Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-02-05
THE PANIC.


rem hills of Maine to the warm and genial
plains of Mexico, has heard of the recent pam
ic The vast multitude of the American peo-
pie have been more than idle spectators.
They have felt it. Every class in society ex-
cept one, has been pressed by it. That class
is made up of individuals who attend to their
own business and live below their income.
What, it may be inquired, caused this tre-
mendous panic, the effects of which are so diff
ficult to be removed? The prime moving
cause is no doubt single; but there are many
operating causes. The producing cause, no
doubt, is the notoriously corrupt condition of
the American people. 1t is demonstrably
true that corruption makes men reckless, but
not brave. Gradually, but surely, they lose
confidence in each other, and finally in them
selves. They become towards and take fright
at phantoms, and then comes crsis-a panic.
We think it may be set down as a fact, that
the producing cause of our recent panic was
corruption. In variety of ways this cor
ruption operated Within the last two years
FIVE hundred millions of property has been
consumed by fire. This proved ruinous to
thousands of individuals, and wrecked many
corporations. All this was converted into
smoke and ashes. But what had corruption
to do with this? We answer, that in some in
stances-how many no one can certainly say
these fires were kindled by the owners Of the
property themselves. The object was to realize
from an insurance company, full price for Il
deprecated article.
Then there we're those tremendous rail road
swindles. 1t is said with much show Of truth,
that the Erie affair commenced in fraud and
swindle, and ended in disgrace and murder.
The credit mobilier affair demonstrated that
grey.headed statesmen were not absolutely
pure. Vllaines, bold and unparalleled,
were practiced both in the city and State of
New York. We might add to all this the
general recklessness of bankers. The position
occupied by banker is a very trying one.
He controls not only his own resources, but
the money of others is in his care. The hard
earned pennies of the washer-woman and me-
chanic, are placed in his hands for safe keep
ing. When the banker falls, he falls like the
towering oak of the forest. Every individual
in the community sustains shock, if not
loss. One of the causes of the panic of 1887
was reckless speculation. The same cause
had much to do in bringing about the panic
of 1873. In all sections of the country there
have been, for years., multitude of indvid-
uals of small means who have been attempt
ing to realize large gains. The motto with
such individuals is, "make or break" These
individuals have been doing gambling busi-
ness, and in most instances they have met
with a gamblers fate. Last, but not least,
amongst the many causes of the present con-
dtion of things, may be mentioned the un-
precedented extravaganza Of our people.
Millions of dollars are annually expended by
the American people in extravagant dress.
Diamonds and sumptuous dinners consume
the income of bankers. The southern negro
works all year to make crop of cotton, and
when the crop is sold large amount of it is
invested in brass jewelry, made for the sole
purpose of meeting his pecuniary condition.
In this way vast sums Of money are squan.
dered, and morbid taste and degraded moral
sentiment fostered.
The curse of the American people is dis
honesty. In this originates those panics
which pass like a tidal wave over the whole
continent. The remedy and cure for such a
moral, political and monetary disease, is re-
formation of the masses. Men must cease to
anticipate large gains from imaginary invest
ments, and cease to make large investments
in imaginary stocks. The masses Of the peo.
pie must be manly enough to attend to their
own business, and let others alone; and fogy
enough to have decent regard for their own
character and the welfare of their country.
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