, 1876-01-08

losscs. until 1872. when farm*producc found tl,,
!oHost pjcna sud property. catno 10 lts lo*rs
level. Sound banks ssut c1oAoi u, and whr,
flolnH busncss; weok one.. as tito saving II, had
gono up. Five yeara wers cans,,.nol 10 getting
down from This lihncial ploer -curtency auIn,nit
to tho low sAflny Of a hpecle standard.
Tho Tr1ter s as psr.lcluAtor in thia change,
and, being largely insertp:ea In bnsina-s, reni.
tzcd In mind. feeling. hnd off,rt what i,c writes
His invoice IN 1895 mas 42iiG00; about half waa
fnonoy due, aud the 1thsr half teal ett4tc, A.
once he quit btHsncss and eel about clo#,uy 10,
and IN 1899 lad oserv d. liar mad, aid an tpro:oe
tho general falling away of tho snrporei wcallt,
nf t,rvin la In 1tgh li1ncs,-uf naper csttn,s,er
to tfloKo Of actual com.
During thnse tiftcon 10 twenty years, tanot.o
snlso, oravats banNor In Chicago, tnru,saiptl
tho banking fnc1ltIeh for tllie city. ~ az Issue
Of hla Of all Insurance COMPANY n! iilluankoo ;
and, t., hts credit be |: sal.i, Cn,calu sss mover
potter accommodated 1uauciaIly than by George
Gmith.
THE cHlsfa or 1851,
Tho yoar lsi2 bling tho !o~es. and du!leat
Joar, with 1843 hitsnehs hogan to rrylye and r3t-
tstcnce to recover. From th!a ,ina o,wstt. trro
was 20 gcners! great charrn IN financial affa,rs
nutll 1877: Thn comes within Tho memory Of a
large portion of tho busineaa~ aa~co1nmuu,ty.
Iho financial crisis OF this year became ecn-
cFal aud national. l.ke tie two pseylnua oucs,
10 tho bnslpoas mind then, md aven nov, tllere
anpcafcd no real cause Of aceesalty in tho oon-
"a lHo EkHiu114 l0E Its 1TuE, 1lllDU1H
banks and their iinat,cca were In o bal var. aud
a. groat discount for Apccto but tho county
nt large II its finances was unexpected Of weak.
nose; % But an Institution in Cincinnati
n,iiss i,, up Of . euddon, and this eprcad
men and banking institutions. nni all AZ one
took fright and alarm. Tno fear OF State banks
that issue tHo OF three dollars in bills to ono III
specie In Alcir vaults, iB Alanvs that they will be
cai1ed upon for apccio.rodemttipn hcpce thew
bHrIH tn fj,h Etut q.
With an lesno payable iu coin arc only good and
useful tn fair weather; In c.oao financial t,iuea
their feasa and actlou only add 10 Tho common
datIess. Al! tho cauacs that produced Tho crisis
GLIDING 1862, would not hAvo croascd a ripple in
the bustteBs Of tho country II cur pseftlt fluau-
cial nystctn had thon existed.
TIE cEiHls OF 1877,
ttno lant and l'gl'tcst, btartcJ In the failure OF
Jay Cooke l. Co. In September. Thp roasou of
'it* bocomln2 general was, th.r tsleEo waA too
much debt of tho country for the nnneF to float
or curry 30 tllo gEca:cst tobtnr fnied tirat mud
,all who were out Of balaucc. who owod too much
!debt for tAcir rseourcest had to follow,
How }ong tbs hard times, "a they alltlom
nov, will laet, i don't know; 1t dcponda u1urA
'on tho persIsteuco OF tho people, in aud out al
power, for specie payments. bat for the annnd-
neBs OF our currency, md ttB 1na1tity and roll
ability, Wo might eufcr all kllo delay and loha
that the 1857 and 1867 crisea subjected tho
country to.
In 1857 tho ori.ie failed tht, ban5,. In 1887 the
crisis failed tho banks. too. for TIM time Al each
Of those, the hankR had more than :l in bills It
to 81 Of stncie in tlioir yaltH. ] hs c:ists OF
1857. cas1aeless as 1t "as In rea'y like tie two
Prertous, spread ite rall oYor full tvc years. rp
70 1862, and SO might look for the Pane ti.ne in
this but for tho dear consolation that now we
la7a finance that doean't phase or nt,ccuu.b to
fright Or panic.
Now. 10 close. pernl. me to Fay, after almost
sixty year6 u exbertnnco OF practical hunneea
in Chicago and about ti,eao Western lakes. thnt
thera has never been ten or twe,ye ycara When
the tlnanca Of sfh country has btas 10 settlet,
80 toun1. 40 roliablo without tluotuatlon, and so
permnnent in uso and Bupp1r. siuco tho Var of
1sl@. ~ it hha been for tho laat tnelvo ,yenrs
Nor has tho prt epnrity Of the county over been
egu3led before Yourp, r. EIcauonr.