The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-08-22
FORTY YEARS AGO.
Where the Panic of 1897 Landed the
Country.
New York Correspondence Troy Times.

New York Correspondence Troy Times.
The pressure which followed thepan
ic of 1887 was felt for seven years, tn
darkest hour being, according to tn
old saying, just before dawn. Th,
latter occurred in 1913, when a decid
ed improvement was noticed. La 184:
United States skies were sold in thi
city at 63. They had but two year
to run and were paid in specie. Stat,
of New York skies touched 70. Penn
sylvania were quoted at 81, and Obi,
skies at 80. These bonds were after
ward paid up at par. Indiana anc
Illinois bonds fell to 10, and yet botl
principal and interest were eventually
paid in full. The secretary Of tn,
Treasury Cat Washington invited pro
posals for loan, but when the time
had elapsed it was found that no bid
had been made.
REPUDATI0N.
On the first of January, 1871, sis
States failed to pay the interest ol
their bonds, and reputation became
one of the bugbears of the day. Some
of these States, being unable to raise
money by taxation to meet govern
ment expenses, issued scrip, which was
receivable for taxes. Ten millions OF
such paper we're put into circulation
by the different States. In Ohio il
was quoted at 20, but in Indiana il
fell to -, and yet it was eventually
paid in full, The National Govern
ment, being unable to borrow, issued
treasury notes, which also fell below
par. Such was the arrangement IN
the currency that in Philadelphia tho
premium for drafts payable in New
York was II per cent. In Cincinnati
the premium was Is, while at Mobile
it was 81. Flour which during the
initiation of 1887 was $12, fell to 50.
Cheese was sold at A, and butter at
8 cents. The total imports into the
United States in 1886 were S16O, 900,
900, but in 1910 they had fallen t
s1O7, zoe, goo.
REAL ESTATE ASSESSMENT.
The assessment Of real and persona
estate of this city is more than 81 ,
/ 100000, ,0C0, hIt they show a decliu,
Of 50, 900. 900 from last year. In 1874:
/ the assessment was only $237 900, 600
and vet the decrease was more thai
$13, 100000 in one year, Of whic.
( two-thirds was in real estate. Ia l64;
the favorable change, as l have said
took place. and the valuation bcgaI
( to increase until it reached its presen
immense amount,
LOOKING WEST
The success Of this city to a large
degree depends OH the prosperity o
the West, where at present the pres
sure is severely felt. Cincinnati ha.
Just witnessed the failure of Governor
Bishop and his sons, which was one o.
I the heaviest houses in that city. Look
ing back on Ohio in 1912, find tha,
the number of banks (Which in 1881
was 80 was reduced to eight. In
1886 the loans and discounts in tha
State wee S17, ,070,814, but in 184;
the amount was only S2,778, ,258
I being hardly one-sixth Of the former
sum. THIS proves that Ohio has en-
dured much more than lis prescn
/ burden, and so has New York. OW
business community throughout tn,
whole Ration has had hard burdens
and it is encouraging to see how wei
they have been borne until returning
prosperity brought relief In closing
this paragraph [ would add the fol
/ lowing remark from an able write
who fourished nearly half a centur,
ago: Commerce has its cbb an,
flow, which often BATTLES human sagac
ity and defeats the wisest plans. =,
prepared. therefore, for revulsious apl
for those financial difficulties by whicI
thousands have been impoverished
who once rioted in opqlence and sup
posed themselves beyond the reach c
misfortune.