Year: 1877

Inc Baltimore Gu@cWc hnys: tor
some time past an uneasy feeling has
been growing up in commercial circles,
causeless in fact, but nevertheless calcu-
lated to produce disaster, The shrink
age of values following the general de-
preston of business has naturally ere.
ated alarm among those who have capi-
tal invested or nre seeking new invest
ments; yet, besides this distrust, there
is tendency in certain quarters, includ-
ing some of the public journals, to rub
the ugly sore instead Of irving to hen' II
by soothing emollients. II is not neces-
sary to point out the causes which have
led to this abnormal condition of affairs;
but looking facts squarely in tho face,
we should attempt to avert impending
evils by wise and prudent action rather
than hasten panic by throwing fuel on
the flames. 1t must not be forgotten
that we are all embarked on a common
voyage; that community of interest
surrounds us all; that common safety or
common wreck awaits both capital and
labor on the stormy sea upon which both
are sailing. In such crisis the utmost
need exists of careful, cautious reckon
ing. II we cannot trust each other rs we
should-if we refuse to help to bear each
others burdens-if cold and narrow
thoughts of self alone control our daily
actions-we can at least, by skillful
pilotage, avoid precipitating danger, and
thus escape common shipwreck. Of
course, those whose trade it is to gather
profit from the broken cargo strewn
along the beach will welcome with de-
light the false fires lighted on the crag to
lure the vessel ON to the breakers. 1t is
not to such we earnestly appeal to-day.
It is to the frank, honest, generous citi


zen, whether he be in or out of active
business, who recognizes the mutual re-


sponsibility which rests upon all, and
who feels that the safety of all is the
highest law. 1t is not asked, nor expect
ed, that even such should make sacri-
fees beyond their common share; but
surely it is an easy thing to frown away
the general uneasiness springing up on
every side, instead of aiding in the vi
cious growth by helping to break down
values in which we may have no appa-
rent interest. 1t is, perhaps, natural
that the fate which has befallen SO many
of the badly managed corporations in
the country should cast n shadow upon
those which are known to be thoroughly
sound and solvent. Because some have
been weighed in the balance and have
been fonnd wanting, all are now unwise-
ly meeting with captious criticism Or I'M
merited disfavor. The shrinkage in Sc
curities of undoubted value may thus
nationally be accounted for, but the
damage done to the whole commercial
community is no less positive and de-
plorable.


There are to-day hundreds of thou
sands of safe securities held as collater-
ais for loans in savings banks and trust
companies, as well as by individual oper-
ators, which, if the shrinkage continues,
may be rejected and the loans called in.
The disaster that may follow such action
no one can foretell. All this can be
avoided if ordinary prudence prevails,
and if the public pulse beats, as' it
should, in unison with public confidence.
We are not writing in the interest of any
special individuals or corporations. We
are only pleading for the people-for the
many against the few-for the millions
who pay their taxes honestly and have
right to be protected in their persons
and property by the parent State. In
the perilous times in which we live, we
must not forget that while capital is
resting, labor is perishing. There are
thousands to-day throughout the coun-
try who are asking for bread and receive
stone. Thousands of willing hands
lie idle, and tens of thousands of aching
hearts are beating in agony at the dreary
future. Yet in this sharp extremity of
fortune the work of destruction is uncon-
scio,lsly going on, the remaining bull
warks that protect us from disaster are
being thoughtlessly battered down, and
the safe and sound securities we have
are menaced with ruin by the partial
withdrawal of that confidence without
which they may soon become practically
valueless. We ask the thoughtful men
of businet s-not the commercial wreck
er-if the picture is overdrawn9 Look
at the actual business of the country to-
day, and see if there is not ground for
apprehending serious results in the near
future, unless wiser, sounder, broader
and more catholic policy prevails. Why
should there in reality be want of conf
dence? Why should capital be locked
up unemployed Why should legitimate
business enterprises be checked because
men dreamily say to each other that they
do not know what day may bring
forth? Why should credit tumble with
gold to zero, and securities of recognized
worth be broken on the wheel, when
trust and faith and hope should walk
hand in hand together to save and bless
a common brotherhood? He serves his
country best who sees the silver lining
in the cloud, and takes to heart the shin
ing symbolic serves it least who, when
the storm is threatening, adds to the
general gloom by fears and doubts and
causeless apprehensions. Now is the
time for the true, the brave, the loyal
citizen, whether he be enthroned in capi-
tai or the representative of labor, to step
fearlessly to the front. and by generous
deeds as well as cheering words aid in
bringing back commercial confidence to
the temples from which it has been
heedlessly exiled.


1t is not strange that the bill for the .
of duelling hangs fire in the
French Chamber of Deputies. There is