, 1873-09-20

Tor No. u. Hogs wore active and firm at $4,000
500. Cattle were active but weak, with salea 1t
e2.o0@6.10. Sheep ruled quiet aud steady.
BLACK FRIDAY AND ITS PROPOSED REM
EDY.
Tho stock panic which act In on tho an
nouncoment OF the failure Of Jay Cooke d Co.
broke out with renewed violence yestorday. The
New York banks began to throw overheard the
collatcsals upon which tho margins had been ex-
hauatod BY tho previous days decline, aud tho
result was another Black Friday. Fifteon fall
urea wero reported before noon, including tho
woll-knoNn house Of Fisk j Hatch, the financial
agents Of tho Central Pacific Railroad OF Cali
fornia, aud Randolph l. Co., the agents Of the
Pennsylvania Railroad. aoene Of Wild excite
mont ensuod, and some atocka went down far
below their intrinsic value.
straightway the bursted and bursting spccu-
latofs began 10 cali upon Hercules and Jupiter,
and otheE unseen powers, to come to their re-
Lief. The air WAS filed with rumors Of what tho
Secretary Of tho Treasury ought to do shout It,
1n point Of fact, the Secretary OF the Treasury
has nothing to do with it, ono way or tho other.
Tho ga1nblors and brokers Of Wall street have
been having guy time with stocks,
bonds, and gold. Tho banks have loaned
them tho money to bot with. Now that
the bubble has burat, the banks have thrown
tho collatorals overheard to eaye themselves.
That is all there iB Of tho failure Of Jay Cooke
& Co. aud the smaller FRY. What reason docs
this furnish for the interference Of tho Govern
mont to bolster up tho tribe Of speculators
Why should the Government undertake to lend
the public ta1oa to hundred lame ducks in Wall
street to make their margins good, any moro
| than It should lend money to Western farmer
| or merchant to enable him to bridge ogor the
loss resulting from fall in the price of corn or
! dry goods? d fow wooks ago, the preo OF corn
| in Chicago foil 10 cents a bushel. Tho stock in
tho country affected BY that fail Was many
millions Of bueho1a. II was IN enormous 1osa
sustained in an ordinary and legitimate business.
By what right would tho Secretary Of the Troaa-
ury hayo intorpoaed to lond tho national money
to the losers to enable them to whit until tho
price should again advance Such thinga hap
pom, or aro lkcly to happen, every day. 80 long
a. speculation exists, there must bo day Of
settlement, and somebody hns to loso.
| To use tho money in the National Treasury
taken from the people by taxation-to mako
good tho loBaes Of thebulla or bears OF Wall stroot
or even the lossos OF legitimate busnesa, implies
On entiro Misunderstanding OF fthologitimatefunc-
tions and purposes Of Government. Tho Govern-
| mont can have no legitimate interest or copoorn
In the bad epoculations Of stock-gamborB or tho
business miafortunea Of private citizens. Who
ever thought Of asking the Secretary Of tho
Treasury to make good tho losses Of short
crop by lending the public money to tho farm
ers? In that case, thoro would bo ut least tho
apology that the persons aidel were employed In
useful industry; but to take this money from the
Treasury and place 1t In New York to relieve tho
spectators and losers In Western Union" md
Erie" and NorthweRtern," Is not merely to
violate law and docency, but to encourage tho worry
practices which have brought about tho prosont
collapse, Tho fact that these broken spoouls-
tors actually appeal to tho President and his sco-
rotary to place tho Treasury at their service,
showa low rapidly all confidence in the moral
tone Of the Government ia wcakenng. Neyor
until within very few yeass has 1t over been
intmated TINT tho Secretary Of the Treasury
could uso tho public money to promote or dofeat
tho ends Of bulls and bears In tho stock market.
For tho Government to lend Vanderbilt OF
Gould forty millions OF dollars directly, to ena-
bic him to fight tho opposing party In Western
Union, would be denounced "a an unheard- -ot
outrage; yet that ia precisely what 1t ia now
proposed to do. Certain persons have boon bull
Ing Northern Pacific bonds, which have dropped
out Of sight, in commercial eenao tho banks aro
collecting their loans by the enforced aalo Of tho
declining collatorals, Instead Of there being
ono Vanderbilt and ono Drew, there are half a
hundred Of Drews and Vanderbilts, and they arc
all just now clamorng that tho Secretary Of tic
Treasury ahall place $40 oooo, 900 In tho New York
bankH, 60 that tho banks may not DO compelled
to soll them out.
Tho pretenso that these ipsolyent brokers and
epoculators are tho "conntrY," and that to
aaye them Ia to saye tho "oountry from Anan.
cial ruin. ia an impudent lie. II theY go down,
tho loss Ia confined to themselves and thcI1
dupea, md 1t ia better that 1t should bo thus
limited, even II the loas DO repeated every
week for 3 year, than that tho National
Treasury shall become mere branch OF the
Stock Board OF Now York, and tho Secretary oi
tho Treasury mora discount clark for any gpoo.
ulator who seeks 10 push fancy stock OF bond
upon the market Tho country cannot fail, even