Rock Island Argus. (Rock Island, Ill.) 1871-1872, 1872-05-07
IL. -. W t@.s
pailpIl. J. ARGUS.
Tuesday, May I. lsya.
Financial Outlook.


article on National Finance, from the pen
Of one Of our citizens whose sssooissiOn'
and opportunities have made aim Q close
observer Of such matters. While We DO not
entirely Ssrss 10 his predictions for reasons
thai We will not now isss time TO discuss'
vs s.ill Ihink The ad,iss 10 business men Is
.Iv.vs in order md therefore present the
article 10 full for serious confederation
[Ebrron AHous.
his about City years since commenced
business with banks and brokers, and have
q clear recollection Of the financial opera
hoas, that grow out Of the distress produced
By the var Of 1912 TO 1915. When nearly
every business man, and nearly every opera.
tor, from the most extensive establishment,
Ia manufacturing, merchandiSing and trad
ing, down 10 the three cent drinking house,
issued their opB paper From ten thousand
dollars TO one dollar, and from one dollar
down TO one cent. ALI for some time passed
current But some time after the war was
ended, some paper came 70 be rated at more
discount than other. (All then was ct .
disoouni.) Still later the discount became
higher, . few months later some banks
failed Some merchants and mAnufactur-
era failed. Then = general crash came,
which produced neic era. The United
States banks got up on that wave. She
became the great national, financial, bal
lance wheel, and was fast bringing the
country 10 another ruinous financial CRISIS
when General jackson and the men OF sense
and discretion Of that day put sAlutary
check rein on that big shaving shop. The
said bank of the United States being under
the control and management OF rich, inhu'
entail, soheming politicians, who were ad-
monished Of the danger Of their hdpendeous
shaving shop being closed. As some Of the
most reliable and and competent business
men in the United States rs members Of q
committee specially selected to examine the
books, banks officers and affairs Of said
bank, made n report on both, which showed
that said bank was in failing condition. The
uuserapulous sohsmsrs ct the head Of that
Institution BY bribery and purchase Of in
tlusnoe and votes OF several cunning
Ghrswd leading members Of che Penusy wants
Legislature, stole the charters and resusi
tatsd the rotten institution, under the name
Of the United States Bank Of PennsylVG
MA.
This new bank with the old name -four
ishsd foE . while, and postponed the evi
day for time. The King Bee Of the fnan
DIAL ring Of the United States, Niehola
Biddls, so cunningly managed the Ooncerr
for sometime, that be vas awarded by vot
Of . majority Of the Board Of Directors o
that bank some tventy-six thousond dollars
which was expended for gold aud silVs
plate, IS . bonus for the exhibition Of eXtrs
ordinary skill and talents displayed BY hin
IN the capacity Of president aud great fnau
oisl manager Of that great financial rsgulS
tor Of tbs nation.
The career Of that shaving shop, is now
matter Of history. The stock holders los
all aud she note holders If they attended 4
selling the notes, when they could, msnage
70 gsi fly cents on he dollar for them
The National debt, was then not approach
Ing 10 the amount that i. now 10, nor wa
the debts Cue By the States, the counties
the oiIiss, he towns, the corporations, th'
manufacturer, the merchants, the trader
or oompAnisI, Of any kind, approaching III,
large amount that IL is in A. d. 1872. A
very important fact that every sensible bus
mess man, will take into serious oonsidera
ton, is patent 20 every man oil common
ssuse, even With Sigh, business experience
That along with the very general dsmora
lization Of the business community. Th
break down, Of the thieVing political 6nAu
oiAl ring, in New York. The bursting G
the corrupt, Wholesale stealing ring, {
Philadelphia, along With the stupmd0u
losses, BY fires and foods at Chicsgo, an
many other points has, not ouly fearful
impoverished the millions Of debtors in th
Uuiisd States, bat IL has destroyed conn
a1.aanaaaFfr a. s.arsfrIIs =.
within . fev months many failures mus
take place, aud . stupsnjious crash 10 IN
eUitabis. The banks and men who hay
large amounts ofstocks and money may tax
the alarm and 10 some extent, adopt
liberal policy, bu, they will 6nd 80 large
number, Who are not reliable, either mor1H
or financially, that they will not run th
risk 10 accommodate them, consequently
serious DISASTROUS panic, pressure, en-
wholesale failures, must result That stat
Of affairs will create . serious want Of cor
fndsnoe in Europe, Therefore a very lsrg
amount Of our U. s, Bonds, will be sen
from Europe, 10 this country, from who
source, our coin will be extracted. Ga
credit impaired, aud worse than all, on
liberties endangered BY financial and raj
road rings, that mAJ spread dsSolatiou an
run over hnb lon1tn anu oreAth OF tne lAhu
Ifit should happen, thasN large amount
our Government Bonds are sent from Europ
to this counlry, to be sold in the U. s fc
coin. that circumstance would most ce
tAinlJ, create . disastsrouS panic. II VOC
reduce the selling price of the bonds, an
that result would inevitably reduce the ma
kst value Of all National, and al other, ban
stock. II 10 barely possible that sou
temporary arrangements may be made,
postpone, for time, the panic, pressure, an
general crash, bat at best u will only be
p3sipoHemeHL Therefore every judiciou
business man, will seeing the philOsophi
causes 80 apparently be on their guard, an
puI their affairs In the best position the
oAn, 20 meet the emergency that is likely 3
arise, and prepare to stand from under. \
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