Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-08-30


When the President was shot down the
widest reports obtained circulation in Eu-
rope, and, as usual upon Unforeseen events,
the profound ignorance Of most foreigners
concerning American affairs was very con-
spcuously displayed. Among the canards
which for a day OF two found ready accep-
lance was the statement that the death of
President Garfield would result il a great
panic, and not improbably in a civil war,
because the Vice-President had been op.
posed to the Presidents party, and his as
sumption of the executive office would be
resisted. After few days this nonsense
was abandoned, but speculation continued
to play with the chances of the Presidents
recovery, and it was made the basis of a
great deal more gambling than the public
will ever realize clearly. The somewhat
sensational dispatch the other day about a
code of Geographic signals to convey news
from the Presidents bedside to Wall
street may have had foundation in
fact, but it is certain that whoever
had recourse to such instrumentalities
must have been a comparative novice
in speculation, or he would have
been aware that for all practical pur-
poses the death of the President has
been already discounted. 1t must always
be remembered, in dealing with questions
OF speculation, that it is 10. the legitimate
consequences of an event which are betted
upon, but the apprehensons Of people.
For example, as a matter OF fact there IS
no reason why the death OF President Gar
field should affect public securities at all.
It is perfectly certain that in such an
event the Government would undergo no
strain whatever. The entire machine would
continue to work without giving any evil
dence of what had happened. The credit
of the country would remain as strong as
ever. Nor does any sane person think for
moment that if Arthur became President
he would or could do anything prejndicial
to the maintenance of the public credit.
But Wall street does not proceed in this
sober and enlightened way. It's specu-
lators gamble upon the unreasoning fears OF
the timid fears raised perhaps by such
preposterous reports as we have above
cited. The bears take advantage Of every
such tendency to apprehension, They en-
courage the circulation Of old wives fables
about what might or could happen pndercer
tain circumstances. They have been doing
this ever since the President was slot, and
the results that the worst that could possibly
happen has already been fully discounted
and that now the death Of the President
would scarcely cause a ripple in the stocl
market. As to the talk about panic, o.
course it was absurd from the beginning
There would no doubt have been SHARP
fluctuations in securities and stocks hat
the President died few hours after he va!
shot, bat after all this period of suspens,
the chances have been completely worked
out. and there remains nothing more to b,
made on the street by gambling upor
the outcome. This kind Of speculation
has it's brutal side, PROFESSIONALLY, anC
viewed from purely sentimental stand
point the idea is repugnant But you
true Spectator viii gamble on any ant
everything under the sun, and he has NJ
sentiment in his composition.