, 1875-08-23

r.s .lInlcd to hv Mr. we'1n In lin vrrv able
article rt,clt appeared rune linn rtnce in tho ).
Lr'nht. illustrate, Tho strength nf popular id"h
.or ra.',ot "uot1un. " ~ it might mora properly
bh called.
WALL STREET RELIEVED,
Romc t!mo after the cnItnl1ment Of 81 900 too
par month had becn in oINtallnn n!la Of those
periodical but temporary strltgenciea occurred
III Wall HtracE (ancl. AZ would occ1lr II tboEe
wero thousand Mfflluna OF money In crcnsa-
tion}. and tins ntrfnRoucy wAs inrropo'lJ atst'b-
uted To tho action Of tlIo Secretary In retiring
tho lcRai.tonder nates. Mr. Fao Dyck, tho clear
headed and jul1cionB Sib-Trcaetlter at Now
thing which vas occurring At tho commercial
cuntra which was slike!ytoafcctth tho interests Of tl.e
Department. and who anticipated evcrr possible
Hanger thcrcfrom. Informed me that there we:nin.
dicatons Of Wall nereet psosc. mud expressed lls
approximations thai II tho next nlonsh1y stato-
ucns showed that tho nenhl cnrtalin,ent llsd
been made. + panio would actually occur. Tue
approximations Of Nr. VAN Dyek wore alao OK
pressed bJ othor valued and jtdlcsous cur
that tho dsscaso w,tt Which tho Country wAs ln-
boring was plethora OF paper money, aud that
thtro wns thon no real canro fur panic, l
thought ii Niao to give heed to lilo warnings
which had received. shoronnon aunt Tor Con.
Spinner (nho. h1Hl1y ~ I esteem hls snccos-
sor. l am sorry to lcnrn III not to orcupy,
through life, position, tho duties OF mich Ito
l.ss for 60 many yenra discharged with au abifity
unsurpassed, and n d!l'gont il1elty, u,'eanaiei
by any officer ever employed by uoyernlnont)
and Haid to him: "0eueral, our triends in Now
York a,isise mo that there will be pan'c In Wall
ntrcot il your nt1t etatament shows that tho
uB,1ni monthly cllrtai1ment haR bcnB matlo. You
have the SA,Guo.ul0 for cancellation On band.
aut1 llaya 10 occasInp to nee them. The law only
authorizes thoir cancellation, II does not rcqulto
It. Lot thom remain Thero thoy arc 30 that
your statement will SHOW them to DO cash on
l. bH Ill II rtrru1n10r -
This coutse was rurHrcd, and although the
44.G00. 300 bad boon actually retired, and wero
never to see daylight again, except to be counted
aud burned. tho report NJ tho and ot tho nonth
indicated that the depicting hAud Of tho Hecso-
ttry had been stayed. Wall atroot WAS at once
IN good huu,or again, aud tho operators for .
1855 were re'iossd. an tho acasnas,ns IL scitcyed
who, OPPRESSED by. hts late uiuner and heavy
wlnas, dreams that ho ia In Trouble. and WaknH
up overioyed TO liud hB dream was not reality.
hAyo n,nde tho foregoing reforcnce Al sailors
taRe an observation after having beon long in q
fog, TO ahow how rotro.gado havo boen themoye-
nants OF our .inaaSes d"z,ng thu lass eight years:
First, in obettuuca to tho Bonsolsss cutlery
against contraction (nlthough Tho withdrawal OF
leEal'ten1ers Aatl boon fully nlaac up BY tho In
croasod circulation Of tho National l}anks) came
tue Ecpoal of tho act anthnyizinY tho Withdrawal
and cancellation OF tho legal-tcnders; tlieu tho
drriaon OF tho snp1cno Court (oyes1uling It's
foItnor decleun) that tho lcgnl-tender notch wovo
not onl. constitutional. bnt that the notes issued
undor them could 10 tatdeFed, and must bo re-
colsod In satisfaction of contracts nado Loforo
o. well III after tho aclH wcro pAsaod.
IMITATION AND THE FANG.
Thus tho currency question was settled and
everybody was happy. Tha operators in stocks
and guild wet happy. because nu Stcre kary could
Iay his rutnless hallds upon tue currency. Tho
railroad companies wero happy because they
could ray III deprecated nutcs the insercst on
tlse bonds fAn1 tho principal. II ther h1tl ma
turod} tasned Lofore tho passage of tho legal
teu1nr St0|nH }18HDY E6CAuND tlGY