The Portland daily press., 1878-01-08
TUESDAY MORNING, JAN. s.

coveted treasure which is the root and source of
all the difficulty As to his marriage that is a
question of taste which the parties Immediately
concerned can settle far better than the press or
bar or bench can. 1t is nobody's business but
their own. L shall be disappointed and lose
much OF my faith in the inherent manhood of
the American character, if the originators and
abettors of this miserable conspiracy against
the peace of an inoffensve old gentleman and
the companion he has chosen, does not meet
with crushing reprobation. have no particu-
lar interest in the parties, but there is doubt
in my mind that the crusade against them
is one of the meanest both in respect of its mo-
lives and methods, that could possibly be con-
ceived of.
The brothers Meter were so completely
eclipsed by John Bonner that they faded out of
public memory before the nine-day limit had
been reached. Bonner was the very beau ideal
of a stock jobber. There was dash and bon
honanlie about him that inspired confidence and
made him popular. He raised money precisely
as all the men who buy and sell shares do, upon
the hypothecation of the securities in which
they deal. He borrowed on the least margin
that the lender would accept. He took the full
est line of collateral he could get ON the cash he
loaned. He kept himself afoat long time on
the difference. Just as likely as not he was
buoyed up by visions of some stroke of luck that
would retrieve bis fortunes The last time I
saw him he was predicting that Delaware,
Lackawana and Western stock would steadily
rise till it reached par. 1t was then 81
1t has never been as high since, and is now
hora I H.
sincere in the belief that it would advance
aod if he was, aud operated on his faith the
speculation simply served to increase the losses
of those who trusted him. L am confident
Bonner got into his dilemma through exces sive
hopofolacss, aad that he had no idea at the
outset of practicing any dishonesty. The Gus
toms of. the street inevitably lead to just such
transactions as precipitated his ruin. Nine
tenths of the stocks that daily change hands
are held in pawn by somebody, and every man
who deals in them takes the double risk of hay-
ing the market run agains6 him and of the
failure OF his broker, 10 which case whatever
surplus they may hold of his is in jeopardy.
The most striking feature of this Bonner
revelation is the fac it brings to light of the
enormous magnitude of the business of the
scenes explains how paper fortunes are made
and lost in the vicinity of Wall Street with the
employment of very little real capital The
system OF call loans is the base of the whole
structure and the banks and private bankers
supply the funds. 1t is gigantic scheme of
gaming to which the people have become so
habituated by long practice that it has come to
be regarded as a legitimate pursuit There can
be no doubt however that its consequences
have been demoralizing, and that great deal
Of the financial distress which has been wrought
of late years is traceabls directly to this source
In times of depression and embarrassment
there is always vast amount of capital lying
loose that the holders of are glad to turn to
temporary account for the sake of the interest
it will bring. Just as soon as the currency
question is settled aud specie resumption
assured much of this fugacous reserve will find
its way into permanent investments.
The agitation of the silver proposition is do
ing incalculable mischief because of its ten
dency to deter me n of means from engaging in
any new enterprises. 1t is the one insuperable
barrier that stands in the way of the restora
ton of confidence, and until it is removed the
stagnation that has SO long paralyzed the ener-
gies of the Nation will still act as blight upon
industry and thrift. 1t always happens in such
cases that the suffering occasioned by the pro-
mitigation OF false theories and empirical ex.
pedients is visited upon the industrial classes,
who are in no wise responsible for their Intro
duction and not very we'll able to protect them
selves from the penalties they provoke. The
mania for contemplation which is raging
like pestilence through large portions of the
West and South, is the deadliest seourge which
the prosperity of the country has been afflicted
by since the carnage of civil war ceased.
Every instinct of patriotism and self-interest
points to the crushing out of that dangerous
heresy as an indispensable prerequisite to the
return of better times. Alike from the higher
plane of morality and the lower plane of sell
fishness it is the foremost duty of the hour for
all good men to combine in resistance to every
measure that involves the slightest tampering
with the currency or the least imaginable i'm
pairment of the plighted faith of the Republic.
YARMOUTH