Savannah morning news. [volume] (Savannah) 1868-1887, 1881-08-16

nine Vtce-Arsenic Eatfng-A Noted
Doctors StOry-GleanIngs Here and
There.
New YORK. August 12-The important bust
ness interests of New. York are now represent
ed at Niagara Falls. There the American Bank
ers Association is holding its annual session,
representing over eight billion Of dollars. How
easy it is to talk about this great sum. Yester-
day and to-day, a Southern gentleman, Mr..
Thomas Henry, of Alabama, is presiding over
the elaboration Of this wonderful financial
body. They behave very much as a congress
Of doctors, or any other body of professional
men might, and he who looks as I did for a
sensation among them, or anything else,
to distinguish them from the plain, ordinary
men of every day affairs, looks in vain. The
greatest matters of Importance they have
known is, of course, Secretary WINDOWS paper
on government finances Probably no article
on finance has received the attention, or ex-
cited the comment within ten years, that this
is now doing ItSeals with the refunding act,
or rather with the refunding action of the
United States Government. in the most liberal
way, and, in so far, it is history of the secre-
tary's stewardship of the United States Treas
ury. He could not have found in the United
States an audience of more hbersl critics.
The most eminent fnancier this country
knows, although man who deals in finances
for his own interests only, IS PROBABLY Jay
Gould. wish to quote what he said verbatim,
as IL appears upon the note book OF snort
hand reporterto VIII I'm he expressed his opinion
this morning: Congress determined that the
debt comprising the bonds which the national
banks are compelled by law to hold. should be
refunded at lower rate of interest than was
paid to the national banks, and after very DELHI
crate consideration Fixed per cent as the rate
which ought to be adopted. Mr.. Hayes vetoed
this BILL and assumed thereby for the Republf-
can party the responsibility Of wasting upon
the national banks so much OF the public
money as made the difference between interest
at B per cent. and interest at or per cent. on
all of the public debt refundable and not refund
able according to act of Congress. He thus
presented the national banks with one half of
per cent. interest on all the bonds which they
were required TO hold. If the officers OF those
banks are not Obliged to him they are an ex-
tremely uugrateful set of people. What Con
gress ought TO do is to confirm the authority
under which the Secretary acted, with the sim
pie proviSo that the rate of interest shall here
after be reckoned at 3 per cent In that case,
perhaps by the next meeting of the National
Association of Bankers, there will not be so
many expressions of gratitude as are now
heard on every side in that body"
1t is scarcely necessary to say right here that
the national banks and Jay Gould have moth
ing in common, and how much interest either \
OF them have in common with the greatest
number OF people ia the country at large is
very difficult to determine. However Mr.
Gould's criticism has this important quality in
the fact that it Is a knowing mans personal
observations and that that man speaks for a
representation OF nearly eighty five millions Of
dollars
The business of the bankers in this general
session which they are holding is the inter
change of opinions upon finance and monetary
topics. Much attention has been drawn tn
these bankers for the last three days and it
does seem that every kind of statement, and
every extremity of belief is TO be found among
them For instance, banker John Thompson,
of the Chase National Bank Of New York city,
in presenting paper on the subject of panics,
said that at present there is but one alarming
indication of trouble, aud that is the
number and magnitude of new enterprises
involving the.issuaRce of millions and millions
He continued by uttering words of warning to
bank managers, particularly those at the head
OF deposit banks. He said that at this time
they should use the deposits received by them
with the utmost caution and conservation and
to be ready to meet their demands and obi
cations" even in the height of raging panic
His remarks were of sucn general interest that
few of their salient points are worth repeat
ing. 1.-The spirit Of speculation he said, lis
bordering on gambling. This is particularly
true Of New York It is almost equally true
of every community in the country. Kentucky
CANDLES upon its hemp crop, Georgia upon its
cotton Virginia upon its tobacco, and nearly
every locality risks its money in one way or
another upon its chief staple. 1t is safe to say
that during the past ten years nine out OF every
ten ventures have nettet profit This is be-
cause almost generally prices have advanced.
