The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-06-07
IN A NuTSHRLL.

IN A NUTSHELL.
The fall i'm Reading values upon the
announcement Of the proposed plan Of
rehabilitation should be recorded as a
sign of the ominous financial condi-
tion of the country. Under any other
circumstances the pride of the Com
monwealth in Reading, and the
necessity of its great system to the
national Industries, would have made
any proposal welcome that looked
towards a renewal of public confidence
In Its value. Reading feels the effect
of the times.
The country is now passing through
q psnic like that of 1873, and from
similar causes. In 1873 the nation was
inherently prosperous, and yet In a
day there was distress. The panic
was sudden, like a bolt from the un-
clouded SKY, taking the shrewdest
financial magnates, even such man
as the late Thomas A. Scott, unawares.
History shows that it came from
financial selfshness, from a Wall street
conspiracy to ruin great banking
house which was sustaining a railway
enterprise, then in its infancy, and
now one of the nOblest of Industrial
achievements. This railway was at
first discredited by concerted and
subtle attacks abroad, and then the
Wall street "financiers" locked up
money and compelled a suspension OF
his house. The same tactics overthrow
Reading. AS in 1873, however, the
attack on Reading did not cease with
the special motive which inspired it,
but brought widespread national dis
aster.
The overthrow of the Northern
Pacific ruined thousands of innocent
investors. The overthrow OF Reading
has cost millions-we might say
hundred millions-to investors who
should never have lost farthing. 1t
has also, and this is the pity of it,
awakened profound distrust as to the
sincerity of our financial system. 1t
showed that although Mr.. Gould has
passed away, Gouldism survives.
People saw that no corporation, no
vested interest, could be safe from the
processes which overthrow an institu-
tion so rich, powerful and progressive
as the Reading. And when it was
seen that after forcing the road into a
receivership for the want of a small
sum of money to meet immediate
necessities, on the ground that it was
bankrupt" it was within sixty days
proposed to lend it thirty millions of
dollars because of its 'inestimablp
value" as property, this distrust
became intensified.
There is no cause for this distrust
nor for anxiety as to the future of the
Reading. But the moral sentiment Of
the country has received a rude shock
as to the enOrmitles that may be
committed in the name OF FINANCE"
Reading feels the effects of the blow
which ruined it and brought so much
ruin upon the people. The panic OF
1893 will be known as the Finance
Panic. There is no reason for IL, out.
side Of the inexpressible selfishness
which dominates Wall street, and
exposes every interest, industrial and
otherwise, to the depredatiOns Of
financiers who have no more con-
science when other peoples money is
In sightthan the pirates of the Spanish
Main.
y
What the country needs is q
restoration of public confidence,
Great properties like the Reading,
with their enormous earning powers,
are as good to-day as they were six
months ago. 1t is only necessary
TO let them alone-to permit their
managers to develop their resources
and adjust them to the growing wants
of the country, and not to bedevil
them into bankruptcy every few
months, to the JOY and profit Of Wall
street sharks, spectators, "short"
interests, lawyers, and all that sort OF
people who live upon the misfortunes
OF the community.
This is the hnan ial situation in a
nutshell. If we study its causes with
honest eyes the lesson will be well
Iearned.-PhtLG. Star.