Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-07-31
DUNCAN ,sHERXAv d co.

The effect of the failure is problem not less
difficult than its cause As it came almost without
premoniton so we trust it will not be productive,
of any wide spread alarm or other evil consequent
ces The banks, feeble as they are in themselves
cannot be impaired by the downfall of these bank
ers. Duncan Sherman & Co. in no way assisted in
sustaining the great fabric Of the national credit
except as all reputable American banking houses
assist in sustaining it. Their failure, though it
will be the cause of much private grief, cannot be
regarded s.other than private misfortune widely
disseminated. That the business community so
regard it is evident from the effect Of the news
upon the gold market. In all the centres of bust
ness gold went up with bound when the an
nouncement of their suspension was made. Sober
second thought brought it back again, and bust
ness was not affected by the disaster. SO far no
other houses are involved, and if this misfortune
is regarded as 1t ought to be- simply "a private
misfortune, affecting only those Immediately con-
cerned, the general consequences will be Of no very
great Importance. There Is no reason that we
can see why the general business prospects of the
country should suffer even by the failure OF so en-
nent house as tGat of Duncan, Sherman d Co.
Assuming that it is owing TO advances upon rain
and cotton that the house has suspended there is
still nothing in the assumption to affect the bust
ness of the country. The European demand Will
not thereby be increased or diminished, and the
ability to move the crops will not suffer to any APP
precla0le extent As we SAID before, tue mlslof-
is be regretted especially if the cause is to
be found in overtrading, but beyond this the case
is not one of profound public Importance. Natur-
ally the though upon such an occasion would be for
the American tourists and travellers abroad, who
dependent the letters of credit Of this house,
but upon this point we have the assurance of Mr..
William Butler Duncan that every precaution has
been taken for their protection. Thus the grayest
danger Of the situation is averted, and we turn
from the event as from someth ing startling in it
self, but not of sufficient significance to give it
national importance. We have shown that the
failure cannot affect national credit impair the
banking or other business interest of the country
Even those Institutions with which Duncan, Sher
man 4 Co. did business, both in this city and in
London, are unaffected by the failure. The whole
matter now rests between the bankers and their
creditors and, although their liabilities are large
and delay will be necessary to liquidation, we be
lieve the business honor of these distinguished
merchants is un;ainted, and that no one will have
cause to complain of them In their failure they
have the sympathy of the entire community and
the good wishes Of all for their recovery and fu-
ture prosperity. In saying this we have said ev-
erything that we conceive necessary to be said,
and, while we regret the announcement we are
compelled to make, we rejoice there seems pros
pect of so little evil a consequence of 80 great
a misfortune.-NeW York Herald.