The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-30

il belongs rather TO history and TO tradition
than TO the chronicle Of current events. Be
sides, IL is q popularity Of human nature that
contemporary occurrences occupy a much lar
ger space in the mind than those Of byRone
times; Just as in landscape objects near the
eye fill larger space than those which are
remote, and often completely hide them.
Conceilng, however that the catastrophes
of 1884 and 1890 we're Of less magnitude than
that Of this year, and we're more speedily fol
lowed by a recovery than this one is likely to
he, no one acquainted with the facts win deny
that the crash of 1873 was far more wide
spread and destructive, and that its effects
endured for "a much longer period than we
have any reason to expect at present Thus
far, at least, the stock exchange has not been
closed as 10 was in 1873, the exports Of produce
have not been suspended nor has the collec-
tion Of debts been impossible The collapse
of 1873 was followed, too, by prOstratiOn Of
enterprise, from which recovery did not be-
gin until 1877, and which did not wholly disap-
pear till 1879 That we are going to drag on
in the same way now there is no ground for
suppOsinR.
Nor are we suffering now, as we;were in 1873,
from the exhaustion Of four years costly
war which impoverished the northern two
thirds of the nation and ruined the southern
third. The enormous destruction Of property
which took place in poth sections was repair
ed by borrowing in Europe, and by feVer1Sh
activity in every department Of industry, and
IL thus escaped gcneneral observation. The
flood OF paper money which was poured out
also stimulated speculation and carried the
prices of labor and of all kinds Of cOmmodi-
ties TO an extraordinary height For a year
or two after the war ended the impetus IL had
given to business still continued and only
gradually died away When Il was finally
spent, and when we set ourselves seriously to
thework Of paying the national debt, Of prepar-
ing for "A resumption OF specie payments, and
Of gong back to the occupations of peace we
discovered how much our resources had real
~ been depleted, and how much it would cost
to repair them. AS the premium on gold fell,
the prices OF commodities, railroad stocks
and real estate fell with IL, and the panic Of
1873 was the result
The panic OF 1884 was almost entirely local
in this city, and was produced by the illegiti-
mate specutatiOnS of Grant a. Ward. George
/. Seney John c. Emo and other men like
them which involved in ruin the Marine bank
and the Metropolitan bank, and robbed the
Second National of millions. The panic OF
1890 was only a distant echo OF the Barring
collapse in London. and its evil consequences
soon passed off. II may therefore. safely he
said that we have enjoyed substantially unin-
terTupted prosperity since we resumed specie
payments In 1879, and that the present troub-
les indicate no profound and extensive rotten
ness, but are passing epidemic, like the grip
and the cholera. from which we are destined
10 emerge with comparatively little loss.
This being soft will naturally be asked Why
does not confidence return more speedily, and
why. in spite Of all the favorable indications
which have manifested themselves during the
past month. do the prices Of stO cks and Sc
curities continue to fall and failu res continue
TO multiply The question has already been
partly answered by reference to the slow
ness with which in the course OF nature all in
jures are repaired, but IL may also be said,
by way OF further explanation, that the re
turn OF general confidence, indispensable to
a return of general business prosperity. is
also purposely hindered by the acts of men
who lind their profit in prolonging and intensi-
flying the public alarm.
it would he a waste of time to denounce the
wickedness Of the attacks upon the credit Of
corporations and Of individuals which have
caused the declines in stocks and bonds on
the stock exchange and the many failures OF
the past week As to the wild talk Of the
Colorado silver miners and their allies in
other states, the object Of which is to defeat
legislation unfavOrable TO their interests,
that also may he left to public reprobation
for its punishment. Nevertheless, 1t cannot
deal in creating alarm in the minds Of a
large number Of people, and until their hol-
lowness is exposed SO that all the world per
ceiyes IT, they will not, as we see, fail OF pro
ducing an injurious effect. II is a Contempt
BILE way OF making money, both for our stock
exchange bears and for the silver conspira-
tors and 81 is wonderful that decent men
should resort 70 IL.
There is also "A Weli-Rrouuded apprehension
that for political reasons the action Of CON
gross in repeating the Sherman act win Meth
er he so speedy nor so emphaticallY decisive
in favor OF maintaining the gold standard as
IL ought TO be to produce a reaSsurlng effect.
The silver miners and the debtors who eX-
pect TO profit by the reduction in the value Of
the dollar constitute minority Of the voters