Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-08-01
lanrdster fatclll9ertrer.
MONDAY EVENING, AUGUST 1, 1873
PrenaraliOns for Panics.

mONDAA GS1NAN1s AOOOob - 1oSAe
Preparations for Panics.
The panic, SO variOusly and persist
emily predicted for us on both sides OF
the water, seems, at a superficial view OF
the situation, hardly reconcilable with
the present harmonious relations between
labor and capital. Not in many years
has there been such universal accord in
all the ramiGications of business, such
reciprocal blending of interests among
all classes, and SO little attritiOn. This
prosperity is in measure phenomenal,
in that it is mainly due to concatena-
ton of natural causes in the ordering of
which neither business astuteness nor
state-craft had anything to do. These
conditions were, and are, fortuitOus, and
in their very nature ephemeral, and in
our self-gratulation the fact should not
be lost sight of that great part of our
prosperity is purchased at the expense of
others. Our abundance would avail US
little were others similarly favored.
This argues an unhealthy state, in a
general sense. That one people should
fatten upon another's misfortune was
never contemplated i'm the economy of
government. 1t is possible that
all should enjoy an abundance of
natures gifts and yet. neither panic
nor stagnation ensue. 1t does not
follow that all nations, given equal
opportunity, would attain the same
plane. Native character will make it.
self felt. Energy and enterprise, if fos-
tered and regulated by judicious ma
tional policy, will utilize the diversified
products of the gaobe to advantageous
purpose. In the interchange of COM
mOdities intelligence aud energy will
ever gain the ascendelicy over what we
may term conservatism. Other things
being equal, then, ii l.: not in the flatter-
ing prospects of Othci countries that the
source of panicS is to be sought. These
may facilitate, but never cause 4 panic
in this country. The history of our
country teaches thai plnics are recur-
rent and usually preceded 10y 4 period
of great activity. Now, it is an anoma-
lous proposition, that panics are the le-
gitimate offspring OF prosperity. 1t is
neither logical nor reasonable. There is
no generic relation between them per sc.
Where, then, seek the germ from which
these calamitics fructify? Manifestly
in tine people themselves. The Ameri-
can character is stirring, driving, pro-
gressive and essentially sanguine. 1t is
indomitablc and impatient of re-
straint. In word it is ambi
tious and energetic, but not re-
Elective. IL might be judged too mercu-
rial for stability, though not lacking in
the elements of strength. Like bow it
bends To adversely, but retroacts with ::n
elasticity that projects it to the opposite
extreme. Witllal it is composite
character whose prominent trait is con-
tempt of consequences. a high melted
Steed that works best with the bit of
moderate stringency in its mouth. Easy
times give rein to the speculative pro-
pensities. The mania percOlates through
every stratum of society. Utopian
schemes multiply, visionary enterprises
and hazardous speculations dazzle,
money is sqliindercd and onerous obi
cations assumed in the delusive belief
that all this feyerisl. activity is business
and that the boom has come to stay.
This inflated bubble grows roster as the
tension augments, until finally it bursts,
our grand projects are nil, and what
should have been permanent prosperity
is now Il panic. The conditions are not
at fault, no more than blame attaches to
the rope with which the suicide hangs
himself. The Inherent qualities of the
people precipitate these periodical COL
lapses, and until experience teaches the
value of sound business principles we
may anticipate Black Fridays and Blue
Mondays.