Juniata sentinel. [volume] (Mifflintown, Pa.) 1846-1873, 1873-10-01
The r.nanc,a, outlook.

The fail OF the large banking houses
Of Jay Cooke & Co, is IL one view Of
the event, public calamity. Jtchecks
the progress towards completion oe fhe
great Northern Atlantic Pacific thor
oughfare, one Of the most important
enterprises of the age: 1t withdraws
from banking-houses in the interior and
Northwestern States, with which they
were connected, the amounts falling
due to these MINOR establishments, and
necessary for their own local business.
In its sudden aud unexpected precipi-
fancy, it alarms the financial world and
causes large amount of circulating
capital to be suddenly withdrawn from
its legitimate channels Of circulation,
sending other exhausted banking firms
to the wall, suspending the operations
on important public enterprises, and
thus depriving contractors and their
employees Of work and wages.
These results will, however, prove to
be only temporary. The houses Of
Jay Cooke & Co., it is believed in the
best informed circles, will within rea-
sonable time be re-established with
means to pay their Indebtedness in full,
and leave an ample surplus to carry on
Legitimate business. They were the
owners of an independent fortune of
about SIS, 100000. This money has
not been lost by stock gambling; it has
not been destroyed but it is locked
up in great enterprise, whose profits
from earnings and the sale of lands are
in the future. Tie railway company
has aot failed, nor should its boncs de-
preciate while it is sustained by grant
of 100000 acres of valuable land,
which has been for a number of years
attracting to the Northwestern States a
very valuable clas, of immigration from
Northern Europe.
On the other hand, this Sudden col
lapse will have good effect in discov-
ering to the public and forcing out of
the way those fictitious stock gambling
banking-hoases which existed only 70
rob and ultimately ruin their victims,
and lower the confidence Of the public
in legitimate and useful mediums CT
exchange and transfer of money and
stocks.
None ef the banks doing regular
business with the merchants have failed,
either IN New York or elsewhere. The
Bank of the Commonwealth, in New
York city, was crippled by Its express
dent before the financial storm, and its
failure cannot be attributed to the tenn
porary excitement Of the hour. Neither
have the wholesale or retail merchants,
or great or small manufacturing estab-
lishments, shown any signs of weakness
or want of customers. The best au-
thorities report the fall business to be
unusually active in New York and other
large centres. Only few days ago the
New York jobbers went to Fall River,
and swept the warerooms of the manu-
facturers Of all the goods they had on
hand. In fact, manufacturing and min
ing enterprises were never more remu.
nera.ive than at present, and both Of
these great sources of wealth show a
development hitherto unprecedented,
yet substantial, legitimate, and safe.
The crop reports show large average
yield that of cotton alone being valued
at $50, ,000,Co0, while the demand
abroad according to present accounts,
will be unusually large this year, and
fully equal to all our surplus products.
Immigration continues to increase,
and the classes Of immigrants to i'm
prove, adding population and wealth to
the sparsely settled sections of the
sparsely settled sections of the coun-
try. And in further, forcible illustra-
tion of the prosperity of the people, it
may be noted that during 1872 the
enormous amount of .G747 ,664 or 49,
! 74S,3 ,320 were sent from America nine
tenths Of il from the United States
| to relatives in Great Britain and else
where in Europe, to enable them to
come to America. One and half
millions Of dollars OF this was sent in
the shape of prepaid passages to the
United States. Another point of sig
ni6cant Importance as indicating the
prosperity and conservative tendency of
the business of the country is the fact
that while our imports have been some-
what stationary during the last year,
our exports have largely increased, and
now nearly equal the imports, being be-
/ tween five aud six hundred millions of
dnllars in yalue
There Is, in short, general prosperity
throughout the country, and that of a
permanent character a prosperity upon
which the fall of one or two colossal
houses like those of Jay Cooke 4 Co.
cannot have any permanent effect, but
will serve rather TO add to the stability
of the national growth, by purify ing
! the financial atmosphere, and increasing
the sabiic confidence in those estab-
lishnents which prove their strength by
resisting the financial storm. There is
no parallel that would warrant a gen