Northern Ohio journal. [volume] (Painesville, Ohio) 1872-1896, 1873-10-18
A LESSON FROM THE PANIC.

For the last few years multitudes of
young men who have made or saved a
little money have rushed into Wall
street eager to realize a large fortune by
speculation in stocks. A few have sue
ceeded for time, and by their success
have dazzled and bewildered their
friends and comrades. It has been
hard for the industrious clerk upon a
salary, or the young merchant slowly
working his way up to a competence, to
see his former associate grow suddenly
ricn, set up a cab and drive down town
about ten o'clock, and to hear of his lux
urious habits and costly investments.
1t has sometimes seemed to these clerks
and merchants that industry and in
tegrity did not pay, that times had
changed, and that the only way to grow
rich now was to plunge boldly into the
speculations of the day and throw over
board all the maxims of prudence and
morality. But the financial storm of
the last two weeks has cleared the air,
and men breathe in a healthier atmos-
phere. 1t has been shown that the bus
mess which has seemed so lucrative
and desirable, is hollow and delusive
sham; that the buying and selling and
paying has all been fictitious. That A
bought of B stocks that A never had or
expected to have, and that B paid Il
with checks that represented no money
on deposit. The majority of transac-
tions have been conducted upon princi-
Piles which set at naught all laws of le-
gitimate trade, and all the teachings of
experience, and the result astonishes
none but those who have been dazzled
and deluded by the glare of flying
riches. 70 call the shouting and ges-
turing, the running to and fro from
fsff1 f( hor 6n nj 10fS nf
false reports and rumors, Cuisines, :"
is to caricature that solid and legitimate
trade by which the country grows
strong and prosperous, and it is fully
time that its hollow pretence should be
shown up. There is regular traffic in
stocks and bonds which may be honest
ly done for a commission, but such a
business would not support the hun
dredth part of the crowd which has
"played the fool' since the second year
of the late war. OF this crowd large
portion have been young men who
ought to have been in other company
and at other pursuits. When the time
of panic came, this crowd of specula-
tors acted like madmen; they lost the
little wit they ever had, and their prop
ositions, instead of relieving the mar
ket, only afforded a theme for sarcasm.
We recall no sublimer example of. i'm
pertinence than the proposal made to
the Government of the United Safes
that its treasury should be placed at the
disposal of the very men who had
brought ruin upon themselves by their
recklessness and folly, and very nearly
involved the solid interests of the coun-
try besides. We are thankful for the
firmness and wisdom which answered
such proposal with an emphatic mega
tive. If the panic of 1873 only teaches
our young men this lesson, that indus
try and frugality-a business that is
founded uponeintegrity and built up by
prudence and honesty-are the only
things that pay well in the end, it will
be worth all that it costs. Let the stock
business shrink to its legitimate proper
tions, and the banks encourage mer-
chants rather than spectators, and
sound prosperity will return; young
men will no longer be seen wasting
money as if they were princes, there
will be fewer =defaleations, and better
state of public and private morals. -