The New York herald., 1873-11-12

A More Cheerful Finaneial Prospect
The City ana che Poor-AI Hsven't
Looked ~ Thsn Yst."
Many indications are coming TO the surface
which assure us that matters. financially. are
taking brighter turn Il may be that the
measures taken everywhere to contract forces
have produced o good effect upon the nerves
Of the commercial class and that an improved
feeling of confidence is tho result The fact
that the country is not q cent poorer for all
thepanic Is dawning slowly upon those who
first ran to hide their greenbacks in old
stockings. The market in Wall street was
stronger yesterday than for long
time past, and, as it was there the
trouble began. we should be getting stronger
everywhere else. The inflow OF specie, too,
must have its share in convincing our
merchants and manufacturers that the coun-
try which, in the midst of it's financial dis
tress, can compel England to send over eleven
million dollars in specie for its corn and cot
ton is not the trembling bankrupt which
some people would have us believe. The
panic has had one effect which must be bene-
fetal. 1t has prevented trading in Europe on the
proceeds of our produce sold there and hence
given us solid margin for use at h9he So
determined has been the outflow Of specie
from England to the United States that the
efforts 2f the Bank Of England TO stop it
by raising its rate TO nine per cent have
been Intellectual. Yesterday, we learn
by cable despatch. fifty thousand dol
lars were shipped from Southampton for
New York. The fact is that, owing to
the scarcity 2f money here. tAs only
hope England has of buying corn to feed her
millions is by sending out the hard cash. The
raising Of the bank rate may mean dearer
bread to the English workman, but if they are
10 be ted money must be found to purchase
food for them, and on the question of stom-
ach John Bull is imperative. A great prob
lem which troubles the heads of the
quacks of finance is how this gold
is to relieve the stringency among a people
using government paper or paper guaranteed
by the government as their currency. If it
cannot find its way into circulation it win give
those boarding greenbacks they have no
present use for a chance to hoard some
thing more solid, which may appre-
ciate in value. But its most magical
effect will be in encouraging the hoagders to
resume their buying and selling and in re-
ieving the anxieties of the manufacturers as
to the ultimate end of the present troubles.
Already we learn that this feeling of relief has,
in several instances, induced manufacturers to
run their works at full time. Let us, there
fore, while freely acknowledging the presence
of the cloud, not neglect to point to its silver
lining.
We are not so sanguine as to think that the
effect of breaking up business system carried
on largely under false conditions can be met
by the community without some ruin to q few
of the rich and some suffering to the poor.
We are opposed to the government doing any
thing to help the former; the rich can and
must help each other. For the help of the
poor we hope to see no extraordinary meas
ures on the part of the general government
necessary. But in face of the want that
exists and will exist we demand that every
work which can ftly be put in operation by
local governments shall be pushed at once
to relieve want by furnishing labor to the
hungry unemployed. The blatant inter
nationalists who howl, and sly jobbers who
egg them on, urging the President Congress
and the departments to adopt all manner of
wild panaceas, are simply noise and nothing
more. Each community, except under very ex-
traordinary circumstances, is capable of caring
for its own poor, and towards this object the
authorities in each should hasten their efforts.
What we will ask, has New York done
towards providing for those out of work on
account of the panic and in danger of starv-
ing2 Philanthropy is slowly organizing, but
the city government is doing worse than moth
ing. Our Department of Public Works has
discharged seven hundred men, and intimates
that more are likely to follow on account of the
want of funds The Commissioner states that
three thousand men could be employed i'm
mediately upon necessary works if the Comp
troller would pass upon the sureties Of awards
of contracts already made. These sureties,
we are informed, were sent to the Comptroller
a fortnight since. and, although the latter has
twice asked for five days postponement, he has
reached no action yet. The full measure of this
officials insolent disregard of the public good,
except as he chooses to interpret it, may be
taken in his reply to HERALD reporter, when.
asked if be had passed upon the sureties =
II haven't looked at them yet" If we
were not aware how much time of his
that the city pays for, and money that
the people supply, he can expend upon
his pet counsel for carrying the just creditors
of the city into the courts, and promoting the
ends Of his lobby at Albany, we might want
an explanation why he has no time to look at
what is of vital interest to the poor of the city
It is shameful that there should be any
= a