Year: 1865




The last advices from Now York lead to
the belief that the financial storm that has
been sweeping over the region Of Wall
street and tossing the loose materials Of
gold and stock -jobbIng speculations wildly
about, IL passing over without doing any
noticeable damage 10 solid and reliable In
terests. Many people were badly scared,
and those who dealt largely In miscella-
neous stocks saw . large share OF their
property blown TO the windsi while prudent
and cautious men, who had not suffered
themselves TO be mlsled by the fiction Of
inflated values which had boen so long cur
rent, but had kept out Of debt and had been
content 10 anchor their fortunes to Govern
ment securities, were hardly rufiled by the
storm. It was sort OF financial tornado
which only demolished rickety structures
but passed hArmlessly enough over all sub.
Stantlal edlfces. The result fully JustIfes
all that We have hitherto said In regard to
the ability Of the country TO bear up against
aspeedy and general decline OF gold, and
the consequent demolition Of inflated val
uations. It shows the solidlty OF our com
mercial condition, and the safety Of con.
fnlng operations, as near as possible, TO
Q cash basis. A community that Is COM
paratively free from debt, need not bt
alarmed by any passing squall In the
financial atmosphere.


There never has been time In our com.
mercial history when 30 small Q proper
ton OF the operations OF trade were upon
Q credit bssis-in other words, when so
few Of the business men of all sections
were in debt. During the past two years
the abundance Of money and the general
prosperity Of the productive and manufac-
turing interests, have gradually worked a
revolution which has substituted cash pay
ments for notes OF hand and book accounts;
and, for this reason, the country was never
better able to bear A'generAl settlement
than at this time.


One very gratifying feature In the eI
perience We have been going through fol
the past week q the IrmrGSS Nth Vhieh N
Government securities haze resisted the iaJaT
sHes that played such havoc Vih rail
road, mining and all miscellaneous Se
eifritisi. While the latter have tumbled
from forty TO nfty per cent, and In
some instances have declined two thIrdi
OF their market value, the securities Of u,
Government AaUs barely rtcsdsd teo or tire,
per cent, II, indeed, they can be said tc
have receded at all. Looking upon gold
as the standard Of value, they have actually
advanced IN M face Of th Storm WhilI
some weak holders Of Government securi
ties have been compelled 10 put their bond
on the market under the pressure Of th
situation, that disposition TO sell has beel
more than counteracted by the disposition
on the part Of wise and prudent men I
invest In securities which were safe beyon
all transient Influences, SO that the Gov
ernment loan has hardly been affected b
that which was 30 disastrous to other form
Of securities.


We think II may safely be assumed tina
the dangerous part Of the transition from
q state Of war and inflated paper credits :
astste Of peace and currency ApproKlmAt
ing TO the gold standard Is pAsti and thS
until the latter era does come, the countr
will not have 10 pass through period thI
will more thoroughly test Its AnAnclalsount
meas than that Of last week. In this sspec
We may regard our recent experience as /
the highest degree encouraging to the gres
industrial and commercial interests of th
land.