Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1877-10-08

CHICAGO, Sept. 20 1877.


The backbone of the hard times seems
to be broken. Trade in all departments
has largely revived indeed the whole
sale merchants of Chicago report that
business has returned to its normal ac-
tivity. The receipts of grain are un-
usually large: the city is crowded with
country merchants, the whole West is
rich in the abundant harvest just Sc
cured. The delightful weather
throughout the season has enabled far
mers to push their work on to favora-
BILE state of forwardness.
How seriously the recent bank fall
ure will effect the general toning up, is
yet uncertain. Chicago and her SUBJ
urbs however must feel most keenly
this additional blow at her prosperity.
Is she fated city Z? The failure of
three Saving Banks in as many weeks
is no trife. First came the failure of
the estate Savings Bank" involving
fourteen thousand depositors and entail
ing loss upon them of over three mill
ION of dollars. The scoundrelism ex-
posed in this disastrous failure; the
cool, well laid plans to rob the poor
mechanics, laborers, widows and servant
girls of the city, was sufficient to excite
the ire Of the whole land. But before
the news had called forth the comments
of the press, and every editor had i'm
proved his opportunity to impale Spen-
GER and his associates upon their pointed
quilts, the telegraph announced that the
Merchants, Mechanics & Farmers
Savings Bank" had closed its doors, and
the poorer classes of the city were the
losers of another million. Notwith.
standing all this, most people retained
their confidence in the "Fidelity," Its
name, grated doors and windows, anG
uniformed and we'll armed guard may
have given feeling of security. Blu
Monday last at $50 a. m. notice o
closure was nailed to the door of tn,
Fidelity" 1t had failed. How seri
Gus this failure may prove is only spec
alation, but there is no evidence o
fraud. Good business men estimat
that depositors will realize not less thai
rs per cent.
By these failures the poor people ar
suferers.-Mechanic, s widows, servant
their only dollar laid aside for tn
hour of need, the little sum to meet th
interest on the mortgage, or buy th
fuel and clothings for cold winter.
Just after the Estate Savings" faile
woman closely yelled appeared at th
, bank. She was weeping bitterly
/ and some one approached and inquire
why she wept. Her husband had jul
) died; he left $4,000 life insurance
which she had received and deposited
) the bank. He also left little HON,
7 though it was mortgaged. But with Il
assistance of her $4,000 in the bank, 81
expected to pay the notes as they b.
l came due. and comfortably support he
self in her little home The bank ha
' failed, and that morning the mortga.
e had been foreclosed and she turned in
s the street penniless, with not where
lay her head.
Unlike the heavy failures of '73 swee
ing away the Commercial Banks, tn
severing the great arteries of trade al
i spreading ruin everywhere, the effect
: these failures are largely local, and W
. not to any marked degree disturb IL
. prosperity oe the land.
= There is no place In this world whe
treasure is satellite Insurance CO.
- panies fail /; the bottom drops out
N real estate banks go by the boar
and in our own house it is not sa
A neighbor had committed his all il
- cash and hidden it in his house, Il
I" week the house was burnt and nothi
= saved. But character, a good cons
- ence and pure heart, no power can d.
" troy.
w. III. HOLMES.