The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-31
Praise r0x the nANKs.

II 10 In q broad spirit of commercial
wisdom and patriotism that the banks of
the city Of New York have acted during
the present financial ilurry. Their officers
have In every way by their example and
their moral power sought to quiet alarm
and promote better feeling. These efforts
have been met by some malcvolcnt at
sempss 10 pIecfpitate panic and defer that
quick restoration Of public confidence that
h 30 desirable at this time and so essential
90 revival Of business.
Matthew Marshall. the able financial
editor of the New York San, in the Issue
Of the 81 inst. POINTS out tina, the recent
financial catastrophe is nothing as com.
pared with that of 1871. or even with that
ci iss. or isa. We quote;
'srhe crash OF is.s vas far moro wide
eprcad and destructive, and its effects
endured Tor much longer period than We
hsse any reason To expect at present
Thus far, NJ least. the stock exeh ge has
not been closed as il was in is-3. the sx-
ports at produce have not been suspended,
nor has the Collection of debts been inn
possible The collapse Of 1878 was followed
TOO, ~ pressrattca OF enterprise from
which q recovery did not begin until lsT..
And which did not wholly disappear ,iii
iSsa That We are going TO drag on in the
same way now There IS ao ground for sup
posing,
"Sor are ve suffering now. as We were
Ia is.a. ROM the exhaustion oil four
years costly war which impoverished tho
Northern twe-thif3s of tae nation and
ruined the Southern third. The enormous
destruction OF property which tooA place
tn heth sections ~as repaired by borrow
- a. \ h. =
in every department OF industry. and IL
thus escaped general observation. The
EuSsI al paper money which was fNou-ed
cnt 70 Eaers the necessities at the govern
ftent had also stimulated SPECULATION and
sarriea RE prices -; labor aud sill
Minds OF commodities to an ex,raar.
d.aaFy asgghs. For q wear or to-
After the MAR endea tte itaretus (,
hal given IL business still cortinnas
and only gradually died AWAY. Whsn IL
Vas finally spent. aad when we set our.
selves seriously - tho work Of paving the
national debt. Of preparing for a resuui..
esen OF sreeae payments. and ii going
eask Ia the occupations Of peace. &C dis.
covered how much our resources has;
wslly been depicted. and how mach i,
would cost IN repair them. As the IRE
MUM on eold fell. the prices of commasig /.
ties, railroad stocks and real estate fell
with II, and the panic Of lS.s vas the re-
snit.
III mar, therefore. safely be said that
We have enjoyed substantially uuiases.
fupsed prosperity since ne resumed specie
payments IA iS7s, and that the present
troubles Indicate no profound and extern.
Give rosseaacss. bur are q passing er:.
dsuaie. iske the grip ana the cholera, from,
which ve are des;sne! To emerge with
comparatively litsle loss"
Mr.. Marshall recises these facts and
thea answers the question why the zen.
eral restoration Of rehl;c confidence doe.
not take place more quickly by saving
THAT the return OF general confidence. in
clsrensseie TO return Of general has,.
noss prosperity. is also rurposely hinaere.
hy she sets vi men who nad their prof: in
Prolopging and snters.lyiag the public
alarm.
iii would be aste Of iisse TO asnoanee
tAs ssekedasss of The ATTACKS aron the