Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1892-09-28

a number of them, claiming that they
were compelled to do so in self de-
tense. Including the three which were
discredited some time ago, the list of
uncurrent now stands as follows.
Here follows list of twenty-five
banks, which we omit for want of
space.
But this was nothing compared to
what transpired later. Panic reigned
supreme everywhere, aid we cannot
better describe the situation than by
reproducing an article from THE Re-
PUBLICAN under date of June 20, 1861:
The MONEY PANIC IN WATERTowN.-
This has been a badly excited town
since last Saturday, when intelligence
reached here that ten of the banks in
the guaranteed list had been thrown
out in Milwaukee, and were no longer
current. 1t soon became noised
about that the bottom had fallen out
OF the arrangement cooked up by the
bankers IN April, and the consequence
was q rushing to and fro of every one
who had a dollar of Wisconsin curren-
cy in his or her pocket, anxious to
pay debts, or buy goods, or in some
other way rid themselves of it. On
Monday the Juror was stronger than
ever. Some Of the merchants refused
to takeit on any terms whatever, and
closed their doors, while others took
it at discount of from twenty to
thirty per cent, and others still TAX
ing it at it's face. In the afternoon
the Jefferson County bank and the
Bank of Wisconsin declined to receive
deposits, while the Bank of Water
town stood up to the rack manfully,
taking all that came along from it's
regular customers, though the bust
ness it was doing must have smacked |
strongly of chilled owl" Tuesday
there was less commotion, the mer-
chants depositing with the two first
named banks declining to sell any
goods except for specie, while those |
doing business with the latter insti- /
tuition kept on selling as usual until
o'clock. when they, too, having been
notified that deposits would no longer
be received there, ''shut down the
gate" and a blockade at once rested
upon trade. Thus matters stood I'M
til Wednesday morning, when dealers
offered to take the bills of thirty-four
banks known as the Farmers and
Miller's list, and business again began
noon the banks concluded, on receipt
of advices from Milwaukee, to take
deposits again the same as they had
done Monday, throwing out the ten
banks mentioned in another column,
in addition to those discredited in
December. So matters quieted down
once more and trade went along as
smoothly as though nothing had hap
pened and the town had not been all
excitement but twenty-four hours be-
fore, reluctant to touch Wisconsin
currency with anything but a ten
foot pole.
All this is a historical record made
thirty years ago of events as they oc- {
Cured at that time. 1t is not mere !
defamation or clap-trap. There are
plenty of our citizens who remember
the facts as abovenarrated. Let the
younger class apply to them for in
if in doubt. Ask Demo
Gratis who were then bankers, mer-
chants or in any kind of business here
and they will verify every statement
made. Any one desiring return of
those days should vote for Cleveland
On his stump-tail money platform.
It will not do to say that such cur
'ency would not obtain circulation. 6
# legalized by the different states, it
would soon have the field to itself,
or the better money would be driven
nto retirement. Every one knows
hat there could be no other result.