Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-06-11
pealing to Wall street. Grant
and Arthur are there
OmninOtpnt and wa yvOu1d laeoan thar

pealing to Wall street. Grant
and Arthur are there
omnipotent, and we would lessen their
strength in nothing. Their weakness
is evolved from their strength in Wall
street. Blaine won power when
Arthur, in Wall street, was illustrat-
ed, and nothing Is 30 gratifying to
the Democracy as the fact that Wall
street can never be induced to support
the Democratic candidate. The
strength of our party consists
In its weakness among the
government created aristocracy.
The poverty of the people in dollars is
the party's strength in votes. This
issue is not yet made up. but it is COM
ing, and the nomination of the railway
king, Jim Blaine, If made, precipitates
it. Whoever the Republican victor at
Chicago, the gathering about him OF
the tariff-endOwed autocracy and of
the bondholders will drive the peo-
pie, as did Arthur's nomination
by Wall street, into the Demo-
cratic ranks and the conflict becomes
rather one of classes than of political
parties. The rich will corrupt the
press and delude and buy many who
are poor; but the great body of the
working people, who would recover
possession of government which
they instituted and have maintained
by valor and toll, will support the
Democratic ticket. 1t will be elected
and no dead man, however full of
moral and intellectual virtues, can be
president.
THE COLLAPSE OF BANKS.
The banks are knocked over by one
another slowly, but very steadily.
Metropolitan newspapers "restore per-
feet confidence" every morning, but
more failures ensue. Collocated bank
ing institutions stand by one another,
but those isolated, If their managers
have been specializing in Wall street,
rapidly go under. The banks
here have been pretty thoroughly
tested. The collapse of Middleton's
bank melted a run upon the rest.
DepOsitors very cautiously and pru-
| transferring their accounts, in many
instances, to Riggs old institution,
deemed here as solid as Gibraltar.
But the run on the National Savings
bank was merciless. This concern
pays 3 per cent. on deposits, and null
titudes of clerks and working people
left their earnings in its vaults. Satur-
day morning the mob beset this bank.
Riggs, am told, is one of its owners,
but the people lost faith and all want
ed their money at once. 1t was dread
ful-the flushed faces and earnest, eager
anxiety of that frightened throng.
The cashier seemed not in the least
alarmed. The president of the con-
Germ sat in full view of the long line
of depositors coolly pulling his cigar,
and the cashier slowly examined
each account aud then paid
the check drawn on 1t. 1t
was pitiful sight, when men and
women struggled for access to the little
aperture through which rusty, blurred
and blotted checks were thrust by
trembling hands. But the bank was
still paying an hour ago, and this Is
the second day of the assault. 1t will
not end until there is not depositors
dollar left in the vaults. unless Riggs
d Co. announce their purpose to up
hold the beneficent institution.
The story was current here this
morning that Jay Gould had sue
cumbed to the tempest. His losses
have been enormous, but his failure ]
believe to be impossible. Vanderbilt,
frightened by the continuous decline
of stock and bond values, hurries
back from Europe, and 1t seems that
no force of newspaper opinion or
declarations emanating from Wall
street can arrest this decline In prices
or give solidity to banking houses.
Hard-pan will be reached when fiction
gives place to fact and the money OF
the country is the equivalent Of treas
ury certificates based on coin.
GALVESTON HARBoR AND THE EADs
BILL.
The failure to "get up" the river and
harbor bill in the house last week was
disappointment to the Eads meas
ure advocates, who expected to have
strike out the appropriation of $780, Oo
for prosecution Of the Galveston har-
Dor Improvement under the engineer
department, and thereby leave
clear way for the seven and three
quarter millions for the Eads Dill.
The merits of the matter seem to be:
In lS69-70 congress appropriated $2b,-
600 for the deepening of the water over
Galveston bar. Subsequent annual
appropriations followed for the same
purpose. Surveys were made and the
work was begun on the Gablon plan,
ultimately pronounced q failure. Al,
ter long conferences and additional
surveys the jetty system was APP
proved, and is now In progress unuer
the government engineers. Gal
weston grew impatient because Of the
alleged slowness of the work and
an invitation was given by prominent
citizens of Galveston to Capt Eads 70
do the work by contract. A commit.
tee of citizens was formed to proceed
70 Washington to promote the object;
Capt. Eads could pot be present, ana
the committee returned to Galveston.
Capt. Eads advocated his plan before
the congressional committees. OPP
position to the Eads appropriation be-
came strong, and Capt. Eads reap.