, 1873-11-08

l
Hard ttmos have come. Thero ia no doubt
about that Tho elrinkagc Of values, tho loss
OF confidence, the elowness OF collections, tho
discharge Of tAborers, tho foroboding Of a bad
winter, all concomitanta Of = genuine financial
crisis, aro felt in creator or less dogreo
throughout tho entire country. It Ia hcttor
hero. worao there; the pal1 is everywhere.
Capitalists arc norvous and wary. merchants.
cautious and forebodfng, workingmcn plnehed |
and apprehenaive, and everybody forced TO- re-
trenchment. All this waa talked about mora
than a yonr ago. II was tho prinoi-
pal theme Of discussion during tho three |
months Of active canvass prior to tho |
last Presidential election. Politicians predicted
that the crisis would como unless Mey wore |
clootod. Wise bankers warnod the people |
against Greeley and tho Groat Panic. Oonaerv-
! aeve business mon wore made to npprohond
hard timca unleas they averted it by their yotos
| All that has happened was forotold-V Mr.
| Groeley should be elected Prosidont... But Mr
| Greeley was not e1ectcd,-on tho contrary, he
| died, and still the groat financial crisis has
como: What does 1t all moan7 II D1r. Greeley
had boon oloetod and lived, wo could hnvo nnder-
stood it.. We should have heard throughout
the lepgth and breadth Of the land the Bignif-
| icant echo, We told you sol" The LibaralB would
| bayo gone about tho land covered With SACK
cloth and ashes, beating their breasts and crying
Peccaui! We ehouldsshaye known, thon, that it
was tho election Of Mr. areoley. which had
brought ruin and dissolution upon us. But how
IL itnow Gen. Grant WAS not only elected, but
elected By IN overwhelming numerical and inan-
cia1 majority. He entered upon his second
term with Ills own chosen people about him,
and a larger Republican majority in Congress
than e7er before. They hava had their own
way in nl things, and have increased their sala~
ricp al ltbittn,. The gseat moral str~ugth Of
tho united capitalists has boon with them, Why,
then. all this trouble? We await a reply from
sou,e one OF tho oracleB who forosa" the crisi1
and told Us Just how to avert it, ,
There could hayo been but two ways IN which
tho election Of Con. Grant was to have avorted
the crisis. Either his election WAS to have tho
miraculous effect OF restoring confidence in any
financial and commercial condition, however. I'M
sound In tsolf or, II not this, tlon his profound
talents were expected to find O. quick aud ad-
, equate remedy for panic.
The first hypothesis has proved to be inoor-
rect. If, indeed, thoro is crisis upou ns, md NO
. ! arc not deceived by some misohiovouB prank OF
tho ghost Of tho lato A1r. Greeley. Tie re-elec-
tlon Of Con. Grant failed to accomplish what
wag promised Of it. Among tho vory first to be
capsizei wero tho intimate friends OF tho freb1-
: dent and those who had been most Voclferoua
J, | in their predictions that no alone could
o save the country from financial disaster
q Mr. Jay Cooke was tho first to ioBs
q confidence, although he WAS foremost among
Q those who :. declared that confidence would
= bc' inv,1lnorablo in tho event OF Grants
:. election, mr. Henry Olows was tho nex
r to 1osc confidence, though he presided over pub
n lIo meetings aud led OF with circulars, the bur
IS den Of which was TINT Gen. Grant must be re'
s elected to save US from panic Tho loss o
d confidence then became widespread. 1t infeote'
i; tho very claBses who folt assured TINT con
s. adence could not DO lost with Grant at tho helm
J. Even the great Iron and Etoel Association seer
y to have lost confidence, and, in point Of fact
Ut the entire constituency OF rich men. Tho brick
at that hsyo tumbled have been mostly golde
in bricks that lay ooso to tho United States Treas
Ii ury, and ought to have kept warm BY the con
is tact, Wo aro constrained to beiioVe, therefore
"a much ngainst Our inclination, that the ro"ele'
q, tion of Gen. Grant has not sustained conndens
Of 30 confidently as was confidently predicted
ut bis confidential friends.
to We must evidently fall back upon the secou
d. hypotheaia. Now that tho crisis has. como,
by spite of Grants recollection, We must put Of
w. faith in tho promise that his f1nanoIal geni.
Of will roscuo uB from overwhelming diaastor. 90
,ta Grant haa everything his own way. Whom POI
he H1r. Greeley opened his mouth On tho au
ge ject Of specie payment, tho whole con-
he nent tromblod with fear and anxiety. &c
Grant, on the other hand, may descant on O
in | pansion and contraction, the s44.o00,0o0 r
Gro sorye," on silver payments, on convortit
Ing bonds, etc., etc., and the people arc patiol
led still waiting for tho promiaod roltof+ In t
of meantime, the Government revenues are fall
ry, OF; tho Syndicate has collapsed; tho {
re- pensca of tho Government aso outranni
va tAo roceipta; tue customs royenue
md declining DO fast that thero iB serious dang
grs. that thoro will not be gold enough In tho Tro
I'M ury to pay on the interest on tho public d
ro~ after January, It IL not at all unlikely that
aud Government will yot hnYo to sell uew bonds
lido pay interest on tho old .ones. Relying upon
lad. ssBursncoa Of John Sherman, 0, r. Morton, Z
loor cry 4. Rtorrs, md pill thu eminent statesmen
tho the Republican party, Of Mosars jay Cooke
pro. Henry CLOVIS and their companions ip banlrt'
thp oy, Of the conservative moneyeQ classes OF
aep- county, al OF whom told lie TINT tho only
law, to ateer clear pt Q great crlsis waH to re-o
ded, Grant, wo now ask thcm What are you go
bose to do about it7 Something IL tho mat
ues, r It Isn't oriHis, "hat Ia ftf