National Republican., 1873-09-30
THE BEGINNING OF THE END.

The tclcgraphic reports from the important
financial and business centres OF the country
indicate more healthy condition Of affairs
than has been experienced for the last eight
or ten days, and there is every reason TO be.
lleye that the worst has already passed In
New York yesterday "the stock market was
little better" and affairs In financial cir
cles showed most decided improvement as
compared with Saturday" From Phladel-
phia we have the report Of the failure Of
large Arm which seems to have been some
what reckless In Its loans; currency Is pour
Ing into St. Louls-an excellent symptom,
and In all the smaller cities the situation is II
anything, better than II was last week.
The strength which all the great substantial
interests Of the country have shown In the
panic Is one Of the most encouraging signs
OF the times, and proves conclusively that
the manufacturers, the merchants and the
real commercial classes have not been lnocu-
lated with the speculative virus which has
swept away so many houses that wero con-
sidered stable, and which possessed to large
degree the confidence Of the public.
| In the larger cities the stringeucy In the
money market already begins to experience
q pcrccptible relief; confidence Is being
gradually restored, and all the indication,
point to tho belief that In few days busi
ncss viii havo resumed Its wonted channels,
The opening Of the Stock Exchang,
In New York to-day will call oui
an Immense amount Of money. Really
J valuable stocks have suffered by Tho
: collapse Of the worthless ones, and reaction
ls In the very nature Of things inevitable
Tho temptation Is too strong to be resisted
and the absolute certaisty Of an advance Ii
all the leading stocks will undoubtedly cal
forth q large amount Of currency which
will ultimately go into the legitimate busi
ness Of the country. The process Of "lock
Ing up" currency which has been going OF
for the last ten or twelve days must come :,
: an end this week, for the verlost moneye,
blockhead cannot but have realized by thi
: time that after all the present panic 10
. senseless one, and that In the present eondl
!, ton Of affairs there arc golden opportunitie
to realize handsomely upon very trifling In
ycstments. Tho balance Of trade Is for th'
first time against England; large amounts o.
specie are on the way from Europe, ant
the abundant Western crops are await
ing the means Of transportation. Above
all the Government Is exceedingly
strong and complete master OF the situation.
The policy laid down by the Admlnistra-
ton has infused nrmer spirit into the anan.
cial classes, and given them to understand
exactly what they must and must not expect.
A weak or vacillating course on the part Of
the Government would have Involved us all
In universal ruin and intensified the feeling
Of insecurity that was 30 contagious week
ago. The certainty that We shall have no
tinkcring Of the finances, that the Govern
ment will not depart from the clear letter
and spirit Of the law, has done more to point
the way out Of the difficulties that en-
barrased the country than almost all othel
causes combined. The policy laid down IL
the very incipiency Of the crisis has beer
, adhered to with yigor and determine
, ton, and 1t is TO be hoped that ther'
, will be no deviation from 1t; that the finance
will be allowed to right themselves In thei
own natural way and In their own time. A
we said in the beginning, the only real suf
forers are the railroad bankers and brokers
For years and years they have been doin!
incalculable injury to the legitimate busines
Of the country, hut 1t fourishcd In spite o
|, them, and ls now all the stronger because o
! their ruin.