, 1877-01-15
SOCIAL CUSTOMS,
And Their Effects upon Financial
panics Here and Elsewhere.
Extracts from Paper Recently Read
By Mr. Henry Strong, Of
Chicago.

social cuAtotna affecting financial pahics, recently
read by Mr. Henry Strong bcfore party Of
lH'lies anil gentlemen, contains some truths Of
general interest:
Having briefly traced the history of busInes.. Of
pruduetIun, speculation, un"!ra Investment of
valuer. which resulted IN thr p1ntc- of 1r1u and
sna aS - say IT,: II s. tns
formerly accelerated an!l agtrarnted ny i'overn'
mental interference. i Is nnw an neceEte posta-
m"at ns to do with tho business atfair- ~ IT. sub
jccta the better. it, whole pruvinet being T." pro:
rights. ts attitude should lie almoss wl,nlly ,,csa-
t.sc onc, entirely ~, except for tho collection; in
the must economical mcthoh Of III" lea.t pn'ribo
revenue necessary Tor ita avn support. retetnber.
Ing all tho while that every dollar It IL kch from tho
citizen f"r that purpose f. jnat - fnuchcapllal iax-
en- from tho rriduccr ior which no equivalent IN
Except THE. know of nothing which t;oycrntnent
can do. TO Tue advantage o. tile cItz?n, but to let
forced paper medium. any kind Of sun,ptuaFy le4s-
nton, inaI, to an extent, bc necessary tn The IN
Kenc1es. but cannot ho defended - generally Wise
q s eensasia i fos f1'l-sFawn eomnsrsa; s"p's, -
fact that neither pann nor Hattun ran crnltc 4
value I, crratci,-shat Is. by pralueti''n: by the
Government aud peopr. Tie boy. should b.
taught In TIM common fchools Tic elementary it+-
son in valnea. that even gold and .ser have ~ in
the sAnc a. Iron or tn. and their convenience
70 quality an uantly Ter eslnays pnrpa;c,; ih1
)" b"' coin o. pse1 ,ss i sdta nur m
asun, BY }'rnI,n'sn't cxtrarasAncr and increasing
tho eoat of llving; ey naatln{ snI,1ea a"s aug.
other s n natans. - While the esll might b. Of .host
sts s r os Isfs: liz = e .
crisis, with IT.. .nccou,pahirents Q! rucrr:lfnv
pro.tralon and Distress ~ rsstor. the capita1 anil
accepted values The fiotnan. learned This lcsspn
when thnir military Consnls 'brousht many cap.
xss to rnss whn d a
ships cnnic home 1a,'cn with gold and sllsnF frnln
hef al'nott monopoly Of ihe richest ming. IN the
thousand millions Of Indemnity frnm France, IL
g!ft morc fatal than The rDbu OF Scssus to the
weArcs. =.
Lave attempted TO show how much Of natlonai
prosperity AMI Hrcas!ty dcpcnA upon the accnMntt.
lion Of capital. how by th1s accumulation labor e
comforts OF life n,ale tnosr abundant: how all
was.o c2psa r'sssnt, deenn9.E'n &C.
speak. upon which people must rely 10 mitigate
tic severity nnl shorten thu duration Of financial
Locking upon the nation in the ts',t Of pvllttc. /.
ecenony. hayo no hesitation III saying thurs Il no
country IN tho wtf whrre tncss r. ~ litte necr..
tionai pro-peetJ Is measured ly the r4t, Of capl-
tai y p"p'an and IL: ss" q pFo%nst TO
land n, oil comparable III fertility and cill,las. with
our favored country. hardly anylnn! which !n,p'
ss ss rrodee Feass .usrus e'r' eapi every
{ss;y ssias osaa 81: ,s;s + ~
mi sai Of M %ssh 1sIe's: - aa!.t',,. rns .isr's .sl
ssesssf s'' ~ s1 Hs' ~" e
l1ctic n=alnrt nyer"hclu,iHg Disaster. Their Gun.
rcryalise anrthnd. Of bu4inc,.: which correspond
with tl1rr conservative frM.tlitJ In living att
tGclI nfitn! guarantee a1atnst lnlncn! FtSnlsluns.
| On tile other hand: notwithstanding an nhicn+e
annual .ncnnc. rtf! our 'nnIcn-e e1t'tsa:ancc Of
Investments aud ulcthoss uf business. t'us f1tE,
Of tIoscsnmunt n. wrll as the easc os accnmula::
lions favnr rrodsalliJ af habits. The al'..ncr nf
!e-alIy creataI and rccoEpl.ri ari.tncs.k'y an'!
tnurt c,rsia, AMI thc r".s,y ,hs, any .,,. c'tks"
VIZ wrs,ih ill.,. soca ' % p.is"n. % ani p,icai Inlarev;
in existence Ut any burners between different
nrlrrt Of sn.Icty, ~ that every man Of won m
~ Of life aud rSpcnItnFe. In pcrson and IN sur-
roanain;s, the condition ani method. 1T th'.e
Sass "1a ho e""ses Mse Of H eata uni Ill wy '
' All tatssa a' 1nysles. H. 'iss
bcst it, saae fof MI: q desperate rtrn;:I'
f.s cInal,!y ATTEMPT to oh,lt"fass s,'sn condition
rhnnt' sntl clerk nnstrn-s and maid. lnd!1;
tmGHls'ahle io th" naked Eye IN times y fntsrfa
ptacc. Ih"lr sensitive, hFt"ttr rnn1.a1! a!tkc r.
spona ia every c'.?nyr nt style or ta-hInn. viii
n"tnnI1iie t.''nlarty f"ar tl'arH i ynAr th'y l"'i
and tl'a sh"fI u1wnrn itatb. In titc iFeIntnl
c*nst ~ style,, q aas ,, cnMnls ,n'ta'Ts % !!S @S
| Frcueh pursuant urts>e+ cStetly. nnl tls boat
srols aliauet, thc 'l:o - did hn hnc'4l"': under
ths Anelsnt t:rslu'c Th9 ieonlt. "!'n could tlls.
rsc the ineecllr's rroa'ualty of the !sn.1rhn rar
sn,!ie nt tllr rkc,trmrnft nf tlir t''n,'s. IN,
ScotehtAn enjoys hts cakes nn'l nlc, "sll assure
lhat scotch investments are tate. natrl! creat
| wlth%tuta lhn aasA2ea u! the LAKES uI AVA hti'
l'asnfa, uni, "llsls Arso!t'n o.c.pfrad 1hr !lnd
there VIVA ~ re4er Ut capital a'.!i saet r.,
Sstse Of Industry snl trusufity which rc,;oFr1
prt,hpci!ty - u by n.a.'c, ,...
During the administration Of IL. younger III,
anu uftrr lts ciu4e. while Napoleon was t1rrltrM'
fuS every dynasty !n EUROPE. and hundreds af En-
gl'sh banks were falling. unsl rscryih'g srtht
!n hapclcss ruin. nut sia;ls Sc"trt taak c".ei
!ts doors. snd ~ hut'n ~ peare was Restored III,
! unf capit4l wIs easer tn mite with isaJr,
IL natural aiiy, In tstt.fsnt business and ;"a.
n!erce. III this cunitfy there /" ~ much Ut The
unreal and unreliable, ~ much Of sal.e rrut'h-r,
thrt yrars must rlapsc after ananclal crisis L
/ give time IN hurry tlte dehl with hunnf+ NJ h!nk
raptry Thu rntlse aruy u ho.callcd c1p;fa1rt.