The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-03-22

A Calamity Worse than she
GreaI Fire.
The EEen Who RebuEsC the
City now ON The Verge
Of Starvation.
New York Star.
The financial panic which came up
on this country in 1873, and which is
still sweeping with terrific force
through every section of our land, has
fallen upon Chicago with great seVeri-
ty, and has left ruined homes in its
pathway. While other cities are suf-
tering severely, ChicagO's men OF
wealth are all wrecked, and her beau
tiful structures are becoming the prop
erty of strangers. The city, rebuilt
by enterprising men, is now owned by
money kings who live in the East,
and they who were once che represen-
taCives of all that goes TO make II beau
Lifui and prosperous inland metropolis,
are lett without home and shelter,
many of them despondenJ wanderers.
And iG is not only her citizens VIII
suffer as individuals, but the city
government is without funds TO carry
on the various departments, and no
fu rtber 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
70 pay taxes, is problem yet to be
solved.
A resident of New York, who was,
for many years, engaged in business
in Chicago, met the Hon. Leonard
SWEET at the BreVoort House, few
days ago, and drew from him a pic
ture of the Oscillation now affecting
that city. Mr.. SWEET is the ablesC
lawyer in Chicago, and is thoroughly
conVersant with the situation of at
fairs in that city. The conversation
Was briefly as follows:
1t is reported, Mr.. SWEET, that the
people of Chicago are suffering terri
bly,. Is it SO?
1t is true, sir, and you cannot imag-
ine-you cannot form any idea of the
state of fairs in that city. 1t is
worse than any man can conceive of.
Does it affect the leading citizens?
Observation-Disclosures of all the best
citizens of Chicago are bankrupt. OF
every twenty you can name l can
show you that nineteen are utterly
ruined. None have escaped but those
who were dealing in money. The fail
ure of half dozen of the large mer-
chants has swallowed up the small
dealers. The property in Chicago
wouldn't sell for the mortgages, and
the original owners do not put a valua-
ton ON it now equal to the amount of
the mortgages. The men who rebuilt
Chicago are all broken up.
How has this happened, Mr.. SWEET ?
You know, said Mr. SWEET, all about
the building of Chicago. Her citizens
could only rebuild by the aid of East
ern capitalists. They went forward,
however, with an energy unparalleled f.;
but the brick they put into their build
ings cost S15 per thousand, and the
laborers received "a per day. The
properly that cost $50, 900 they mort
gagged for 5000 or more. To-day L
can get brick at 81, and laborers at
any price, 1t is easy to understand,
therefore, that the property cannot be
worth more than that one-haif of what
it was valued at, and that it is not
worth enough to cover the mortgages.
Has property deprecated in every
section of the city?
Yes, it is all alike. The other day
took walk with Mr. -, a promi-
nent real estate speculator, and he
directed my attention TO q piece OF
property, and said: A few years ago
L was offered $4,000 for that proper
5y. l refused 1t, and demanded $780,
coo. have recently offered to sell it
for $l2 600, and l doubt v neither l can
get that much for it. You will see
from this that property has gone down
very low.
Mr.. SWEET was asked as to the finan-
eial aff..irs OF the Hon. j. G. Haines,
the exMayor and Senator, and OF
hundreds of others, and his reply Was,
they are all ruined and have nothing
left.
And what about the Hon. N. B
Judd, the ex-Minister TO Berlin?
He has not only lost every thing
his beautiful home at KenwoOd and all
the other properTy-but he is mentally
a wreck. 1t is hard. indeed, 10 look
upon this man in his affection.
Who were affected by the savings
bank failures?
Mostly poor people. Those who read
the papers and were in the habit OF
looking ahead saw what was coming
and took their money out. The three
large banks deprived thousands OF
their earnings of many years, and left
them without q dollar.
What of the city government?
1t Is conducted in an economical
manner, and much better than in
years past, but the Supreme Court
has forbid their uttering any certifi-
Gates of indebtedness, and it is hard
to conduct the affairs of the city. ]
don't know what they will do.
Did Mr.. Coolbaugh, the banker, who
shot himself aG the grave of Douglas.
leave any property?
Yes, he left property to the amount
of $500, 900, and no cause can be as
signed Tor his rash act, except mental
arrangement.
understood you to say that nearly
ali the men who rebuilt Chicago are
ruined?
There is hardly an exception. They
are all bankrupt.
The above is truly a sad picture,
and it comes from the lips of one who
knows whereof he speaks.