The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1878-03-13
Ghe 8allatiu
A PICTURE OF THE TIMES.
ChicagO's Disastrous COnditisn -
What the Job sherman Policy las
Done for the Metropolis Of Hin is.-

PmcnBO'b DhsAstrOuA COnuNt0n -
What the Job sherman Policy las
Done for the Metropolis Of Illinois,
From the New York Star.
The financial panic came upon this coun-
try In 1873, and which is still sweeping
with terrific force through every section Of
our land, has fallen upon Chicago with
great severity, andy has left ruined homes
in its pathway. other ciriesaresuf
fering severely, Chicago's men Of wealth
are all wrecked, and her beautiful structures
are becoming,:.the property Of strangers
The city rebuilt by onterprislLg man, IA,
nov owned by money Kings who hye in
the east, and they who ere once the rep.
resentatives OF all that goes to make q
beautiful inland metropolis, are left with
out home or shelter, many OF them despon-
dent wanderers. And 1t is not only her
citizens who suffers as individuals, but the
city government is without funds to carry
on the various departments, and no furth-
ef indebtedness can be contracted. What
will be the fate OF this city, and what will
be the result OF such a state OF things,
when the people are unable to pay taxes.
is aproblem yet to be solved.
A resident OF New York, who was, for
many years engaged in business in Chica-
90, met the Hon. Leonard SWEET at the
Breyoort housea few days ago, and drew
from him picture Of the desolation now
affecting that city. Mr.. SWEET Is the ablest
lawyer in Chicago, and is thoroughly con-
versant with the situation OF affairs in that
city. The conversation was briefly as fol-
lows: ..
at is reported, Mr.. SWEET, that the peo-
pie Of Chicago are suffering terrible. Is 1t
sor' -
ut Is all true, sir, and you cannot imag
ine--you cannot form an idea OF the state
OF affairs In that city. 1t Is worse than any
mal can conceive Of" 1900 o.. z ~
'Does it affect the leading citizens ~
''Nineteen-Twentieths OF all the best
citizens OF Chicago are bankrupt. OF
every twenty you can name ! can show
you that nineteen are utterly ruined.
None have escaped but those who were
dealing in money. The failures Of halt q
dozen OF the large merchants has swallow
cd up the small dealers. The preQaHh in
and the original owners 'don'tpqt.a vaIlr4
tion on It now iIaI to the amount d AHe,
mortgages. The men who rebuilt Chicago
are all broken up"
. slow has this happened, Mr.. SWEET"
s'You kIow," said Mr.. SWEET, "all about
the rebuilding OF Chicago. Her citizens
could only rebuild by the aid OF eastern
capitalists. They went forward, however,
with an energy unparalleled; but the brick
which they put In to their buildings cost
S!5 per thousand, and the laborers re ceiyed
"a per day. The property that cost Sl5O,-
900 they mortgaged for $4,000 or more.
To-day I can get brick at 81, and laborers
at-'any prics. II Is easy to understand,
therefore, that the property cannot be
worth more than one-half OF what it was
valued at, and that 1t is not worth enough
to cover the mortgages" .s
HAS property deprecated In every Sec
ton Of the cityt
eyes, it is all alike. The other day l
took q walk with Mr., prominent real
estate Spectator, and he directed my at
tention to piece OF property and said: "A
few years ago was offered $4,000 for
tina. property. refused 1t and demaned
$l50,0O0. have recently offered to sell 1t
for 81, 900, and:I doubt whether can get
that much for It, You will see from this
that property has gone down very low"
MIR. SWEET was asked as to the financial
Affairs Of the Hon. j. G. Hams, the ex-may-
or and senator, and OF hundreds Of others
and his reply was, '"They are all ruined
and have nothing left" ..--..-.-.-.---
sand how about the Hon. n. Is. Judd,
the ex.mnister to BerlrP'
Gle has not only lost eveything-his
beautiful home at Kenw0Od and al the 9TH
or property-but he is mentally wrecked.
1t is hard, indeed, to look upon this man In
his affection" @ a...- . f s.
"Who were affected by. the saving bank
failuresw
"Mostly poor people. Those who read
the papers and were In the habit OF look
! ing ahead saw what was coming and took
their money out. The three large banks
deprived thousands of tEeir earning Of
many years, and lett them without dol
lar" -r.a
"What of the city governmentF
], at is conducted IN an economical man
ner, and much better than in years past,
| but the supreme court has forbid their is
| suing any certificates indebteness, and it
| Is very hard to conduct the affairs of the
city. | don't know what they Will do"
"Did Mir. C0olbaugl, the banker, who
Shot himself at the grave OF Douglas, leaye
any property? Up q --5.T.- g-...l .r...,g.
Eyes, he lett property to the amount Of
100000, and no cause can be assigned Tor
his rash act, except mental arrangement
al understand you to say that nearly all
the men who rebuilt Chicago arc ruinedW
"rhere is hardly an exception. They
are all bankrupt" % easH. IN. .-,. 81.
The above Is truly q sad picture, and II
come from the lips OF one who knows
L xuhar0{ ha anaaka