Year: 1875

viii receive good days pay, and bushel OF


wheat wilt have 8 genuine value, and the


government credit will attain the rank Of


that of France or England But to do this


we must throw aside the delusions that have


surrounded US SINCE the close Of the war,


and take tho advice Of men like Mr..


Wells and Mr.. Hunter and others whose
views have been given in the HERALD. 1t is
always disagreeable to say harsh things. 1t
is so much pleasanter to say that the heavens
are blue, the sun shining, the seas smooth,
and that all nature is pleasant and smiling
and inviting. But when the truth Is to be
told it is the highest weakness to conceal 1t
and tie truth nov is that we should regard the
condition of financial affairs in the country as
requiring the most serious consideration that
we should begin this spring prepared to meet
any emergency, and that We should drive the
government, by the stress of honest public
opinion, into the paths of resumption,
economy and reform, and in doing so enter
upon period of real and lasting prosperity,
with no Black Friday panics or Jay Cooke
failures to come suddenly upon us with de-
structive force.


Especially should we see tho folly Of bubble
speculatons, fancy stocks and interests of
false value which are being constantly hoated
before us by greedy adventures, who deal with
the people as the bandits in Spain by the
raveller-robbing them for their gain. The
sooner these bubbles are prickcd and pass
away the better These large, rotten corpora
tons, that have become scandal and reproach
to the American name, are really cancers in
the business system, and should be extirpated
and no longer be permitted to infest it.
We believe that the American government
itself could have better afforded to have paid
five hundred million dollars than to have
suffered what we have suffered from the Pacific
Mail investigation, the old Erie scandal, the
Emma Mine disgrace, the Memphis and Ell
Paso negotiations in France and other trans
actions of this character. So long as we
follow this false idea of business, SO long as
wo refrain from the severe, honest duty of
economy, resumption and reform, SO long we
shall be liable to such panic as we had last
year, to ON explosion, to the injury Of vested
interests. to general suspicion, alarm and
despair. The true policy, therefore, is to avoid
these panics by looking ahead and preparing
to meet them. A panic is like gale or a
fire it is not necessarily destructive if we are
prepared to meet 1t. 1t is only when it falls
upon community unprepared that men lose
their reason and great injury results to those
who can i'll afford to bear it BY carefully
considering these dangers we shall serve our
best and highest business interests. Congress
has ADJOURNED. We are entering upon long
recess. It's we'll to look ut every point, to put
our business house in order, and to resist
and destroy, if we can, every influence that
leads the country one step further in the per-
nicious paths that we followed during the
war-the paths of imitation, speculation and
gambling. II we do this now, courageously
aud firmly, it Will be better in the end for our
business prosperity, for the interests of our
people, for commerce and trade, and espe-
cially for the credit of the nation.