New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-19
LESSONS OF THE PANIC.
EXTRACTS FROM PULPIT REFERENCES.

~ ~. Caries NTrtn sa,d .There have always been
two classes of traders the legitimate ana 'e
Tie first transact business on principles ol Ho"sg
,cod will They buy at a fair price ana sen ." i" gu
x.roa They are careful 10 give an equl'a'
Liant They succeed by deserving 10 s"0'eoN'
o. sinst tho az traders stand the others-treeoootes
orv as III ,uch they flew the black flag Usually they
src keen enough to swnde within the staute though to
gently several have oversepped the hne some Oh 'len
.re church members OF such it was said the other
eay that he could three millions ana not IeeI " Out
,bat the loss Of five dollars worth of his pety would
MAKE him homeless bankrupt. These are the men VINO
gamble in stocks and get corners IN wheat
ard convulsing all business they use thel MONEY en-
sXperence as gamesters loaded dice and Transparent
cards and overreaeh and plunGer the honess % ~
They should be treated partners OF the aro olnAs III
The confidence men Banks that overcertiy oank pres
dents and cashiers who embezze and brokers woo sW
die should be made INFAMOUS Iho EuS 49, oninion
the striped dress OF the penitentlaTy fuOIS ,,g
should plOry them. making them and their me ss
gestve Of the state Prison The pulpit ana the rp PIN
should gibbet them as our forefathers uiu D'A F
and Captain Kyd."
FRIENDSHIP IN ADVERSELY
NJ paecher in his morning sermon said: men who
are oDseauous to In power and cruel ana hsn "
them when they down, have the Qnin'eSsehce VI
meanness General Grant is our most maShahilhous
man in public life and he showed it once in remarkable
way as l happen to know. When ConA-
ling precipltated himself from the Senate
II was against Grants judgment But Grant
was known to be his friend and showed his friendship so
well that he thought TO be on Conkhngs sue, a
friend OF Grants 70 him: You don't believe Cohh-
In Is right do vomP NO sir' said Grant rhen how
you SO friendly of to R If gSd when Il the time to
chow friendship except when friend mas hlaue n'
takeT Applausel don't wonder you clap your hands
M that one should stand by friends in adversely
Al no other time. Friendship 10 be good for anything
must tax w all hts faults"
THE SKELETON HAND ABOVE THE EXCHANGE
"A Day Of Judgment in the Money Market" was
the subject of the morning sermon by the Rev
Dr. James NJ. Pullman Of the Church OF our
Saviour at Fifty-seventh-st. and Eghth-ave
al les VIII
so much excitement recently l moral forces and
physical laws as the agents Of retributon Trade has
superseded these days and brings with II ts sure
abuses and vices Commerce can only thrive on IusU
principes but in these recent outbreaks these nave
been diseased We owe lives to the bread that comes
from mother earth To raise that bread and dispose
OF It is legitimate trade, but somewhere
between them who raise ana ouI
mouths is parasite who produces nothing ana
who does nothing but sit in his hole and watch for what
1t does not require Vlvlu llagIna
ton above the Produce Exchange in Chcago anu
over the Stock Exchange in NewYork great skeleton
hand stretched eager seize something The PEG
pie themselves largely 10 olahe Ior 'Nis
ts5s Of things We What cultivate smart amGas admire
the clever rascal and his reputation for sarnsss gives
have had whom we have regarded with PeehoFF
generation AS AN eI-Presldent anu ne Mind in our
Judgments The man who lives in this speculative and
nature perverted so that those things which to un-
perverted commerce are directly bad and 70 De avoue
and destroyed"
READING LIVING BIBLES IN WALL STREET
The Rev Hugh O. PentecOst, in st. Pauls Evangelical
Church. in the morning said: "HOw many men down ii
Wall Street have read Christian men Some men
say that this was a sunday-schOO failure They say
Eve are all infdes but will make your bank accounts
goodP This, be is senseess jbe; but IL Is one
for which there Is 100 muc1 Iounuallo; ne O t 49,
IN Wall Street.-The walking hYnS DlD4eS-laFe OeeA
read"
HIGHER MORAL STANDARD NEEDED.
The Rev. DR.. r. Heber Newton, at All Souls
Church yesterday morning. spoke The Lessons OF the
Panic in Wall Street" and took for his text He that
maketh haste to rich shall not be innocent He said
in part 1t has been said business panics the
result of gambling dishonesty. speculation
Is large factor in the production OF
these crises. NewYOrk is destined to be
the commercial of the world and dealers here have
10 discount future and the result is that exchanging
has come 70 pure speculation. While only one in seven
bushels Of wheat raised in the country is actually
handled here two bushels sold here for every one
raised For every 5000 900 bales Of cotton raised b.
100000 bales are sold here. No line can be drawn ne
tween betting on stocks or food products at given day
fl the future and the betting on the turn up OF the ace
on the gaming table. As in the gamblers den so IN
many Of the Exchanges the dice loaded by previous
knowledge OF combinations 10 run up or down ae sIoG6
Ia question the effect OF locking up OO,OOOVOV
bushels of corn and 2OOOO.0O0 bushels OF wheat; no
there isconfct between labor ana capital 20
wonder that language more iorclhle tndn poute
Is applied Wall street ana the great EXCHANGE
righ name What we need Is public sentiment to con
denim this great evil for laws can be made through
Ing haste TO be rich Is at the bottom Of al this trouble,
and not content to make their fortunes slo"y a.
their fathers i'd IL 10 not time for Us TO lace ths Dan
t srynT sbaTr knew Bs game and found fools
enough to bite q his bait OF 20 per cent month -
We need higher standard OF fduciary responsibility
said to me this week. No bank president can spccu,
late stocks without his directors knowing It, ana should
not be allowed 10 keep IN office day II he I'D no man
should be allowed 10 commlnge the lILeconeL-
able functions OF specnlaoT ana DanagI-;I I
leading lawyer In my long practice m New
trust money had become mixed with the personal ac,
count A man pushed into corner by speculation WILL
Use any money he get his hands on"
THE DELUGE or YOUNG MERCHANTS.
The Rev Dr. John P. Newman, IN sermon on "Ihe
value OF experience" said: Certain men IN wan
Street have tired force prosperity in way contrary to
the OF nature and the result has been adversely
Some Of them reduced to beggary and VIII 90 down
10 the latest generation as men mat
not only robbed themselves but robbed
others Yet they this in the story Of every de-
cade and II viii be until men earn TO profit by the
lessons OF experience Just sure as THEREBY God who
has ordered the laws Of prosperity and adversely Gen
tiemeu, why DO you not learn the law WY uO you
have panic every ten years II Is not because
COD doe, not mote tae fa OF gavs spaG% a
a things VIII not learn the lessons OF
chant Let him remember that good name is TO be pre-
farred 10 great riches some VINO nave hls
every hing else honor is left To them. There Is no place
on earth wnere honor is highly regarded than IN
wall street his community will not allow those men
Who have acted hCnOra0 IN this crisis " remain IL tie
shadow Of adversely"
THE SNARE THAT MANY HAVE APPROACHED.
Rev. Dr. j. H. Rylance, at St. Marks Church, in the
evening preached from The text For the love Of
is the root evil" said part There many
legitimate for money and must not Join the scn
mental mOralists who cast scOrn upon worldly
wealth. Money is not the root, but a
bend his energies get IT, But there seems 20 be liz
air TO tempt men 70 roll up wealth That neY