, 1873-09-22


earlier and anlicr vindicatioh han VIC expected OF
tho crash IN Wall sreot yesterday, whereof full detas
sot ~ egery Se .oona n III our an m may s 'a 1
ehtsf saster That Marked IT, Speculation IN third fo
rate rnilroad bonds has been enormously ovornne.
securities 70, that socuro nothing, and havo with
drawn money from legitimate business to carry thc
excited by m eonsan Il S
nHao tho collapse Of tsso bubbles certniu. But OF
oil tho speculative enterprises which prudent buT-
most deserving has been tho lrat to break. wo can
only speak Of tho failure Of the grcat house Of Jay
So2eIn q aso On w nseb # % s1 to @
mitch TINT tho Aouso haa ,ione va have disagreed
and Of tho late Syndicate operations for which
sensuro they deserved. But nothing wpo ont tho
debt the country owes tho patriotic and marvelous1y
onsrgetto bankers who In tho darkest hours Of our
~ re money to lsy our soldiers; nothing can obscure
the fact That tho very cnterprtso which las finally
oyer may be tho result Of tho crisis in Will street, wo
shall regard the disaster Jay Cooke d Co. as nothing
1esa than public calamity.
On other details Of tic crash NO do not care hore to
comment. Tho end ia not vet. banks well niah as
pretent'oa "a the great house Tint has gone down
time to stand from, under. But 1t IL duty to ook
further ahead and further back thnn from tho riRng
sary hs coaty ~ xno besys tut sFeE oF
financial ii,. Gu, syatem, baaad as It is on nothing
ont mo upvernmcnsa e!,apenacd paper, Ii a
"ov n"1s nnorH nn 1y ane Iho evena which arc
such people. Experience teaches but ono lesson on
th1s question Of The currency-tha money consist
paper not convertible on demand Into tho actual
d,ahs'es m o. aod anu silver ropresonted on its face
harvest ct ruin from her a's!snats England suffered
tho aane experiment that no arc trying-1,niertalns
70 70 nas9 & 1Feoeemablo paper permanent standard
forty soars, and not until 1''NtlYo tho srest sst
rancs which culminatet In 1887 was tho old paper sya-
,cm lully nprooici tagging With tue fever Of srcc,
atloh pro.trated by tho inaEttabe reaction from tho
grand downfall of 1897, sto led tho fo Of gambler.
H or Aittnry 10 furnish simple repetition Of Eng
lands bll,ndors7 Arc We to learn nothing from lilo
experience Ct our oMn faters and grandfather and
the same orTerment9 ~ ~N -
Our currency fs derrecfaed. The premium an gol,
Tho increased cost Of living, and tho complete with
aEnwa! OF coin from circulation, h0rd sufficient proof
ishued To add to tue volume will only deprecinte It
tue more. When grcenbacka were made legal tender
and Prices began to rae, tho debtors Of the country
fond That tller dehts could DO settled for much less
specnations were thus cnso'ragod and Of reck
less borrowing was thus inanRuratcd. The furor Of
gambling spread every side. Tho morals
o. thousands OF men In business became contaminated.
The nsidiona dfscaho which for ten years and moro
las been poisoning tho blood Of tho nation Bowa
fs hofrla wofk to tie light Of day and the Dyes Of tho
world. faithlosHness TO thcir trnsta in ofnccrs Of
Government from the highest to the lowcat, and In
cuatodians OF private funds; rapacity and unscrpu-
ion6ness Ct corporadons cowardlco and venality Of
those who should bo tho guardians Of the
honoht and ef1nple:-these have at Inst worked ont
what mnr ho thn cnnssnnsucau ~ H. o ~ guhe.