Wichita daily eagle. [volume] (Wichita, Kan.) 1884-1886, 1885-02-07
OUR NEW YORK LETTER.

OUR NEW YORK LETTER.
To the Editor Of the Daily Eagle:
The failure of John j. Cisco & Son,
which took place in Wall street recent
~, has brought TO the front lady
who is said to be the richest woman
in America. Mrs. E. Ii. Green had
$4,000 in cash deposited with Cisco
q Son subject TO order. and also $780,
| 000, 900 of stocks and government and
railroad bonds, securely locked up in
the vault of the firm as a special trust.
Mrs. Green was the daughter of a
New Bedford whaler named johnson,
who died some years ago and left her
| about S. ,000, 900. She has been extra
ordinarily successful in investing this
money in stocks when the market was
low, and has quintupled the amount
oy her own shrewdness and business
tact. The New York banks have re-
Gently declined to receive silver
certificates in their exchanges with the
Boston banks. The New York bank
| ers are specially down on silver coin
age and silver certificates and the daily
| press here with the exception of the
sun, are inclined to back up the banks
| in their efforts to demonetize silver
The object of the banks in demone-
tlzing silver is to make their loans and
discounts of more value to them by
having them all paid in gold coin or
It's equivalent. The standard silver
| dollar is now worth only about SO
| cents in gold. The national banks,
according 10 the last report of the
| Comptroller of the currency had over
81 ,200, 000, 900 in loans and discounts.
These bankers are afraid that the
coinage of the silver dollar and the
issue of silver certificates will result
i'll making silver the standard of value
IN the country, and if this should be
he case and gold should go to prem
ium, all of their loans and discounts
would practically be payable IN silver
and AT discount of II per cent from
| gold, this of course would entail a
loss upon the banks amounting to over
S2l0,OO0.00 When the fact is taken in
To consideration that the money loaned
by these banks was either greenbacks
or bank notes or silver, and that much
%! this currency of the time was at a
discount from, the course taken by the
banks seems rather unjust TO debtors
strenuous efforts are being made in
Congress TO have the coinage of the
silver dollar stopped. This would be
equivalent to demonetizing silver, and
If silver were demonetized all the
enormous debts now contracted in the
country would be payable In gold or
| ITS equivalent. There is not only ST.
2Oo.OOO,OOO of loans and discounts of
the national banks, but all the loans of
the savings banks. life insurance, fire
insurance and trust companies. and all
the mortgages on farms and real cs-
'aic, east and west, would become
payable in gold coin. One fact in
connection with the subject is noticea-
bic and that is the demands made for
the demonetizing of silver come from
the bankers and money lenders and
not from the farmers, business men
and working men of the country.
Hugh Mccullough, acting secretary
OF the treasury, is criticised very much |
for his efforts to demouetIZe silver. |
III VIII be noticed that he has not is |
sued call tor the redemption of any |
bonds since his appointment to the
treasury department. He is allowing |
the gold and silver to accumu-
late Iii the treasury and is taking ev-
cry means in his power to make silver
unpopular. 1t is well known that he
Is warm friend of the national
banks, and when he was acting secre-
tary of the treasury before. he did
everything he could TO perpetuate
these corporations. He says he will |
not cancel any more bonds while he
holds his Office
The business of the New York post
office is increasing at a rapid rate ev-
cry wear, Last year there was deliv-
cred in tins city 277,14S56s pieres OF
mail matter. There were sS2 $50
money orders issued and paid,
amounting to S997o,O64.3l, There
were 65s.li6 postal notes issued
amounting to Sl,l,lSs.477. The tota
receipts from the postotiice were. ST.
$50, aSS.i9. and the total ex-
pendltures were ST. ,i62, l46.I2. giving
a net revenue of s.. ISs. 1928 Since
the bill reducing the postage on letters
was passed, the use of postal cards in
the country has greatly diminished.
In 1883 there were 1874 Gal, 600 used.
while last year there was only I67 .3l5.-
go. reduction of - $40 per cent.
Ii is claimed that il costs the gov
ermnert Just as much TO carry a postal
card As il does letter. aud that if the
postage was reduced To one cent i,
would be only year or two before
the receipts of the pos;ofiice depart
ment would be sufficient to pay its
expenses, and therefore penny letter
postage should be substituted for the
cards. There has been one or two
bills introduced into congress with a
view of increasing the weight of let
tiers that now go for two cents from
half ounce To one ounce snd about the
same ratio of reduction be made on
MILLER.
The Democratic senator from the !
Illinois legislature who is confined 10
his bed by a paralytic shock, is unable
to speak or write. His party associ-