The New York herald., 1873-11-06

when it is too late the full significance Of the
indifference of the people in the late
elections
Tho Financial Situation - The Out.
look still Unpromising.
The news we publish this morning from
various parts of the country continues to be
of discouraging character 80 far as the pres
ent condition Of affairs is concerned, although
it brings no cause for more serious alarm. It's
worst feature is embraced in the suggestions
of suffering and want that are conveyed in the
intelligence of the general reduction Of hands
and curtailment of time and wages The
Sprague matters come up for consideration
to-day before o meeting of the creditors of
the house, and the local papers ore earnest
in their appeals for moderation and patience.
1t is to be most sincerely hoped, for the sake
Of the operatives, that some arrangement will
be reached by which the works can be con-
tinued through the winter. Massachusetts,
sends word Of the reduction of employees and
wages by large dry goods firm of Boston;
Of the cutting down Of hands and
pay, with reduction in the hours
Of labor, on the Eastern Railroad
and in the company's shops, and of the deter
mination of the Lowell mill owners to begin
at once to run on three-fourths time. Some
Connecticut factories reduce their forces one
half; eighteen hat factories at Reading,
Pa. close their doors; q cotton and wool
mill in Philadelphia suspends and turns adrift
eight hundred men, women and children
two large mills of the Pennsylvania Iron Works,
at Danville, announce that they can work
only each alternate week; while Cohoes, in
this State, reports ten thousand persons out of
employment. From ST. Louis comes news of
the winding up of the affairs of q heavy COM
mission house, and minor failures are re-
ported in other parts of the country.
The one fact which stands prominently out
from this dark background is that the poor
must undergo great privations and suf-
erings in the approaching winter.
Laborers and mechanics will be
thrown out of employment, and we
fear that number of them may
be tempted to seek the large cities, and espe-
cially to come to New York. in the hope of
securing temporary relief. This will be
great misfortune, for we have already many
thousands of unemployed persons in our
midst, and all the cities are in q similar con-
dition. The poor who cannot obtain work
should be supported by charity in the locali-
ties in which they are accustomed to labor
until the present stagnation shall have passed
away. The more scattered the inevitable want
may be the more easy it will be to provide for
it. There is no need of alarm for the future;
for the country is unusually prosperous as we
have repeatedly said, and the present discon-
tinuance and curtailments of our factories
will create an extra demand for labor as soon
as the money stringency shall have passed
away. All that we require to bridge over the
time successfully is self-reliance. Those who
have means to bestow must be open handed
in their charity. Where wealth is enjoyed
there must be large iberality, for
at time like that before us relief is the only
safety of capital. Wherever public works can
be carried on employment should be given to
as large number Of persons as possible, and
it would probably be wise for those business
houses and factories that are compelled to cut
down their hands to employ the full number
on short time instead of dismissing some from
employment altogether. If we must have
want let it take the shape of privation rather
than of absolute starvation. We need
prudence, forethought, moderation and
patience at this time if we would avert great
sources we shall be safe.
In one respect we are better off than in
many former panics or times of financial dis
tress. Our money is all good. There is not
the fear before the eyes Of the poor man that
the dollar he does handle may turn
to worthless paper in his pocket
Provisions are plentiful, and one result
Of our troubles will be to put down the prices
of the necessaries Of life and thus to make
living cheaper. All these are encouraging
facts, and when we remember that the present
crisis has been brought on by over-trading
and by rash speculation, evils which are only
temporary in their consequences we can see
no reason for serious alarm. The future is
safe and promising all we have to do is to
take care Of the present and to do the best in
our power to relieve the distress which some
failures and q general reduction of business
must necessarily bring upon the laboring
classes.
The TWEED TRIAL-WHAT DOES IT MEAN?-
The revival of the Tweed trial before election
is natural enough. The people are accus-
toned to hear the noisy elamor for the
"speedy trial and punishment of the Tam
many thieves" just about the time the canvass