Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1873-11-05
Newsdea,er
aHAs. .. Eossa. Esi,or.
IN. Financial slYIagenri.

Tbeugh the S~ptsUsrr Pasic oernese-
ed ia the stuck market It's elects haze
TO, bees oOsfBod there. As predicted At
tie line. il has had dspT sssiDs es,e' on
thi ca'ire community, anil We are not sur
prised at tie failure OF great hrus and
the Suspension Of Important houses. The
crisis vas DOT nsrs local gust. bet q gen
ersl STERN. II struck the stook-brokers
krsi only because they we're NEST exposed.
rAsir fall naturally created feeling Of
general insecurity, but il would have
sabsidcd in a week had Il not been widen
ed aud despened BY disclosures Of ssst-
meas and financial deervpituds among the
mercantile glasses. Tie Inflated eurrsp.
cy, which had stinu:stsd spscslstisn
amoug dealers 10 stocks, had also psiural-
ly tempted banks to loan money on mad.
tquaie aud unreal security. and led even
saeacieus ms.chsats and manufacturers to
extend their business relations and lisbili.
ties FAR beyond the point of safety and
prudence. The sudden gale fuds them
with all sails set. exposed to the full sc.
verify Of the blast, aud without sufficient
ballast to hold up against q pressure they
had not anticipated, and were not prePsr-
ed to meet. We may as we'll look the
fact fairly 10 the face, that for the last
half-dozen years we have been rushing too
fast, and the momentum has carried Us
beyond the point CT safety and immediate
recovery. The suspensions and failures
which have already occurred show how
speculative methods have found their way
into mercantile affairs, and how ceol.
headed and sagaciOus business men have
yielded to the temptation to operate on
contingencies and build ON possibilities,
and imagine their debts are cancelled by
a promise to-day.
The immediate outlook for the business
community is everything but cheering,
The financial disturbance is too radical
aud widespread to be got rid Of in week
or calmes by official order or act. The
general confidence has been shaken, aud
money docs not circulate. Those who
have money refuse to lend. The consc-
1uence is that firms whose business Oper-
atioBs have largely outrun their available
resources and becoms badly complicated,
like Hsyt spragaes 4 Co., of New York
and A. W. Sprague, of Rhode Island,
must stop. There is no help for it. But
on the other hand, there is no reason for
depression and gloom. Most Of the mer-
chants, however they may suffer from the
present striusency, have far more assets
than liabilities, and only need little time
aud a coatnuancc of the pshlc confidence
to meet every demand. There is no great
surplus Of goods in the market. Neither
the COTTON nor the wooden manufactures
can stop for long time. A suspension
Of the iron foundries for three months
wesld produce dearth Of that article in
the market. The stock Of coal on hand
is not large, anc there are no more shoes
than the trade requires; while the crops
we're never larger than the prescnt year,
and tho West is a vast granary, stored
with wheat and corn aud other articles of
consumption. The financial stringcncy
viii bring all business back to solid ba-
sis, and diminish prices as well as wages.
1t will tend 10 equaIize the value of cur
rency aud gold. And if the President
had called an extra session Of Congress u
month ago to take the initiatory measures
towards resumption Of specie payments,
We possibly might to-day have the solid
compensation for all our sufferiDgs in an
appreciated curropcy and relieved
country. We trust such a pressure Of
public oeiniop will be brought to bear on
Congress when it meets that it may take
the requisite steps to an immediate re-
sumption, which will permanently relieve
the country and prevent the recurrence of
a similar visitation.