Elizabeth daily monitor. [volume] (Elizabeth, N.J.) 1868-1880, 1873-10-02
JOHN PAUL on The PANIC.

NVt< -------------
JOHN PAUL ON THE PANIC.
HOW AND WHY IT CAME ABOUT.
THE CRISIS THE RESULT OF MIR. PAUL'S
ABSENCE FROM THE CTrY--THE NECEs-
sITY OF GETTING OUT OF WALL STREET,
AT THE RIGHT TIME-A PARALLEL
DRAWN FROM CHILDHOOD RECoLLEc-
TIoNS-How JOHN THE BAPTIST KICK
ED-CoNDITIoN OF THE CURRENCY ABB
STRACTLY CoNSIDERED-A PLEA FOR
INITIATION.
WILLIAMSBURG Mass, Sept. o.
Never again will leave New York for
any period of time, however brief ;
something is sure to happen if I'm not
there. After finishing Saratoga, it was
clearly my duty to return to the city,
but, yielding against my better iudg
ment to the persuasion of friends, |
prolonged my absence for visit to
Williamsburgh, and terrible panic is
the result
When [ say that / have seen this
panic coming for three years past, l
simply put on the robes of prophecy
which every one is reaching for now
tl'tl tli5 tfGlu iIIlNttls Iuuu L uul
not attiring myself in the popular sack
cloth as we'll, is simply because / have
been wearing mourning for some time
back. All the Summer through have
not conversed with any /" eminent fnan-
cier"--another and longer way of spell
ing speculator-who did not see panic
cloud looming darkly in the distance,
and did not declare an intention of not
being caught out in the rain. But
where are the umbrellas at the present
writing
AT no time, I suppose, has even the
most sanguine operator for q continued
rise in securities, believed that the thou
sands who We're buying, bought for
permanent investment. Each knew
that his neighbor as well as himself
bought simply to sell to some one else
at an advanced price, and each intend
ed in his own mind to be little smart
er than the other and get out first. Not
man was there among all the busy
understand the last purchaser would
come to grief, but the idea of being that
unfortunate last man," / venture to
say, did not occur to one individual
mind.
Impressed with vague notion that if
the many arrived at the conclusion that
it was best to be getting ont at about
the same time, there might be rush
for it, and being besides little lame, I
thought I'd start first. So here / am
How it got out that l deemed it wiser
l., - I
but you see the result-a widespread
sacrifice of securities, disastrous panic.
Sooner than have had this happen, how
ever, I'd have consented to stay in and
be ruined-fcr consideration.
Looking back al it now, L don't know
that I'd have got out if I hadn't had to
get. Men addicted to tho street are
much like those who become habituated
to loafng late in bar-rooms--they don't
go till they're kicked out. My health
failed me the doctors prescribed quiet
and rest so | went to Saratoga.
Well, as l was saying, we all knew
this storm was coming. But have yet
to see the man who thought it was
coming just yet or took in his lower
sails, if he did his topsails When it
came or showed itself near at hand
would be time enough to be lodging,
they thought. And my father once had
horse in his stables, a fine, spirited
creature, which / was fond of fooling
around. The old gentleman warned ms
that he might kick, but l didn't thank
him for that of course he might kick
any horse might, for that matter. But
/ hadn't been round the stables when
supposed to be Mt school for nothing. |
had noticed that when horse kicked
he laid his ears back. So l waltzed
around "John the Baptist" that was
the noble animals name, though why
so christened, unless because of his
ability to kick path through a wilder
ness l do not know-~just as usual, and
relied on religious observation of his
ears for safety. AT the least dropping
of that barometer stood ready to jump.
Ono day, having business about his
manger-business not wholly unconnect.
ed with hens nest-I approached by
what may be designated as flank move
ment, and requested him to stand ovel
on the other side of the stall, as l wish
ed to come in. That there might be nc
mistake about my meaning, made il
quite clear by priclling the flank most
in my way gently with a pitchfork. But
l was careful to watch his ears very
carefully while making the request.
Now, if you'll believe me, / didn't sec
his ears drop, neither did l see his foot
rise.
But 1 did hear boy about my size
strike against the other side of the barn
with bang And after an hour OF
two; when l had collected my scattered
thoughts and picked up the jewsharps,
and jack-knives, and green apples and
stolen watermelons that the industrious
animal had kicked out of me, and
climbed up in the hay .loft for the double
purpose of picking up the top of my
head-which, according to all evidence
of the senses, must have landed there
and getting better view OF what was
going on down below, L remarked that
that horses ears were laid down on his
back as flat as though a tailor's goose
| had LIT on them. But the warning did