The Jackson daily standard. (Jackson [Ohio]) 1873-188?, 1873-09-25

who are so ,vitally interested in the build
ing of more railroads, read the following,
from the Cincinnati Gazette of yesterday
RAILROAD BUILDERS AND LENDERS PUBLIC
ENEMIEs.-A very pertinent proposition
is thus laid down by the New York
World:
''Now, if the building of railroads which
can reach completeness and activity is an
offense in this country, the sooner it is
understood the better. If this is to be
the accepted doctrine, new roads will be
undertaken by no one; and, as we
can hardly anticipate the time when the
last needed road shall have been finished,
we are not prepared to admit that the
construction of those already in use is
necessarily an illegitimate business. Nor
do we see very clearly that it is finan-
cial wrong to be borrower of money,
for we know of no way of making interest
on money except some will hire it. There
is good and not good in railroad paper,
as well as in commercial paper, and now
that panic has treated all alike it is time
for panic to withdraw and leave the field
open to that business judgment which
decides calmlyGThat enterprises shall and
what shall not receive assistance"
This is for ruminating by that large
and peculiarly intelligent class who take
the liberal view that this panic was only
a smashing of houses who had extended
loans to railroad enterprises, whose
breaking will be purifying of the f.
nancial atmosphere" and who gener-
ously confound loans to construct desira-
BILE railroads with call loans to stock
spectators on margins, as all worthy
to go down together.
If it is an offense against the public to
lend money to build railroads, it should
be so understood, that capitalists and
bankers may know how to protect them
selves from public condemnation If it
is crime to undertake to build a rail
road, that should be understood at the
working to induce capitalists to under
take it. Indeed, we rather think that
the expression of generous sentiment
which the late panic brought out toward
capitalists and bankers who lent money
to construct railroads, or who helped to
place their securities, or who undertook
to construct them, will be lesson whose
effect will be felt for long time on new
projects and unfinished roads
The banking house Of Fisk & Hatch
was one of the best in America. It has
negotiated very large amount of sub
stantial railroad securities which have
assisted in the development of the eoun-
try The Chesapeake & Ohio Railroad,
in which they were extended at this
iuncture, is running road on profita-
BILE route. They showed their integrity
in its agency by lending their own money
to it.
The house of Jay Cooke G5 Co. was one
of the most successful and strong in the
whole country Jay Cooke had gained
great reputation by his sagacity and sue
cess, and large capital, all of which he
embarked in this undertaking. Other
good banking houses have gone down,
whose only fault was the lending of
money to build railroads The shock
given to confidence in railroad securities
by these failures broke down many who
were spectators in railroad stocks or
lenders on them on margins This lib
eral view Jumps all these together, and
in fact, all other banks and merchants
who have been broken by the panic, and
calls it healthy clearing of the financial
atmosphere, which will in the end be
productive of good results.
Well, let us have these good results
and for the sake of fair play, let it be un-
derstood that in the public sentiment of
America all capitalists or bankers who
build railroads, or lend money to build
them, are public enemies, whose failure
will be "a purifcation of the moral and
financial atmosphere"