Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-12-15
ARE WE TO HAVE A PANIC?

For some reason, there is feeling
of uneasiness with some persons,
that we are on the verge of finan-
cial panic. This feeling has increased
because of the failures of two OF
three banks, and also of larger
number of business houses than
usual during the last month. But
we do not believe there is any wide
spread general feeling of uneasiness
in this respect. We do not see any
reason why there should be. It is
true that the crop for 1881 is not an
average one, but one short crop is
not going to create financial
panic. The wheat crop was
not large, but large surplus
was left over from the crop of the
preceding year. The cotton and
the corn crops are short, but not so
short as to justify the belief that we
are to have panic.
Our greatest trouble, perhaps, is
the growth of morbid speculative
spirit all over the land. We are fast
becoming nation of stock gamblers.
Millionaires are gambling, and dry
goods clerks, with salary of six
hundred dollars, are gambling. Stock
gambling is just like draw-poker or
faro banking-a risky business.
When one man wins another is bound
toloose, and the man who has the most
money to gamble with makes the most
money. The big fish live by devour
ing the smaller ones. In playing at
cards, the man with big stake plays
bluff game. In stock gambling
the man who has money enough
6 corners" the market and swoops
down on his victims when they are
least expecting it; and just when
they think they are about to make
their fortune they lose all they have
invested and something more. We
presume that there is something fas-
cinating in it, but it is like lottery
where one draws a prize ten will
draw blanks. Millions of capital is
employed in this way by those who
are making haste to get rich, which
ought to be used in legitimate
business enterprises. But still,
we think there is enough sta
bility in the business of this
country to make it reasonably Ger
tain that the era of prosperity which
opened only four years ago, is not to
be brought to an abrupt close. We
see no reason why it should be so.
1t is well enough, however, for the
people to avoid extravagant living;
don't get too far away from the
shore, and keep out of debt. Intel
ligent caution is never out of place.
The following remarks from the st.
Louis Globe-Democrat, are not with
out meaning, and are worthy of con
sideration:
The crisis in 1873 was fastened
by the war and the initiation of an ir-
redeemable currency. Upon the
twenty years theory it should have
been deferred until four years later.
The false prosperity, stimulated by
the inflated unsound currency, took
the shape of wild speculation, the
construction of unnecessary rail
roads, and other thiegs, and mark
ed extravaganza 1t was an age of
shoddy, and met it's early and legiti-
mate fate. Whatever of value that
age has bequeathed to the pres
ent consists in the warming exam
pie it furnished. There are many
men who call themselves intelligent,
who discuss money matters in the
public prints, upon whom the finan-
eial lessons taught by that era-and
every other era for that matter
seem to be entirely lost. Half in
formed, crude in thought, ignorant
IN the very speciality they profess to
be skilled in, these financial quacks
presume to tamper with principles
of finance that are as fixed as the
law of grayitation. They can see
no improperly in the issuing of pa
per money without specie back of it
They would have Congress to extend
or'hmlt the circulation at its sweet
pleasure or at their own ignorant
IN nno making an e7-cent dollar pay {
ioo-eent debt, alleging that it il