, 1878-03-30
Almost 4 Bankrupt City.

4 a
many years, engaged in business IL
Chicago, met the Hen. Leonard Sweet al
| the Brevoort House, few days ago, and
drew from him picture If the desolatior
now infietins that city Mr.. SWEET Is
the ab!est lawyer IN Chicago, and Is
thoroughly conversant with the situation
of affairs in that city The conversation
was briefly as follows:
at is reported, Mr. SWEET, that the
people of Chicago are suffering terribly.
Is it sol'
'+It is all true, sir, and you can not I'M
agine-you can hot form a''y idea OF the
state of affairs III t.l..C CITY. IL IL worse
than any man can conceive or
docs it atiiict the leading citizens z
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 III money. The failure of half a
dozen of the large merchants has swallow
ed up the small dealers. The property IN
Chicago wouldn't sell.for the mortgages,
and the original owners do not pat q
valuation on it now equal to the amount
of mortgages Men who rebuilt Chicago
are all broken up.
"How has this happened Mr.. Swett ?
"You know" said Mr.. SWEET, all
about the rebuilding of Chicago. Her
citizens could only rebuild by ile aid of
Eastern capitalists. They went forward,
however, with an energy unparalleled f;
but the brick which they put into their
! buildings cost so per thousand, and the
laborers received 81 per day. The proper
ty that cost S;i50, 900 they mortgaged for
S7I5, 900 or more. To-day | can get brick
at 81, and laborers AT any price. 1t Is
easy 70 understand, therefore, that the
property can not be worth more than one
| half of what il was valued at, and that it
is not worth enough to cover the mort
cages.
Has property deprecated in every
section Of the city!'
'Ycs, it is all alike. The other day |
took walk with Nil, prominent
real estate speculator, and he directed my
attention to a piece OF property, and said:
q A few years ago | Was offered Sl20, 900
for that property. | refused it, and de-
manded Sl50,OO0. / recently offered to
sell it for 81, 600, and | doubt whether
can get that much for it. You Will see
from this that property has gone down
very low. "
Mr. SWEET WIS asked as to the financial
affairs of the Hon. c. Haines, the ex-
mayor aud senator, and of hundreds of
Others, and his reply was, g. They are all
ruined and have nothing left
/" And what about the Hon N Il.
Judd, the exmInister to Berlin !"
- He has not only lost everythins-his
beautiful home at kenwood and all the
other propelty..b but lie is mentally Il
wreck. Ii is hard, indeed, 10 look npon
! this man in his afiliction"
" Who We're afflicted by the savings
bank failures p
g MOSTLY poor people. Those who read
the papers and were IN the habit Of look
Ing ahead saw what WIS cor.ing and took
their money out. The three large banks
deprived thousands OF their earnings of
many years, and lett them without Il dol
! lar.
:" What OF tie city government 2
g II is conducted III IN economical man
ner, and much better than III years past,
but the supreme court has forbid their
utterin. any certificates of Indebtedness,
and Ii is very hard TO conduct the affairs
of the city. | don't know what they
Will do.
Did Mr. Coolbaugh the banker who
shot himself at the grave of Douglas,
Lave any property
YES, lie lett property to the amount
Of $500, 900, and no cause can be assigned
for his rash act, except mental deranse-
ment.
- understood you to say that nearly
all the men who rebuilt Chicago arc ruin-
ed T.
"There is hardly al exception. They
are all bankrupt"
The above is truly, sad picture, and it
comes from the lips Of one who knows
whereof he speaks--N. Y. Star.