The National tribune., 1879-01-01
Panics in England.

Of 1879 food dear prices had yet fallen the cost
Of living excessive the demand for labor had nearly
ceased. Want spread all vast fertile territory
the industrious suffered and perished In the
cal distress produced by uctuang currency period of
speculation political agitation fear dstrust hopeless
ness. In 1876 threatened with discontinued
people, violent political movements, RIOTS rage; the
tramp became political power the widest agitators the
agents OF dscontened party That period has passed
away, and peace and plenty have returned
While suffering, England still retained it's pros
perty its activity appearance of general
ease It's paupersm diminished its revenue grew its
worxingmen enjoyed comparative freedom from the ills
that had befalen Germany France America. But sud
denly all this has changed panic period of Distress
has fallen upon England than any thing it
has known for half century Trade has almost stopped
factories closed mines vaueess great firms and
institutions bankrupt; but the saddes trait of this
unlookedor revolution is the intense suffering of the in
dustrous poor The account of their misery reads like
some impossible fable. In the midst of the
weath of England would suppose that such
related in the English papers could Says
the Daiiy Ners We drew attention the other day to
the distress which has seized manufacturing districts
and to the horrible detail with which the columns of the
local newspapers filed There has been such time
of suffering since the cotton famine The numbers the
books of the various agencies for relief startling they
appear hitherto short of what they that time
but already stages of destuton have been reached for
which is difficult to find parallel 1t gives instances
-one of woman who in her despair, stole cats meat
from butchers shop and found soon after with her
family devouring it She well dressed it is said.
Honest thrown out of work who have begged,
have sold all their furniture the vessels in which they
cooked their food the very CRATE before they would ask
for aid The sufferers numbered by hundreds of thou
sands perhaps millions The winter opens them black
with despair Meantime the ruling party are wasting
great sums shameful wars in military display propose
of relief for their suffering connrymen; ask
for public grant of money to the famishng Turks at
Rhodope. There is no American whose heart does not
bleed for the suffering mutudes at Sheffield Leeds,
GLASGOW who would not rejoice TO pour the rich abund
of Kansas Minnesota into the famshed mouths of
England's industrious poor.
But the panic period of commercial depression is
something with which England has long been familiar.
The weathest of nations it seems the victim of regular
that intelligent professor in lecture endeavored
to connect them with the sun spots There was one in
1885, III 1S3739 in 1S47 1861 1857, 1878. It
is not necessary 60 far to find their Proes
Roscoe they have usually been the results of
altogether mundane and plain every eye The panic of
1647 is described by Morier Evans. 1t in the
midst of of general prosperity speculation ragged
in all ranks OF life it was the period of the railway mad
ness when all England covered by network of real
imaginary lines of travel traffic, that sometimes
paid but never built and oftener built and paid for
Hudson the railway autocrat held in his hand the capi
tai of England noblemen of rank and title cer-
gymen, merchants laborers rushed with eageness
vest money wild speculaton So 600 000 600 was
invested it estimated in railways every kind of mad
venture grew popular; the wild revey exraor
dinary pitch But it fell almost in moment The rail
way projects failed and ruined rich and poor the famine
in Ireland to add to the general suffering; bad
harvest in England food riots Scotland completed the
destruction Of public confidence Then failures Of
great houses unlocked for to ncredibe the
governor OF the Bank of Egand failed; the bank trem-
bled; l76 leading firms says Morier Evans swere
prostrated in three months" Mr.. Disrael then in the
fire of early ambition described the national calamity
Oriental imagery The uprooting of commercial dynas-
in England he said were not less striking than
the fall of those political houses of which have lately
heard much In 1S48-49 kings and bill-brokers en-
perors and railway auocrats had fallen together their
disasters may be described amented over but the caa
tiles of the industrious poor in that depression
are written only in the books of eternal justice.
The next severe panic in England for may pass
the memorable of 1S663 that 1867 one of
the most peculiar most startling, of ALL 1t without
notice, it passed away swiftly, like furious storm.
But it left behind traces of desoation broken fortunes
ruined regulations commercial that almost
unknown before In 1866 English trade prosperous
the country rich, the people employed profaby mines
manufactures commerce, houIishing there seemed no
of danger in the future. When suddenly great
institutiona discount companyailed; strange terror
arose. increased it sad by the malevoence of spec
uatoss and next the famous house of Overend Gurney
g. Co.. Of the Oldest in the city, known to be IN
difficulty 1t had applied to the Bank Of England for aid
and refused Its deposits had amounted 500 600
000 its deposors claimed their money The great house
closed its doors, and found have wasted in mad
speculation the of its customers It's was
covered with fraud Wasfeulness