, 1877-01-03

proving to the Home Government and
Diet that, in spite Of apparent extinction
Of life, there vas still vitality enough upon
which to build q prosperous future, If he
could only have his plans carried outY
These questions were anxiously put
and hopefully or despairingly answered,
according TO the temper Of mind Of the indi-
yidual. No one knew anything, but all
hopss were conferred in the Governors
efforts. In March we received the CRATE
full intelligence that the Central Factory
Bill had passed the Lower House of the
Diet, and no opposition was apprehended
from the other House. But welcome as
this news was, oil was not yet done.
Thore was the amount Of 1000, 900 Crowns
TO be subscribed, and the money market
was not favourable to the floating Of oven
the most profitable undertaking. At the
same time, nothing Of any Importance
could be done here, as 1t was well known
that the Credit Association, whieh alone
would have put capital OF tho disposal Of
individuals for tbs purchasing Of shares,
was unpopular from the beginning, and
would not take,
In The same month Ills Excelieney the
Vice Governor introduced the Draft OF the
Budget for 187G-77, showing o deficit q
$4,000, which would be still further In
creased, owing to the fact Of the crop be-
ing likely to prove for below whQ6 was
expected at the time the Draft was framed.
For four years the expenditure had exceed
ed Che revenue by about $4,000. Besides
Ghero was an amount Of $4,000 outstand-
ing on Bureau Loans, OF which q portion
was totally lost, and the Treasury owed
about $4,000 to the State Treasury, be-
sides the immigration loan. The total
assots iromalI sourcoa were about 100000.
No one, we believe, was startled by this
revelation. Every one wl8, as Was natu-
ral enough under the circumstances, pre-"
pared for the worst. Voices were how
ever raised in the Council for postponing
the discussion OF o Budget like that till
We should know the result of Governor
Garde's mission, In other words, till we
should Know whether we would have the
money TO cover it or not. To this it ap-
pears there were formal objections, which
however must have been overcome, for
0S q matter Of fact, the discussions did not
take place before that result was known.
In the middle of April, the financial
depression had come to such o pitch, thas
il was resolved at a meeting Of the Trua-
tees of the Savings Bank that the business
Of che bank should be temporarily aus
pended with respect to the receiving of
deposits and paying Of demands, and that
the necessary steps should be taken in
order TO wind up the affairs Of the Bank,
and later Commissioner were appointed
20 regulate and llquidato these affairs, and
two instalments Of 90oIo each on deposits
have already been paid. The Colonial
Bank had stopped business from the
beginning Of the year, TO the greas regret
Of the whole community, but il was felt
that it could not be otherwise, and, like so
many other advorsities, had to to be borne
in the best manner possible; but when
the Savings Bank crash came, it was felt
by everyone how much more serious that
might turn out to be, although involving
smaller money interests. A great many
of tho depositors were poor, ignorant pso.
pie, whose financial notions are OF the
most primitive stamp. and to whom the
whole transaction might easily appear q
most villainous act of swindling. What
would these people do Gould they be
made to understand the situatlonf Would
they not Glamour for getting every cent Of
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