Year: 1873

financial situation presented graver aspect
than at any time since Saturday. Another
banking house, which, like those that had al
ready fallen before the storm, and which was
threatened with disaster from the beginning


failed from the want of ready money 10
meet its obligations. Though it still had
eight hundred thousand dollars in oank


its securities were unavailable while the otocK


Exchange was closed, and it failed because IL
lacked an insignificant amount OF currency.
| This failure had no graver signihcance tnan
those which preceded it, and the only wonoer
| is that the house withstood the storm so long
But mere episode occurring at the very mo-
ment when the reaction was setting in may
bring serious consequences if alarm is allowed
to take the place Of moderation and caution.


Especially is this the case when the suspen-
sion of mercantile houses of standing and
character are falsely reported to serve the pur-
pose of speculation. A prominent business
house, it was rumored had failed yesterday,
and in many quarters it was gravely pointed
out as the first of the strictly commercial dis
asters. The inference was apparent-namely
that others would soon follow this unexpected
precedent. Later in the day it was discovered
that the rumor was without foundation.
Nothing more clearly indicates the disposition
of o certain class of men in Wall street to pre-
cipitate general disaster. This disposition
! asserts itself not only in false and hurtful
rumors, but in plaintive cries for help from
the government and doleful shakings of the
head, which are intended to appear as doubt
full forebodings of the future But in spite of
all this single failure, of no particular i'm
portance, was the only event of yesterday, and
the banks, which are the mainstay of the situ-
ation, stood firm and unharmed


We must not forget, however, that there is
sufficient gravity in the doubts Of the future
to require united and unselfsh action. AS
the young men of the country marched forth
in 1861 to battle for and save the integrity Of
the Union, so now must the earnest people of
the country stand up for the credit of the
government The prosperity of every branch
of business depends upon the preser-
vation Of the national credit. If United
States bonds are forced below their
actual value it can only be to serve the
purposes of unscrupulous spectators. If the
Treasury reserve is illegally encroached upon,
or the government is as utterly stripped of
| currency as the speculative brokers, it must
bring evil consequences to the country. If
the banks fail to hold together, or even bend
before the storm, it involves the ruin of every
interest and industry, from one end OF the
land to the other. This, then, is the
time to disregard the predictions of
alarnists and to meet and suppress
the purposes Of unscrupulous spectators.
The battle is now become the battle of the
people. Moderation is the true policy Of the
hour. Nothing is to be gained by devising
| doubtful measures of relief. On the other
hand victory is to be gained by doing nothing.
AS yet the panic has been entirely artificial
| Not single legitimate enterprise has failed.
Business men have experienced no extraordi-
nary embarrassment and can experience none
unless extraneous causes entice people from
doing ordinary business in the ordinary way.
The banks might not be able to Withstand
the shocks Of universal madness and folly,
but, for the moment, they are the bulwarks
of the national prosperity. Harm to them
means serious hurt ito everybody-rich and
poor alike. 1t is the duty Of the people to
stand by them, and it is their duty faithfully
to pursue, till the end, the wise policy they
adopted in the beginning. We have every
| faith that business men and the people
generally will support them if they earnestly
endeavor to maintain themselves; and, when
the victory is gained, it will be one Of the
noblest in history.


The country has long deprecated the wild
the transactions in Wall street, But these
things were only looked upon as disgraceful
to the persons engaged in them, and it was
not thought that their speculatons could
affect the general prosperity. 1t is now
seen, however, that the panic of the
past few days was entirely due to
them, and that if q crash comes it will be be-
cause of their Vaccinations. To some extent
the contest is between legitimate business and
reckless speculation. Either the commercial
and financial supremacy Of Wall street must
be overturned or our true business interests
succumb to the whims and selfshness Of the
gamblers in stocks and gold. If O
crisis is averted OF this time when such
strenuous efforts are made to excite
it, forcing stocks and gold up and down will
no longer be regarded with fear, and when q
speculative banking house fails in the future
il will be only an episode like the defalcations
of the cashier of trust company or the alb
2 stractions of paying teller in bank. This
will be in itself triumph in favor of the sta.
bilty of legitimate enterprise and further
security for the national credit


Every effort must now be made to avert dis.
aster and to sustain the credit of the nation.
Moderation and wisdom will accomplish both
results; bot they may be materially aided by
a fresh illustration Of 'tne magnanimity of the