Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-12-19
The last bubble Burst.
Na.hHiIIe American.

A&14A1 a. Nv = 80 I
this city on the first day Of May.
The Last Bubble Burst.
Na;hville American.
II is said that the last Of our many
excellent and promising marriage and
birthday associations have suecnmbed
to the cruel stringency Of the money
market.
1t is, perhaps, not saying too much
when we assert that no city in the
South possessed, at one time a more
brilliant prosptc ct than did our city OF
Nashville in the unprecedented de-
velopment Of these institutions Of
we'll, not learning, exactly but ex
perience. And what is the result?
just what might be expected. They
have been permitted to actually die
on our hands. And now the last
one-the very last, lis said-is
gone. The rear guard of this grand
army has fred the last shot at the
green uniform Of the foe from the
bridge. pitched their guns over into
the Niemen, stepped on to the neutral
ground protected by the charter, and
gaily kissed their hands to the clam
mering, boisterous crowd on the fur
Their shore, as the band strikes up, at
was all on account Of Eliza" A few
Of the more daring leaders Of the mob
spirit, aroused by intrusting their
means 10 futures" which have been
indefinitely postponed, have caused
the arrest Of the managers of the tail
end Of the procession to cross Over the
river, but the charter from the State
under which he fought will doubtless
protect him from such little annoy
ances.
Just what has happened was to
be expected by persons who are both
cred with q very limited amount OF
knowledge even Of the laws and prin-
ciples which should govern the
most ordinary business transactions;
Tor individuals, no matter how enter.
prising, could not be expected to run
fifty or one hundred business CON
Germs like these upon a capital that
most men would he ashamed to drop
into a contribution box, il their wives
we're watching them: and when the
men of wealth lin the city for whose
benefit they were laboring so assidu.
ously refused to come to their assist.
ance, we do not wonder that they
faltered, lost heart and wanted to re
sign.
The astonishing part Of the matter
is that people expected so much o
them. There we're no superhumaT
agencies at work; they we're morta
institutions, conducted upon hum
drum principles of trade which ma,
be said to be OF the earth earthly; a
least nothing supernatural; no spirit
ual power, or high moral force, or un
seen-well, yes, there may have beef
something of that sort, but it wa
t just a human concern.
How could it be supposed that With
! out capital, paying out from five t
t ten dollars for one paid 10, they ceul,
Y last always? Yet when they do ben
to the storm there is a terrible up
q rear; some people are so unreasonable
t There is a class of people, however
q land we are inclined to think it is yer
. large), who invested in these concern,
L and these people are entitled to a larg
measure Of public sympathy. The
understood pretty we'll the charactt
of the concerns, and thought the
y knew about how long they would las
D hut many of them were mistaken
They over estimated their bottom an
staying qualities. For these we Al
really sorry; not SO much because The
lost their money; this is a minor col
y sideratiOn, but the associations be
le them guessing, and this is alwa,
l humiliating to sensitive persons Of
J. speculative turn. 1t earthquake
l ones confidence in himself.
" But we don't see why policy holde
Ut should make so much noise about Il
Of matter. They have now about q
ne they ever had, aud il their concer
is we're ever meritorious institutions, '
le don't understand why they are not y
so. They never mad any capital; {
or they ever had was a list Of membe
anxious 10 be assessed. These perso
or are still in existence, aud all that
necessary to carry on the old busine
is to appoint new officers in place
ut those who have resigned to condu
ca the business and make assessmen
is and collections. The assessments m
w be a little troublesome bat collectio
!" are always easy, anybody can do thl
AS to the difficulty tot fndi
n persons to accept the Offices ma
vacant by those who have resigned.
course that is merely imaginary. Gt
d. Bate could doubtless furnish
Of name of a half dozen or more indivi
n. uals who would accept an Office.
I'd that, so far as We can see, the OF
en- real losses yet sustained by the bo
x and sineW OF these associations CT
CT sists in three or four cheap chairs
a table aud a little stationery, viii
". have been attached. The great ma
on health givirg,life sustaining attribu
en- Of the concerns, the charter and
nd members still live. Shout we aband
ID. our government because the PRESIDE
X. resigns, so long as the people and
eat constitution exist? Perish the thong
Ter Officers are but servants Of the peoI
,ly and a mere change Of these can shI
ote no institution resting upon the b
est rock Of necessity necessity even in
Tor mildnat form.