The New York herald., 1874-09-21
"A Year After The Panie-0ur. Present
Relations Thereto.
OUR CREDIT AT HOME AND ABROAD.
"A Weeks Events in Wall
Street.
THE CROP MOVEMENT
WALL STREET,


on Friday, September IL, the anniversary OF the
initial event OF that distressing period which will
pass into history as the great panic OF 1873-vz.,
the failure OF the house or Jay Cooke Co. That
disaster OF this KIND should take its rse as it
were, or, at all events, lind it's first outspoken
preston, In the suspension OF this house-a house
closely identtned with the government, born IL
might be SAID, Of the new financial policy naug-
rurated by Secretary Chase as war measure, aud
rendered rich and powerful through the profits 1t
derived In aiding the carrying out OF that policy
had In II Significance not iuiy 2derstOod then,
but which, vie wed from
is alike Instructive and consolatory. We see now,
ana nowhere more clearly than IN this initial
failure, thar the panic OF 1873 was nothing more or
less than none airy crisis. wholly removed from
Industrial sources OF disturbance, but result
Ing simply from the undue issue Of paper
money and the needless speculation IL
stimulated. In the existence or Jay Cooke
d Go. was to be found the presentment OF the
one, in the Northern Pacific Railroad the repre-
sentati0n OF the other The shock which the coun-
try sustained when the utter heresy of the
gospel of paper money was demonstrated in the
failure OF this house, the first OF It's prophets Is
still too actively alive in the minds OF the people,
and fingers yet too much in all the Departments
OF business to need particularization here. But
how do we stand to-day In view Of these events
Of last year. whose cOmmenoration Is so recent
Seriously damaged 1T cannot be denied; but, con-
sderng the tornado Oh ruin and distrust which
followed the single event quoted above. not dis
heartened, ana with Il recuperative strength that
indicates more than all else that the disturbance
through which we have passed and from which we
are steadily recovering arose not from any causes
adect1ng vitaily the sources OF our prosperity as
people or nation. but was the consequence
merely OF excrescent e1ccts which followed the
attempt to continue in time OF peace false financial
principles accepted IN a time OF war not as sound
or stable, but as a mere temporary expedient to
meet an immediate necessity IN serious crisis,
to be cast aside as quickly as possible when that
crisis had passed. And steadily, # slowly, we
emerging from that confusion which naturally re-
suited from q mistaken financial policy on the
part OF the government. confusion not only OF
vaines but OF responsibility.
RECOVERING FROM PANIC IS ALWAYS SLOW,
and especially is this likely to be The case where
that panic Is connected with a monetary system
that has within itself no sound sass OF value, but
rejects merely the changeful needs OF daily barter
1t may then he safely said we will never be wholly
relieved OF the depressing effects Of the 73 panic
until we have got back TO hard money status.
But In the meantime, so far as the events or the
past week supplement those OF many previous
weeks, we are making most en- couragng prog
ress. 1t has been said before thatthe future de
pends largely upon the success that may attend
the marketing OF our crops this year 1t Is scarcely
necessary to enter INTO any argument to prove
this as It Is only necessary to point the TACT
that
THE PARMERs AND PRODUCERS MUST REALIZE
from this source before they can become con-
sumers Thus our Eastern merchants and manu-
facturers are compelled to wait this result, before
n fut raul val nft rl1p
THE COTTON or lS74-75 Is PLACED
by the rec ent report OF the Agricultural Bureau
as much below that of lS73-74 The crop OF the
latter year, however, showed u considerable IN
crease over the estimates made early IN the sea-
son. which placed IT varOusly between 8, 100000
and 1000, 900 bales The total production was
a,17O, 3S8 bales, OF which 2,840,9S bales were eX-
ported and ,305 043 bales taken by our home spin
'ners. which leaves lOs,l52 bales on hand. The
cotton year OF IS74-75 now fairly inaugurated'
and although the ngures OF the Agricultural
Bureau predicting very great IaIng OF from the
yield OF last year are IN mang quarters Indignantly
questioned there Is yet prospect that even
should the New England mill owners be com
PEELED to follow the policy suggested by the Rhode
Island meeting TO any extent this VIII not result
In producing such surplus Will seriously aTect
the price III foreign markets.
STATISTICS OF rHE CURRENT COTTON MOVEMENT
The Financial Chronicle "f Saturday gives the
following "returns showing the receipts exports.
Be- OF cotton for the week ending FRIDAY evening,
September IL. 1t appears that the total receipts
for toe seven days reached 49, bales, against
145O6 bales last week, a,656 bales the previous
week and s. $50 bales three weeks since, making
the total receipts the 1st o September 1874,
~l7,699 bales against sA,o93 bales jor the same
period OF ls73-snowtng an increase since Sep
tember 1874, or g. 6Oo bales. The exports for The
same week reached u totai OF a.226 bales OF which
1882 we're To Great Britain, none 10 France anc "A
to tho rest oi the CuntineLt while tue Stocks, as
made 90 this evening. are now ST bales. From
tho foregoing statement Is Will be seen tnat, conf
pared with the corresponding week o! last season,
,shere Is a decrease in the exports this week or
1855 bales; while the stocks Tonight Urlday)
are 38 1886 bales more than they were at this time
q year ago." The total exports since september
amounted to i2.27s bales, against 2Oo bales the
previous year. Tne stock at all the ports Is 1O5,S77
baies against 67O42 bales last year. or this 4i2l5
bales are III New York, against 24,6l3 bales last
year. At the interior towns the STOCK Is 9,143
bales against I5047 bales last year. AT Liverpool
the stock is 100 bales against 900 bales last
year.
TIE MARKET FOR BREADSTUPFs,
ia common with cotton and all the other COM
mercial markets, was unfavorab.y affected by the
inciement weather OF the past week. but showed
on the whole an improving market IN nour with
wheat active at lower Agures. This decline. now
ever. being colncident with Il decline ID ocean
freights and slight advance IN exchange. enabled
shippers to operate TO fair extent while the I'M
proved demand ior nour brought Eiers into the
market TO buy. We noted Yesterday that Liver
pool advces reported preadstuns dun, and recent
reports would seem TO npiy that the tendency
there Is TO lower prices In view OF this It Is
prlsng the farmers do not see the folly OF holding
back any longer Tor higher prices as the result
may be more serious than they anticipate The
receipts Of wheat at the Western markets for tie
swo weeks ending September IL are stated at less
than l0o 0oo bushels against about 900 for the
corresponding period last year. And wheat Is our
largest crop. II is TO be hoped our farmers will
awaken TO true appreciation OF the principles OF