Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-08-17

The "Aurry," as it is now called, that has
shown itself at the Wall street Stock Ex-
change is subsidiug without material injury
done, but its occurrence is a sigpifcant event.
Like a blotch upon the skin, it shows a bad
condition of the blood bensatb. The consti-
tuition is sound and functional activity Wig
orous, but with tumors and taints present
that are not wholesome, and which 1t is de-
sirable to remove. That occurrence was an
effect of mistrusf, and itself ADDS to mislrust.
II is made matter of congratulation that 1t
is only the stock spsculators that are affected,
but unless some very Objectionable depart
ures from sound business principle that have
crept in Of late are removed there will be
furry that will extend beyond Wall street.
Credit among many business men is
abused by the introduction Of the objections
Bile system Of post-dating accounts, OF allow
ing the return Of goods ordered but not sold,
of ~discountiDg at the end of the season any
fall Of price that may have occurred since
the goods were bought at the beginning Of it,
and other unbusinesslike ways. Every ex-
perienced brakeman knows that a continue
ton and extension Of these sort of transac-
tional panic, to be followed by years of "bad
times" Upon such practices men of infu-
ence and position should set a stern face, aud
where banks know that they are carried Cd,
the need for caution on account Of increasing
risk is obvious. The panic OF 1873, it has
often been said, hal one redeeming fea-
ture which atoned for much-it intro
duced the system OF monthly accounts
and cash payments. So valuable a gIft can
be forfeited only by ius,ituiing sfresh the
trap-doorp, and pitfalls, and nets and snares
that cause panic by the destruction Of public
confidence. Even as things stand, with an
apparent escape from what has certainly
looked like danger, there are many expert
enced heads shaken. Tn steady-goIng New
Orleans Rcayune, for instance, says: at
will be fortunate indeed if the collapse does
not extend TO all kinds Of securities and re-
suit in q general panic. Indeed we seem
very close upon such a national calamity.
The damage that has already been done by
the failures in New Eoglsnd and the decline
in securities is very great, and confidence
will be more or less shaken and business drss
throughout the winter" Glib tongues art
now loudly proclsiming, like the man tc
whom Noah refused passage on his boat, "Iti
nothing but a shower" The New York World
ON the contrary, .sys: SIT was plain to sc,
that the breaking down of the market wa
not due to a mere raid, but to causes longer
lived" The New York Times is desirous c
seeing in the "Aurry" only the confusion o
speculators who have been keeping up price
by desperate buying, and who have at length
been compelled TO abandon the struggle, bu
it Acknowledges that "a comparison OF III,
present prices of the investment stocks
those which are quoted at a high premium
because of their soundness and the dividend
they pay-with the figures at which they sol,
year ago, shows an average fall of abou
fifteen points, or about twelve per cent. o.
the market values OF last year." When W
look at the vast values that change hand
every week, WI cannot but shuddti
when we reflect on the lost millions ths
are represented by twelve per cent. stricke
from the market value OF billions. This darI
fact becomes still more gloomy when we re
merber that other things psrtake of the de
cline that is universal, as we'll ss stocks-th
substantial articles of daily commerce. W
close with the following from the New Yor
Tribune, which is worth bordering: 18th
government, through unwise acts of Con
gress, has done very much to make bushes
unsafe and investments doubtful. Iudustr
and trade are feeling the effects. We hav
in use more currency than can possibly b