Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-08-14
No Cause For Alarm.

ADVANCE
No Cause For Alarm.
The dropping tendency OF trade lately. together
with some business failures and the break In
stocks, has had the effect OF alarming nervous
people, but those who calmly look the situation
IN the face see nothing to cause fright The idea,
which Is more sentimental than re Al, that panics
are periodical, coming around about once In each
decade, seems to have some weight when cousid-
cred In connection with the fact that it Is lust
about ten years since the panic OF 1873 broke upon
the county with such crushing effect Forum
ately, the conditions precedent TO that crash and
those that confront US now arr vastly diff erent
Then gold was subject OF speculation, w, had a
nuctuating paper currency, an I there was general
instability. Speculation and extravaganza had
Teigned New railroads, many OF which extended
through fields that Offered DO promise of early
return upon Investment, We're built largely upon
individual credit, and to keep enterprises
ahoat money borrowed at rates that
foretoid disaster. When extensive and costly
railroad operations could not longer be
foated by borrowing, the crash came. Latterly
railroad building has been limited NV roads
have been constructed only where there was
good prospect OF paying traffic, and where capital
has Been borrowed for such enterprise good
security. usually collateral, has been given so
that railroad building stands upon Its OWE bottom
that should failure occur Its effect would be
limited, not general. For several years the pro-
cess OF liquidation has been going on quite
steadily, and things are now upon a solid boto
whereas, in 1873 everything was uncertain
unsteady and unsettled. The rumor that Jay
Gould has broken the stock market In an effort to
get possession OF the Northern Pacific is hardly to
be credited unless that shrewi flnanc!er has lost
his head Northern Pacific is ugon different and
much more solid footing now than in 1879 when it
Was one OF the moving causes i'll the crash. 1t
should b. remembered, JOo that the crops, soon to
De harvested, are abundant. With the movement
or the large cotton yield of the south, and grain
product OF the north, business will at once i'm
prove There Will be some failures OF course, but
the best business conditions are not proof against
1nprovidence and Misrepresentation.
While the sensation produced by Gov HamIl-
tons severe arraignment OF his party was at its
height in Maryland another event was quietly
developing which eliminated with startling effect
In Baltimore yesterday. The members OF thu late
IRE board, legiSiated out of existence about SIX
months ago, 20 establish the present system under
which LII" fire departm ut is controlled by mar
shal were all presented by the grand jury for In
dictment This action was a complete surprise
even TO those who had started the Investigation
at the hands Of the grand jury. 1t was In obedl-
ence to popular demin1 that the fire depart
manipulation that the change OF system was
made Up TO that time no charges affecting the
PERSONAL integrity OF any OF the fire commission
ers had been uttered. The board was composed Of
men prominent in business and In society, as we'll
as Influential In politics The charges, which
resulted in the wholesale action OF the grand
jury, originated with the fire marshal He claimed
In examining the records OF the bolrd he discov-
cred evidence OF malfeasance in office against two
OF the members. He asserted that these two men
mad sold supplies, from their own business estab-
nsnmentS, TO the department at figures far above
the ruling market prices. Also that materials
had been purchased in excessive quantities at
eAorbtant prices, and the marshal undertook to
NIX the responsibility FOR this conduct upon the
Two commissioners against whom he leveled his
charges-Messrs Morrison and REGISTER Upon
the facts submitted by the marshal the grand
jury began Its inquiry, and the astounding result
OF the Indictment OF all the late cOmmiSS toners,
the present. mayor, who was ex-ofIiciO chairman
Included, WAS yesterday made known. This
sweeping indictment is pr sumably based upon
the ground that all the board We're equally re-
sponslDle, and that the fact OF corruption shows
either collision Or dereliction OF sworn duty.
What fmpdrts phase OF peculiar interest to the
matter Is the BELIEF Oh the part Of some, that the
mayor, Who Is so unexp actedly indicted, was at
the bottom or the original charges, aud that he
took this means OF Furnishing Morrison for having
aDan0OheO Dis (tne nayOr'>) SIDE OF the fight In
the recent party reorganization The accusation
Is one or the most damaging that can be ma e
against public officials. In tbs case IL charges
men who stand foremost In the comm unity with
breach OF trust ana Official dishonesty IL IS an
other severe blow at the Maryland democracy,
when IL Is already staggering under a heavy load
---%<S
senator Malone Was Interviewed In New York
yesterday. and he very confidently predicts a re-
publican Succ IS In the presidential Campaign
next year. He praises President Arthur's admin
fstration, and says Virginia would consiIer 1t a
"be5Sing TO have Arthur continued" The issue
OF the presidential fight. according TO the Viz
gina Senator, viii be protection. He does not ap-
prehend any tariff tInkering by the next Congress
for the reason that the Senate will stani nrynly
against any reductions ATTEMPTED By the House
He says th1 two read jUSter Srnators Climse!f and
kl1dleOerser) will vote with the republicans for
protection
The policy OF the democratic administration of
Pennsy ANA in insisting upon continuing the
extra legislative session, despite the plain fact
that reapportionmelt cannot be ACCOMPLISHED IA
arouSlnS some opposition within the party Chair.
man Hensel OF tine state committee, and editor of
a leading democratic paper. leads the opposing
faction, and as he Is a man OF much influence In
The party, there is danger OF another democratic