The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1881-02-28
From the World,
THE WEEK IN BUSINESS CIR.
Giles.

| From The world,
THE WEEK IN BUSINESS CIR.
Giles.
The trade and general business of the
country have been subjected TO strain
during the past week more severe than
any which has been pat upon them since
the panic Of 1873. Our prosperous ex-
port trade has been almost subjected to
an effective blockade by the demoraliza--
ton of the exchange market. Our in.
ternal commerce has been thrown into
confusion by reign Of terror imposed
upon business men all over the COUNT y
through the attitude taken up by COM
bination Of banks towards The majoii J
In Congress In connection with the
Funding bill; and our manufacturing
and agricultural industries have been TO
q large extent paralyzsd BY the shock
thus given to the monetary situation.
The calculations Of all busy men are
necessarily based on the general policy
OF the financial institutions OF the
country, and when this policy Is suddenly
disturbed BY circumstances ever which
the producing classes have no control,
widespread perturbation inevitably re-
suits. Holders Of stocks and bonds OF
all kinds have become almost panic
stricken, and mon have been throwing
away intrlnsically valuable securities for
any price they Won d briug, In their
haste to get under shelter IRON what
they suppose 10 be q threatening storm.
All this deplorable state Of affairs has
been brought about by the selfish con-
spiraey Of a certain number OF The ma
tional banks bent on opposing the Ia.
tlonal will In the matter of establishing
q lower national rate OF interest by such
methods as the daily chosen represent
atiVes OF the people OF these United
S'a,es have thought proper to adopt.
Our Government and the people who
maintain il have heretofore submitted
to great sacrifices to afford all reasonable
support TO the nation banks. Bat the
banks have not even kept within reas-
ouable limits 10 their demand for COM
pensatien for such financial services as
they have been able to render to the
country. The banks have found ready
aud effective defense In the popular vote
and in Official action whenever any real
infringement of their rights has been
threatened by those who have always
regarded their very existence as obnox-
lous. In the forefront of their defend
ers The World has always been found:
Yet few Of these banks have not hesi-
tated to invite the. destruction of the
whole system and to provoke popular
anger by pursuing course which must
inevitably force upon American citizens
he question whether the legislative and
executive officers chosen to represent
the people or few bank officers are to
administer the financial destlnies of this
country. The financial policy of the
debt-paylng people OF the United States
has been proclaimed with an unanimity
sci lon witnessed, and yet 4 small knot
Of bank officers, without even consult
ing the wishes of their stockholders,
have undertaken to notify the Govern
ment and the people OF the United
States that they, the bank officers, and
neither the Government nor yet the PEG
pie, shall dictate the financial policy of
this nation Of fifty millions Of souls. |
We have an implicit reliance on the |
good temper OF our citizens, and we cam
not doubt that the representatives of the |
people will be loyal 10 their own sense |
OF right and justice. 1t IL not probable |
that the natural resentment of the Leg |
lslature against this attempted conspira. |
cy Will extend TO a condemnation of the |
whole national banking system, which,
as we have frequently shown in these
columns, has SO many qualities which
commend it to the general public. But |
We have no doubt at the same time that
when the existing indignation has cool.
ed OF, these consplrators against the
prosperity and the credit of the republic
will be subjected to such temperate and
discipline as shall be warn
ing to them and to their kind for many
years to come.-N. y. World.