When panic shall come, as surely it will, then
all ventures will be losses, and many will come
to grief. =,
fortune favors, will yield enormous dividends,
but if fortune fails bankruptcy is inevitable
must always stand in the category OF doubtful
institutions Gentlemen, we are positively
coming to it fast, and l conceive it to be our
duly 10 put on the brakes, that the wreck when
it does come. may be the less disastrous
Early one morning in 1873 the active hangers
of three OF the principal banks in New YORK
city were invited to the office of Jay Cooke s
Co They were told that $1,000, 600 were nee
essary by ten O'Clock to save that house from
protest. What security do you offer? was
asked Answer: None; our Securities are
all used II is needless to say that the million
was not forthcoming. We left. In fifteen
minutes Wall street was in panic. That was
only duplicate Of what took place in 1857 |
That fifteen minutes was the first note of warn
ing that was given OF the impending financial
crisis No one knew except the members of
that fated house, and perhaps they did not APP
preciate the extreme possibilities to ensue Of
the great danger. l refer to these events in
history to show that panics come CpoE Ua with
out warning, and kanlcs sulminate in re7ul
sions Of some Ave years duration Gentlemen,
/ am not prOphesying 20 you. am only ring
ing the bell Of warning for us to slow up and
guard our assets. Nothing in the past will
compare with what is in the future. The ne
gotiations and issues Of stocks and bonds have |
been more than fourfold what they were in
1873"
Mr.. Thompson is a plain spoken. earnest sort
of man, whose remarks carTy.with them
weight not apparent in their printed reprOduc-
ton. When he had finished reading he seemed |
to have given that great banking assemblage
more 80 think about than they had known for |
a long time. The prospect OF a panic is by no |
means shown now. and in a conversation with |
Mr.. Libbey, manager Of A T. Stewart & Co. S |
great dry goods business was told that it was |
long way of, or, If near would not arise in |
the manufacturing or mercantile world 1T |
may come, he said, from almost anywhere |
else" dareSay too many railroads are build |
ing too many ventures are being made and too |
many promises TO pay, but it is not in legiti- |
mate trade circles that such conditions prevail |
The entire tendency Of trade is toward a |
shorter system OF credits, and although bust |
ness is larger IN volume than it ever has been |
before, and the kinds OF goods bought are Of |
better standard of quality, the trade is healthy
beyond parallel. This is true Of all manufac- |
tured articles fabrics, hardware and food pro- |
ducts as well. Il don't believe" he said fur |
Their, that any financial crisis is impending.
Certainly don't recognize the signs of it in the
business horizon which command"
The same feeling as to trade prevails in |
almost every circle The volume Of east and |
west bound freights is so enormous that the |
freight depots and cars are taxed to their ut
most, and the movement of grain ocean bound |
is bGyond precedent. There is not to-day an |
elevator on the Atlantic seaboard north of |
Baltimore that is not working to its fullest ca
pacity, and this is true in the face of the fact
that the enormous new crop which is now har- |
for export So great is the demand for trans |
pOrtation service to the West that the trunk |
lines are unable to move more than seven
eighths OF it, and slower routes are obtaining |
remuneratlve carrying trade out OF this condi- |
ton Of affairs. The coastwise steamers plying |
between New York, Boston, Philadelphis and the |
Southern ports. such as Norfolk, Charleston. |
Savannah ami even New Orleans have an |
abundance Of freight offered them that seeks |
delivery in the extreme Northwest. Such a |
movement as this bids fair TO bring to the Cen
trial Railroad Of Georgia the reward for its am |
bilious friends, and she may become in the |
face of extraordinary difficulties one of the |
recogniz I'd lines of transportation between |
the upper Mississippi valley and the manu- |
land Surely such result would demonstrate /
the eccentricity by which trade channels are |
maintained, and besides that, would prove Of |
incalculable benefit to Savannah: but have /
rambled long enough about trade, and perhaps /
there are some OF the lady readers of the NEWS |
who would be interested in something less |
statistical IN its expression and quite as i'm |
portant in its facts.
Do you know that arsenic eating has become |
a vice as prevalent among women in this city /
as drinking az bars is among meni / would /
hate TO speak OF the figures. but they run into /
hundreds or thousands There is no way of /
estimating the exact number. 1t is as insidi- |
Gus as opium and twice as dangerous. 1t is of |
course a dreadful temptation to woman 10 /
let her know there Il anything that will /
make her prettier, whatever the price |
to be paid for it, and however short |
the time OF its good effect. Its use is /
confined TO no one class. The leaders of the /
aristocracy, the demi monde, the actress and |
the shop girl furnish its victims II is not easy /
TO detect the arsenic eaters on the street, |
there are so many feminine arts for conceal |
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