Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1884-05-29
Not the Result OF Industrial Disaster.

Inc men VINO can De cool, In times
like these, lay the foundation of large
fortunes. Wall street is in trouble.
1t may be that the trouble will reach
other spectators than those who have
succumbed. But the trouble there is
not the result of industrial disaster
The legitimate business of the country
Is on sounder basis than usual Com.
mercial credits have not been inflated
on the contrary, the extreme ease OF
the money market for long time past
has proved that the demand for com.
mercial loans was unusually light, and
the volume of Indebtedness not large
outside of the speculative market.
Great dizziness there has been, but not
the wild expansion of credits which
paves the way for a general panic.
Failures there have been in various
branches of trade, but visibly caused,
in almost every instance, by excessive
speculation on the part of those failing.
or others upon whom they were depend
ent. With legitimate business every
where on solid basis. the country
should be little affected by cyclones in
the speculative markets.
This is collapse of speculation. For
many long months the Tribune has
constantly pointed out the BARN done
to all honest industry and legitimate
business by the reckless gambling in
products and securities that has pre-
vailed. In one branch of speculation
after another a terrible crash has
brought ruin to operators, and vet it
was believed by many that the Stock
Exchange would escape with the COM
paritively unimportant shocks which
preceded the stoppage of the Marine
Bank. But the collapse of Grant,
Ward IL Co. set in motion a current
which has swept away some firms of
good standing, and brought to light the
fact that three of the banks had been
largely involved by officials. For the
moment the scorching flame of panic
sweeps over theicity, the soundest insti-
utions are distrusted, and the safest
and best securitiesIfind few buyers.
Right here it is time to remember
that excessive speculation has done
nothing but harm, and its collapse can
not Iall In the END to do goOu, TO all
productive industry, and to the honest
business that serves both producers and
consumers in the exchange of products.
Stagnation in important trades and
manufactures has been the direct con-
sequence of the wild fluctuations which
gambling produced. When the gamb-
ling stops there is chance to buy or to
sell things with some regard for their
real values. The great transporting
companies, whose securities have been
thrown away by panic stricken holders
are not idle, nor is the country unable
to pay for their services. Some of them
have been injured by the building of too
many competing lines, and others by a
dishonest stock-jobbing management;
but the roads are nearly all able to earn
more money than they could at times
when their stock was hungrilv snatched
by spectators ut high prices There
has been some change in earning power
bat vastly greater change in the tenn
per of Safeguarding, and the markets
for long time have been governed by
the temper of the gambling fraternity,
and not by the real values of property.
Mr.. Seney was conspicuously engaged
in stock operations. Mr. Emo was a
III SlOChS. MI. ism. OpSiueS
being great operator in real estate.
appears to have been concerned through
a particularly reckless firm in transac-
tons which were either gambling or
swindling. If we have any more bank
Presidents who deserve as little of pub
lie confidence, the sooner the facts be-
come known the better. Disclosures
may hurt some individuals, but the re-
suit cannot fail to be most beneficial to
the community. The banks generally
have no reason to fear any scrutiny or
strain. They are strong, and will be
stronger if they cut entirely loose from
speculative alliances and fall back upon
their only true and enduring supporters,
the people who are engaged in legiti-
mate business and honest industry. 1t
will not hurt the country to have this
speculative tumor cut off. Like the
amputation of q diseased limb, the
operation may give some pain, but will
save life -NeW York Tribune,