,
and In the custodians Of private funds;
rspscity and unscrupulousneSs Of cor
poratlons ; cowar dlce and venality OF
those who should be the guardians OF
the honest and slmple-these have Mt
last worked out their inevitable re-
sult. The Indignation Of the public Is
Tho confidence Of the public
Is gone.
What may be the consequences of
the suspension of the great firm Of
Jay Cooke & Co. II Ii impossible to
predict. The fact Is an Impressive al
awful one. The people refused to buy
the bonds Of the Northern Pacific
Railroaj, the grand enterprise-we
might have said speculation-with
which the fortunes OF the house were
linked. Their difficulties got noised
deposits were withdrawn from
their keeping, aud they were compel
led to stop payment. 10 expand the
currency will be to revive the energies
of the drunkard with u morning dram.
According to the latest statement OF
the Treasury balances there were $l4,-
ZIG, 743 In paper In the possession of
the Government. This will soon be
hronoht down In a minimum WORKING