New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-15
REFORM WITH A VENGEANCE.
CONCERNING TIE PANIC.
A WARNING TO ExTRAvAGANT PEOPLE.


Whether the present panic be mere furry,
soon to the end OF prosperity and the pre-
Jude TO greater disasters which shall involve the entire
country, The NEW YORK TRIBUNE fears we hope and
believe without foundation there are few facts which
We should look IN the faee-errOrs and evils which we
should seek. as a nation and individuals, to correct
Now, 10 certain fate that cannot as communi
ties and individuals keep getting deeper aud deeper
INTO debt aud expect to remain az extrayagant ana
prosperous The issue OF S0O0OOO0 or s3O0OOO
OF greenbacks wi not prevent our being pnched when
We are called upon TO pay these thousands OF millions OF
dollars Indebtedness. Whatever the immediate result
OF the present. panic 1t is hint that ought to be Needed
warning m TO return TO habits OF eeonomyc
no neT debts, and paying the old as fast az possible
There no other honest way OF getting rid OF Them
penSve this gets 10 pc at last, rs dents accun
late and dishonesty IN the end more expensive yet
, BLU ~ r. or s.i THE T RASEs.
The TRIBUNE asks "Shall 1t be surgery or
Quackcry I" and its question by demand
ing session Of Congress There cases where
the remedy is worse tnan the disease. THE TRIBUNE
may be rght in this, that resumption Is the only cure
Tor financial troubles, and that now, above all 9th
eTs the time to But it seems odd to us to IN
sst that the New York banks can and should resume
specie payments at the moment they have suspended
payments IN greenbacks These banks made gross
bluuder, W no harsher name, III suspe nng their
usual and legitimate course OF business. Their error s
now to be retrieved, not by resumng specie payments
Themselves which win beget confidence among the peo-
which they have not invited, and invited by timity
o. their strength tne eoqoy has no reason 10 do9D R
strength be shown when u IL most needed.
A CORRECT STATEMENT
FROM PG0n<er.
THE NEW YORK TRIBUNE, wrong on the tariff,
OF the soundes papers in the country the cur
rency question: A. the late crash VIII make this subject
prominent for months to regard the following
extract not only well timed but deserving OF the
thoughtful attention OF every IL states the case as
all human experience and history has ever demon
strated Financial ruin Is the certain end OF our
present Wretched system OF paper credit IL says;
good stand under But It duty 10 look nr
Their urher from the ng TO the gong down Of
TIE sun There strong this country who believe tn. our
financial based nothing but the government suspended
paper and aata The events which are now happening
uneeeiye sDca people Experience teaches
but question Of the curreniha no money consist
demand tie actual qualities OF gold
silver Represented face, be safe permanent
HE WHOLE STORY.
From he Minneapolis 1rtbuH<
THE NEW-YoRK TRIBUNE states the danger
OF the hour TO be Of the movement OF the
crops OF the West tho sGaboard IL the stOppage
of the movement Of the stoPpage OF ship
mens OF foreign gold 10 us and consequently the RUN
of business generally. IL adds thai with hundreds or
millions Of convertible wealth ON hand the wheels OF
trade are elogged and unnumbered evils Follow swift
behind Tnis tells the whole story The West possesses
real wealth Of the country and the East must pay
Its price for IL or 20 the wall While tnls IL the case,
we have no occasion 10 fear great financial crisis