Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1891-06-05
FEAR A MONEY PANIC.

T. Ian n MUM u L l ~ y ~.
GRAVE FINANCIAL SITUATION
IN LONDON.
Opinion Prevalent that u Crash Is Ia
ev table i'll Case tho Portuguese loan
Fatis-eollapse of thu Earrings and the
bankruptcy of Argent ne Have cared
the M"ncy-Lend" rs.
All this week tie air has been full! o!
gold, says recent dispatch from Loa-
don. City men are ali talking gold, cd
itors are all working gold, English finan-
ciers overloaded with bad securities are
rledgng good ones in Paris for gold,
Russia is swallowing all the go d she can
get. taking $4,000 from this market,
Tuesday. as bonnie boucha for ST., sos.
GOO more, which she vii. swallow next
week. American steamers are bringing
miliuns,i gold weekly, and altogether
on the great stage of European history
international money has completely
usurped the place of international muir.
dor. and grim-vsaged war has smoothed
his wrinklcd frontin view of the painful
and unsupportable void in his trousers
pocket which must be filled forthwith
The situation is peculiar perhaps the
most peculiar that European finance has
ever seen. Its primary cause was the
Argentine bankruptcy and 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 period of I'M
orfoi p*r ND 81,
which has steadily deepcncd. Argentine
itai has fed the country The new ma.
tional bank bill 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, 100000, or oversize 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, 600 has
come out of the European market,
mainly from London, and is destined to
be for the present a dead loss. The great
financial ehccker-game of the last few
months, has simply been Christian EN-
deaVor on 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 disquieting rumors.
Pessimlstic prophets foretell an inevita-
bic crash when the Portuguese account
comes to be settled at the beginning of
June. French bankers have managed to
scraPe through and place third of the
loan, tut there is wonderful lack of
confidence in Portugal's 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-
tracted to take and for which they must
pay Rumors even asserted that Barons
Alphonse and Gustav de Rothschild of
the Paris house had quarreled over
questions of policy and would dissolve,
"hlch report now takes the form of
statement that Baron Gustav has ceased
actively to concern himself with the firm
through i'll health.
Spain is in trouble and has proclaimed
Its pressing need of $40, 600, 600 to nav
80 AiS'
is even worse off with deficit of mill
ions, which can only be supplied by hor-
rowing, as the last drop has been
squeezed out of the popular orange bv
overtaXation: while the worst sign Of
al is that each tax brings in less than
before Customs receipts in April alone
were $1,000. 600 less than the Minister OF
FINANCE had calculated, and the poverty
ana 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
Alnerlcan-scem to be more or less in
trouble, and quite equal Of themselves
10 orlng about great and phenomenal
crisis in the money market.
otrange to say, however. they are
llsely to be assisted in this work by the
queer flnanciering OF NJ. Vishncgradski.
Minister of Finance. N. Wish.
negradsGi ever since he assumed Office
mas had one ambition, viz. to swell the
value ct the Russian ruble. This NV
tae aid OF French fnanciers and through
buying up Russian paper. he has snc-
ceeded in in doing in spite Of the bitter
objections Of all the exporters and man
u1acturers of the country.
V1shnegradski, having now nv f;nan.
'lal chlcanery raised the status of tn,
rno'e and Of Russian securities to a de-.
gree entirely unwarranted by anv in.
;rease OF commercial prosperity or anv
OF pea"e, is struggling tooth
lho nan to maintain his position. and If
le IS forced to withdraw all the s65. 900
700 which Russia had until recently in
,nd and which he has begun to draw
1pon, IT will probably bring about with
crash the oyerhanging panic. EVA
:, Az any rate all financial talk is
.loomy, and the money crisis has entire.
y put In allegiance any possibilities Of
var Tor some time to come.
From Cottage to Paiace.
Tho favorite wife of the Sultan was
nee poor girl living in the coal minas
~ france: She was a beautiful girl, and
o. ONE me- charitable ~ person found her occu-
;aIlon IN famous dress-makiug estah.
lshment in France. She was sent ~
with dresses orderad Nv ~