New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-23
THE TREATMENT OF THE PANIC CRITICISED
TREASURY AID UNWARRANTED AND UNDESIRED
IN. nh

taken from the people taXdtlOu-tO gOOu tue
losses OF the bulls bears Walst, the losses
OF legitimate business, implies AN entire msnderstand-
ing OF the legitimate functions aud purposes of Govern.
monU The Government can nave no legitimate interest
in the bad specuaOns OF stock gamblers or
the business mistOrtunes OF private citizens. VINO
thought Of asking the Secretary OF the Treasury to
make good the losses OF snort crop by Lending the
public money TO the farmers The fact that these
broken Spectators actually appeal to the President ana
his Secretary To place the Treasury at their service
shows how rapidly all confidence in the moral
tone OF the Government Is weakening. Never
until within very few years has ever been nmated
that the Secretary OF the Treasury could the public
money to promote or defeat the ends OF Dus and pears
in the stock market The preense that these insolyent
brokers and Spectators are the country and that
cial ruin is an impudent lie. they , 80
dupes. and il Is better that IL should be thus limited
# the loss be repeated every week for year than
OF the stock Board OF NewYOrk. and the Secretary OF
the Treasury mere discount clerk for any Spectator
upon T%T the market Set The country cannot fail,
even If every broker in New-York aud every dealer
would experience decided relief II speculation IN such
securities arrested and all things brought to their
actual cash value Al all events the Government - Dut
the depository of the Puohc revenue ana can only ap
ply the specific objects for which II was raised All
nsa and an express declaration that in event Will
Government NEEDLE with the business OF the street
No QUACK NosTRUMS WANTED.
FROM The Bosioa .fdrtriiser
As for the interference of the Treasury De-
partment. very glad that the attempt resulted Ia
failure The business interests of the country have at
no moment seemed be in serious danger IL l. no part
OF the business OF the Government TO regulate the price
of money and stocks, or 10 protect spectators,
whether bulls or bears from the CONSEQUENCES OF their
folly now, tomorrow, or at any future period IL
seemed moi 10 have occurred rhe Secretary. to any
body concerned in the OF RELIEF decided upon,
that Government bonds were among the safest IN
thai those who had them would not be in
clned to part with them The result OF me inter,
venton defeat OF the Treasury IL would be well
II the NewYork gamblers should learn from 1t that even
the Government Is not omnipoent, ana that RELIEF from
the consequences OF folly Il not sure however wen as
posed the Government may be- And II 10 be hoped
that the Treasury will now refrain rom urther parclpt-
ton in the events happening on "ai-st'-Whether ~
issue of certificates, Oy sac Oh solu OF ny ui3Wns
like forms of dsease-I protest on the part OIL
nature against the habits Of the patient IL can only
accomplish the good It Is designed to secure 10y being
left to take it, and have its run Let US nave no
SOUND ADVICE.
From The Portland tHc) lrghs
Ii was only Thursday last that, In view OF
the recent failure OF the Brooklyn Trust Company fol
~ COMPANY and Kenyon Cox Co., the question was
asked VINO next l' The answer has come thus
dreamed It possible that jay Cooke & Co.,
the millionaire bankers anu eAlols ~ tne
Syndicate that subscribed for three hundred millions OF
new Government five per cents, were to DC parties let
so it H. great the conmOtlOn thereat lhe crash
IL nevertheless another warning To keep 10 legitimate
business and not be led asray by greed for excessive
gains which almost always proves to he an pnlS (d"HS
TUE NEW YoR TRIBUNE, commenting on the failure oi
the Midland Railroad Company, aud the serious com
promise Of Geo opdyke Il co. thereby, wei says: ..,
urge and all who VISA TO AVOID 70 Keep
Wa Let The gamblsr' alone No great harm s come TG
Of rotten railroad schemes and the oanA' na ut tat
legitimate business ISmo 'I sr,t business brisk and
prosperous Merchants Of all sorts say me F4l 'eaOn nas &
opened b the Seefetl Of Tue Iela 70 noc5 ns!
tv make le or complaint tight Already the gamblers
appeal for currency ringing IN bis ear, ~ Nv isi M
set hi, ike fiat against taat appeal e..,
This advice both TO business men and the Secretary OF
the Treasury sound And az The IKLbUNE wsn says
prevalent feeling of disruSi Is no trick OF the reeh
less gamblers a fall in stocRs;-lt If the inevitable
consequence OF the fresh failures and deacatons which
every day brings TO light" 1t Is certainly TO De hoped
Government funds are not involved by TINS failure
No facts are mentioned yet tending in this direction
but nevertheless the large operations carried On ny ts
firm with the Government VIII give rise 10 some Iears
until tie truth Is known.
LIT THE STORM BLOW
From. The Schoaocady Star.
We were about preparing an article in ref
erence 10 this matter. when eve caugn the one in
TmE NEW YORK TRIBUNE under the heading OF shall
we take Brandy 7" THE TRIBUNE, In referring to tins
subject has ably set forth the old Democratic doctrine
in reference the currency that we refer our readers 10
The article another column We believe that the worst
has not yet come ITne currency upon which We are
now doing business Is 81 thsr haTu Tnf S
people demand return to the legal coin system OF
Inc United Staies-that is gold aud silver. Tnis eau
israton. The CITY or Washington is surrounded with
change can be effected they mast be wiped OUT OF exist
ence. As We before sad, the end is not YET. stand
from under We trust that the Government VIII Keep
hands of in this The only effect OF interference
will be 10 bolster up INSTITUTIONS when are
unsound and unworthy OF confidence to the delrmeut
of the enduring interests OF the country Spectators
and speculative institutions gamblers and gambling
mon ruin on the other hand sound banking nstltu-
tons and Wise business firms are equally associated.
There can be upon them. They are stable anu
fully able tocO with the difficulties OF any SITUATION
financial storm can only sweep away the rotten run
bsh of an unsound system OF national finance lie, the
storm blow.
THE FRUITS OF TIE GOVERNMENT POLICY.
FROM The GeraIH0rH Chronhis.
We scarcely need better argument against
secrery Richardson's ciau To control Tue volume of
the currency than afforded by Its practical working.
Whenev the Wslst brokers get IN tight place they
call on the Government for assistance ana the
Secretary puts out his greenbscks. still further nnat-
ing q currency whose contraction would nave put
"a stop TO these speculatons and corners long
ago and compelled the bulls and bears to turn their
talents TO some profitable occupation. This has
been done 40 often that aid aid from Washington
relied upon the banks become quite reckless OF
their reserves knowing that the Secretary forty
four millions OF lcanceed) notes on hand ready 10
but never cures, aggravating rather than mitl.
eating the disease, Is not one which can be regarded
with confidence As long as IL Is offered so long
will II be demanded. II the Secretary OF the Treasury
WaLst, Wall-st. would have been In more healthy
condition to-day; but the policy OF the past few years
has been a continual incentive 10 speculation and We
reaping some OF the fruits OF II.
THE INJURIOUS EFFECTS OF GOVERNMENT AID.
From TU Boston Trdnsortp.
This interference of the Government TO save
the commercial interests Of the country which Is neces
STATED by the system OF stock jobbing PREVALENT In
NewIork, has the injurious effect or rendering the
largest operators In stocks confident OF their ability 10
shatter the whole financial structure at the principal
fiscal center Of the Union whenever they choose,
for the purpose OF protecting legitimate business aud
stopping the panic caused by generally reckless specu
lati0D IN uncertain securities. when the Government