The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1873-10-10
Correspondence
The panic" in Indianapolis.

INDIANAPOLIS IND, October 8, 1873.
EDITOR REPUBLICAN - Indianapolis
has had Il touch of the panic, yet she has
so far stood up to the work nobly.
Among her numerous banks but one
had to suspend, and that one but for Il
few days only. The action of our banks
and business men, so far, in such Il try
inc hour, speaks volumes for the sound
stability of the city, and but shows that
indianapolis is destined to become Il
great city. Many very laughable incl
dents occurred during the first days of
| the panic. Yor know that in every COM
munity there is 4 class of people who
are almost afraid of their own shadows,
and of that kind indianapolis has Il few.
The first rush of depositors was made
upon the banking firm of Wooden, Webb
& Co., which caused them to close their
doors for a few days. The mex move
was made upoa Il German banking firm
of Ritzinger 4 Bro, yet that bank with
stood the storm and paid every one who
had become afraid of the bank and
wanted his money. One man was boast
ing around the street that he had drawn
his money. 1--WE got it right here" he
exclaimed, slapping his hand on his
vest pocket. A sudden palencss over
spread his ~countenance, and the subse-
quent proceedings around the bank in
tcrested him no more, after he had made
the discovery that his pocket had been
cut and $500, just drawn, extracted
therefrom. During the run on Kitten
gers, Il man rushed in very excitedly
and demanded an immediate settlement
he must have his money right away.
The books were balanced and he was
handed out his currency, which amouted
to $50. A colorcd man during the
run on the Savings Bank, handed 81
over the counter, with the exclamation
.sHere, Massa Ray, take dis money and
pay off desc scared folks" We have in
indianapolis a very wealthy banker by
the name of Stoughton Fletcher, who is
well known to many of your readers
who are Indianians. The "Indianapo-
lis People," a paper published here,
says that during the run on R~itzengerS'
Bank, Mr.. Fletcher took an armfull of
bank notes, buckled 4 leather strap
around them, and singing them owe
his shoulder. pushed his way through
the crowd at Ritzengers. and throwing
them on the counter, said: Here, boys.
if YOU want any more, let me know"
The business men have not failed, so far
as in their power, to come to the rescue
of our bankers. Many of them, in order
to assist the indianapolis banks in the
present dilemma. have paid their notes
= l,,t- l.nD haf,ra MATURITY The
Daily Journal is my authority for say
inc that business men are letting their
paper go to protest rather than diminish
the currency reserve in the city" ''ln
one case we know" says the same pa
per, "a business man, whose credit can
not suffer by the operation, let 5000
ofhis paper be protested, while there
was that amount to his credit in the
bank, placed there for the special pur-
pose of paving those notes, because the
bank said it wanted the money" If such
L spirit is tina: could animate the people
of the United States in Il crisis like the
present. but little fear need ever be felt
for the safety of our financial resources.
The great question never to be solved il,
will We, rs Il people, in such a time
prove ourselves master OF the situa-
ton? hope we will, let the present
troubles result as they may, w will be
taught a lesson of much value to us in
end, yet it may prove a dear one. be-
lievc the country, as Il whole, is in Il
safe and sound condition; and among
some of the reasons for such 4 belief is,
that we have a cotton crop this year in
the south of about 4..JO0, 900 bales, which
will average about $50 a bale, the larger
part of which will be sold in 4 foreign
market, for which IL merchants will
receive gold in payment. For that crop
alone Wa will receive nj least S2OU,Ovo,-
600 from its export. We have a large
supply of wheat, corn, beeves, hogs,
butter and cheese; of these we will sell
this year not less than $l50,OO,O 900 To
Europe. Now add to that our tobacco.
sugar. rice and petroleum that will be
exported to Europe, which will, in the
aggregate, increase our foreign trade
many millions more. Therefore, in view
of such facts, who can doubt vi ability
to withstand n severe financial shock if
we only exercise the right degree of
prudence and care in a crisis like the one
Ue are now experiencing. Our country
cannot be b%ankrupted this year, at least,
with such a crop as we now have On
hand, such n thing is too preposterous
to he entertained by any sane man for
Il moment. Therefore l say to the:
boisterous man in such a time as this
Let us have peace" Yours truly, &c,
w. II. LANCASTER.