The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1891-06-03
FEAR A MONEY PANIC.
GRAVE FINANCIAL SITUATION
IN LONDON.

Up mon freNaient tnat n Srasu
ev table IN Case the Portuguese Loan
Faiis-Coilapse of the Earrings and the
bankruptcy of Argent ne Have Scared
the Money-Lend -rs.
All this week the air has been full OF
gold, says recent dispatch from Lon
don. City men are ali talking gold, ed
itors are all working gold, English finan-
ciers overloaded with bad securities are
pledging good ones in Paris for gold,
Russia is swallowing all the god she can
get, taking S750,000 from this market
Tuesday, as bonnie bouche for Sl2, $780,
600 more, which she will swallow next
week American steamers are bringing
millions ia gold weekly, and altogether
on the great stage Of European history
international money has completely
usurped the place OF international MUIR
der, and grim-v isaged war has smoothed
his wrnkled front in view OF the painful
and unsupportable void in his trousers
pocket which must be filed forthwith
The stuat on is,p2culiar; perhaps the
most peculiar that European finance has
ever seen. Its primary cause was the
Argentine bankruptcy land the failure
of Barring Bros. II the storm had blown
itself out the weather would have
cleared again and suspense passed away
The Intervention of the Bank OF En-
gland, while it averted the crash, insti-
tuted at the same time a period of I'M
certainty and depression, the gloom OF
which has steadily deepened. Argentine
finances are completely hoT cess. Cap
ital has fled the country. The new ma
tional bank bin sent.by its Government
TO its Congress this week is sim
ply futile attempt TO cure a
chronic invalid. The people have very
clearly proved their inability TO govern
themselves, and the country now owes
5000, 600, coo, or over $50 per capita of a
population that would not themselves
bring that average under the hammer,
judging from their late idiosyncrasies Of
action OF this amount $500, 600, 900 has
come out of the European market,
mainly from London, and is destined 10
be for the present q dead loss. The great
financial checker-game Of the last few
months, has simply been Christian en-
deavorson the part of some energetic and
ingenious people to see that the loss falls
not on them, but on somebody else.
The months of depression thus in
augurated have reached their climax in
the partial failure OF the Portuguese loan.
All this week the Paris bourse has been
feverish and full Of disqueting rumors.
Pessimistic prophets foretell an inevita-
BILE crash when the Portuguese account
comes TO be settled at the beginning of
June. French bankers have managed TO
scrape through and place a third of the
loan, but there is q wonderful lack of
confidence in Portugals condition, as
her people have been taxed beyond en-
durance, and her borrowing capacity is
exhausted. Trouble is expected among
the German banks. which have failed to
place Portuguese stock which they con
ira ted TO take and for which they must
pay. RumorS even asserted that Barons
Alphonse and Gustav de Rothschild Of
the Paris house had quarrelcd over
questions of policy and would dissolve,
which report now takes the form OF
statement that Baron Gustav has C. ased
actively TO concern himself with the firm
through i'll health.
Spain is in trouble and has proclaimed
its pressing need of $50, 900, 600 to pay
for new railways and new feet Italy
is even worse off with deficit OF mill
ions, which can only be supplied by bor-
rowing. as the last drop has been
squeezed out Of the popular orange by
overtaXation: while the worst sign OF
all is that each tax brings in less than
before. Customs receipts in April alone
we're 60. 600. 900 less than tho Minister of
Finance had calculated, and the poverty
and misery OF the people, thousands of
whom are In Rome without work or
bread, are portentous. All the Latin
countries, in fact-European and South
Amcrican-seem to be more or less in
trouble. and quite equal of themselves
to bring about great and phenomenal
crisis in the money market
Strange TO say, however. they are
likely TO be assisted i'm this work by the
queer financiering of NJ. Vishnegradski,
Russian Minister of Finance. NJ Wish
negradski ever since he assumed office
has had one ambition, viz. 30 swell the
value of the Russian ruble. This by
the aid of French financiers and through
buying up Russian paper, he has sue
ceeded in in doing IA spite of the bitter
objections of all the exporters and man
ufacturers of the country.
Vishnegradski, having now by fnan-
cal chicanery raised the status Of tho
ruble and OF Russian securities TO a de-
gree entirely unwarranted by any in
crease of commercial prosperity or any
certainty of peace, is struggling tooth
and nail TO maintain his position, and IL
he is forced TO withdraw all the S65. 000,-
600 which Russia had until recently in
London and which he has begun TO draw
upon, IL will probably bring about with
crash the overhanging panic.
At any rate ali financial talk Is
gloomy, and the money crisis has entire
ly put in allegiance any possibilities OF
war for some time TO come
From Cottage To Palace,
The favorite wife of the Sultan was