Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-03
THE PUBLIC PREDICAMENT.

OF an nIlmaJe acquaintance VIII One
operations in that famous financial CEN
tire. It takes one view of the street,
which has not been strongly pressed
upon the attention Of the public, and
that is that the street is not place of
isolated dishonesty and corruption, but
a true exponent of the dishonesty and
corruption of the entire country. 1T
is the outlet of the speculative feeling
of the country, and the exponent of
the financial sentiment of the whole
people" From this intimate connec-
ton, the writer thinks it naturally fol-
lows, that anything which deeply affects
the country at large, must also affect
Wall street and that thereversei is no less
true. This is doubtless the correct
view, and any theory which attributes
the crisis to the street alone, must err.
1t arose from the visionary and morbid
speculatiVIness of all our capitalists,
(save a prudent and conservative few
and from the abuses and weaknesses
in the administration of the Govern
ment. The Government has wantonly
aided and allotted the evil from its first
overt demonstration of hostility to the
public welfare. This is now the uni
vei-sal opinion of thinking people, and
it is Just, for it is founded upon noto-
rious facts, as the following most inter-
esting one, related in the paper above
alluded to:
"In the early Autumn of 1872 began
the series or events which directly led
to the recent panic. Smith and Gould
were at the head of what is technically
known as the bear party; that Is,
they were operating for n decline IN
stocks. The Vanderbilt party, on the
other hand. was endeavorIng to sustain
| prices. The former, taking advantage
os the natural demand for money from
| tie West, and their own immense re-
sources. variously estimated TO range
from SlO,O0O,O0e 10 S15,000,00O, sue
ceeded in creating such stringency IN
the money market, by Withdrawing le-
cal tenders from circulation, that the
s'bull'' or Vanderbilt party was forced
to make the greatest efforts for self
| preservation. But the "bears" overdid
| the matter. The financial trouble was
seriously felt among the merchants and,
as usual, they appealed to the Treasury
for assistance. UnderoTdinary circum-
stances their requests would, probably Y,
| have been Of no avail; but, IN view OF
| the pending Presidential election, it
was thought necessary to make things
pleasant Accordingly, it was decided
| after 4 secret meeting with the Repab-
| lican General Committee at the Fifth
| Avenue Hotel on the evening of Friday,
| Oct. I. that Mr.. Boutwell, should buy
81. OOO. 900 OF bonds, and sell Sj,000,00O
of gold. and that he should receive GER
tifcates Of deposit III payment
for the gold. By this action
the New York banks gained temporari-
| " about Sll 100000. 4 more short
| sighted and inezcusable blunder was
never committed 10y a financial minis
ter. 1t not only failed 70 accomplish
| the intended results, but 1t intensified
| SUBSEQUENT Disasters, for the willy Gould,
ALWAYS on the alert, heard, the same
evening. Of the intended action. He
saw at once that, unless he could effect
a change of position. he was IN danger
of being ruined. With a reckless dar-
! inc seldom equaled. heresolved to make
| JIIT vnvra N.,,r,-Ii-,Cyiy ~ ~ orarins
Of the Stock Exchange the next morn
| INC. a score of brokers were ready to
execute his orders. All day long they
bought, apparently regardless Of prices
or amounts, until, at evening. Gould
| found himself master of the situation,
and ready for any action Of the bulls
| Some idea Of the magnitude of his ope-
| rations NAV be gained from the fact
! that he purchased through one firm, his
| principal brokers, 10000 shares Of
stock. the par value # which was ST.
100000 Thus, on Monday morning,
when the action Of the Treasury was
made public. and stocks rose rapidly IN
| consequence, tie man against whom
the operation had been specially direc-
| ted was in a position to make millions
by IL. i more forcible commentary on
the wisdom Of governmental meddling
with the business Of the country could
not be desired"
As the Government has been nstru-
mental in making the mischief, SO now
the people demand that it should do
something for its removal. They de-
mand with singular unanimity and
ea1ncstncss, presumption Of speoiepay-
ment. In nearly all other cases, and
sometimes in violation and contempt Of
the Constitution, Congress has been
ready to respond to the popular clamor.
The clamor for resumption comes up
from all sections and all parties, and it
happ-ns to be rs Just as it is universal.
See what IL said IL tie Old and Nels,
New England Radical exponent:
Uncertainty has been the great OBJ
staele 20 success in business for several
years; and for this the Government is
now chiefly responsible. What man can
REGULATE his affairs intclligcntly when
the amount Of so-called money III cir
culation varies from day t. day, and
when 1t is in the power Of a single midi
yidual to increase 1t by milll0Gs, With
out warning or excuse: Truly, we are
a long suffering people; else, instead Of
contenting ourselves with ridiculing a
Secretary of the Treasury who mocks
at our distress EY doing out silver
dimes, we should demand bis instant
removal from Office with an earnestHess
not to be denied. 1t IS probable that
vigorous efforts viii be made IN Con-
grcss 70 check our natural and healthy
movement towards a specie basis, by in
hating the currency. From present
indications, however, there Is reason to
believe that such short-sighted and
evil efforts will come to naught. There
IS, in the American people, a substra-
tum of sound sense, which eventually
brings them to correct conclusions; and
they are beginning TO understand that
remedies for existing evils must be
found elsewhere than in imitation.
! Against this insidious enemy, every hon
est man should work with heart and
brain. As sea water only makes more
acute the sufferings and more sire the
death Of the furnished wretch who
drinks It in his desperation, 50 ire