The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-24

| in 1886 rcouirinp pavment from the Amori-
| can houses i'm London. and the passinp of
/ the "Surplus Revenue bill by Congress-.
which latter had the effect of causing the
| bank credits. which reprosentcd the surnlus
| rcyenuc. 10 he transferred from Mace ia
| nlace vithnut any reoard IN th. laws az
| trade. The combino ion of these eircum-
stances was too much for the hanks anil
| they all simultaneously slammed u,vmort !,
| NAV. 1897. MS well as the thrrn lnading
/ American housc in I,ondon. Tho lonrooi,7
ton of bank notes throughout tho country
varied from ~ to 2j rer cent Tho Eo.i.
crn banks adopted ali proper measures to
secure speedy resumption of payments. but
their efforts were not seconded by those of
| other parts of the country and in the West
and South new banks continued TO be cres.
ted. During the remainder of 1887 andlin
1888 the excess of specie imports over cx-
ports was SIS, 900, 900, of which part was
sent by the Bank of England TO enable the
American banks to resume. In Nav. 1888,
the Banks of New England and New York
resumed and continued to nay spccic, I'm
| the August following the banks of Philadel-
phia proposed TO nay specie, and by .Janu-
arv. iS30. there was a nominal res,lmntion
of payment throughout the country. Octo-
Der. however, of the same wear. the Phila-
sumcd in January. 1911: suspended n third
time the 4th of the February following. and
did no, permanently resume iii March of
| 1912. In 1887 there we're 7SS hanks in the
country. emploving a canitoI of two hum
drcd ard ninety millions.
mn. 49,
'Ni' VI '''''
lp 10 august OF iooh that proved 80
iat'i 10 M inc business interests the coun-
tS, cou'ilerci"l aiiair' ma pcGn pursuing
thc even TENOR VI the'r way ON tnc hlghroau
OF prosperity Everything pointed to Stll
more prosperous future. Inc mama Tor
building railroad, hau apparently been MP,
Ped' nor III lhesOud' at lc'st before II hah
cNtchuca 700 greatly inc country credit,
anu, although there re several hundted
milliohs Oh foreign cdpltai m use, III case OF
us pelhs recalled the nome market cOuid
Register ihu hoio' when represented IL az
nan the par cost ne Wsest Solomons oil
banking saw no indications OF the coming
storm III the coiiiinerclal skies Nhcn' on
inc oth OF August, the looms reached the
uhprecedehteu hlSht OF Sl22,ooo'oVo, even
tneh reuucu'h OF 9lo,ooo'ooo OF el-'ooo'-
ooo during the autumn months without IN
jury TO commerce was declared possible
ana III pursuance oil tlls declaration inc
banks began to contract their loans. Never
was an ACT ioiio"cd ~ more ieaitui cohse-
Iuonces. inc prices OF secur',es at Tue
STOCK board ilhi,'euI''eiy io'' ne H.iure
Vi heaVy produce MOUSE athougu nc
counted ior ny inc uepressi' IL Oh 'nat par
ucu'', iitcits' III '''c iiiiIhc'' anu " rePort
vi uc'a'c1tion III 1" ieaulh@ runway com
p"hy c"u,eo Susl'ic'on .. eonilus crisls
u ''ih, 'he PuDhc Sceu'l'F' "u, iai'ep 10
seriously n,.i! auGc' ,uc sSnern' connuence. oh
.le It.n W '1t '' 1n! t'g "tTS VI Wv sus
lcms,on VI 'nu o',o IN, nnt insurance. anu
iius' Eo'''I"S san,u i'Ng ','',,'H, !o''' "
wear Sh' inV h''"ush'' c"e'c tior"te, 10
~ ctn'io p'nN"E ".tVVtS' P"l,lo s'iloHel'
thcir hcods Tho d,vs nj ~ snn,nel oncc
more upon them, and financial chaos was
come again. Stocks and commercial paper
were at once sacrificed at ruinous rates