The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1893-08-04
new YORK LETTER.
NEw York, July 2lst, 1893.

The financial eituation-Mideum mnlel
!, duilness reigns in New York in business
political and social circles, but the q.
: nancial situation remains the great over
madening factor that dominates all, and
. makes itself felt in every quarter. Tbi.
great financial depression tha. has now
) spread to every section Of our vast coun-
E try. has been very fitly termed the
s'silent panic" Unlike previous great
monetary disturbances this one has been
,, marked By no especially exciting or sen.
sational features. la the great panic oI
1873 Wall street, for a few days, present.
ed very different scene than at any
time during the present trouble. Then
, Broad street and Wall, in the neighbor
hood Of the Stock Exchange, were one
mass Of wildly surging humanity. The
broad steps Of the U S sub-treasury were
packed with spectators watching the
apparently crazy throng, The doors OF
the Stock Exchange, leading 10 the Wis
itors gallery, were guarded by police, 10
keep back the crowd Of eager sight seers.
4 Finally the stock Exchange itself | ad 10
be closed, for the first time In ite history.
, that The excitement might quiet down,
and the bottom be saved from dropping
. out OF everything. But this time none
OF these features have been present. Day
by day the value OF securities have fallen
easier and easier. Surely and steadily all
: the banks have been losing heavily in
their deposits. Every now and then
SOME failure OF greater or less importance
will be announced. while business in all
quarters remains practically dead; but
there is no noiss aaou. anything. En-
ormous Losses have been sustained in al
directions, among the heavy operators
and capitalists, but the names Of those
who have suifered have, in most in
stances, been kept from the public. It
has been silent panic" The one
beacon light in this dark storm is Grover
cleveland. The faith and confidence
that the people repose in him, the belief
that they have that he will act solely. and
entirelv for their good, are the things
which in this crisis have kept the coun-
try from even greater disaster. II makes
one tFemble little to feel how the fate
OF the country hangs just now on this
one life, and it is . cause for congFatnla-
ton that il is life 20 rugged and able 10
stand such severe strains. Ia the mean
time II is With great regret tha, the peo-
pie OF New York see the attitude cI some
Il the extreme si yerites OF tile west and
south toa ards them. New York Is the
heart oi the financial system oi that
country. lite throbs are fsl. in every
Icorner Of our land. This talk about the
gold bugs" and s.blood sueKers'' of
Wall street is in the main mere iwaddle.
Vail street has, Of course. iss specula-
tors. and railroad wreckeFs. bu. 10 in
clude in this class the great finaneiers,
bankers. and capitalists Of tie city, men
like Pierpons, Morgan, John Crosby
Bran aud Fredk d Tappen. and cali
them ali thieves and vampires is purr
rot These meu, il for no other than
| selfish re2son. are DESTROYS for the pros
| perlsy Of every section of our country.
Ses York Is the financial market OF the
land, its interests are tied up Sifh every
portion OF she country and what affects
one. affects the other. IL is the height
Of Stiffness, therefore, 10 speak al the
business Enen Of New York as the enc
mics oi certain portions ipi our people
| During the past week the situation has
been somewhat encouraging, and while
things will doutless remain IN Al
lexerssh state until some definite action
- taken by congress. IL is Confidently be-
leved the crisis has been passed. Comp
srolleE Of the currency Jas II Ecssls sas
given a dinner at the Union League club
last night by the bank presidents Of New
York MIR Eckels spoke ia terms Of the
highest commendation of the action Of
Ne~ forS's bankers aud hnanciers He
said the methods OF the business men Of
New York in this monetary trouble. has
been OF iBesiimabse benefit 10 the busi
ness community Of the entire country"
The presidents Of all the prominent
banks and Trust companies were present
and Mr. Eckels made favorable i'm
preston
Thanks partly to the cholera scare OF
last sumtheE Its an ill-wind that blows |
no good the streets oil New York are at
present. probably in cleaner condition
than they ever have been in the history
Of the city. Early this spring the city
authorities made I determined effort 10
have the streets thoroughly cleaned and
20 keep them so. Circulars were dis
triblted among the house holders asking |
them TO cooperate with the authorities
in that respect Citizens were requested
to refrain from throsing refuse OF any
nature into the streets, aud q fine was
inflicted on any so detected. This, to-
geiEer with systematic effort on the
part of the city officials, has had q most
HAAAStAGAuIE Eu<Nk- 4uE fIEEA4 are 3S
nearly clean rs the conditions in this CITY
win sllow-eertainls they present most
refreshing contrast TO tboee OF Chicago
or any city in this country approaching
New York in size. Tammany Hall, at
least, deserves some creditin this respec.
and, as in other respects il appears 10 lie
giving the city fairly good government,
there does not seem tnnch reason TO sup
pose that the people will refuse the 95,-
000 majority that they gave Mayor Gil
10Y last November, although, doubles q
stTay effort will he made this fall to form
a ttcombine" against Tammany. This
does not mean that Tammany Hall Is by
anY means perfect, nor that the "puriti-
cation Of politics is an irideseent dream"
but that the people of New York prefer
an experienced machine like Tammany
to run the city rather than the mistitu.
| ton OF one where the only difference
would be that it was inexperienced. In
oihe words IL there Is to he change in
the city government they want to make
sure 1t will be change for the better.
New York's hotel-keepers and theatii-
cal managers have been greatly disap-
pointed over the lack Of European travel
TO the Worlds fair this summer. They
had worked for great influx of visitors
from the other side, and had made prep
aration accordingly New hotels have
been erected, many theatres msnaged TO
keep open all sumner with extra at
ltractions. Unfortunately, however. the
season has proved duller than many of
its predecessors. Most Of the theatres
have closed. and the only form of enter
liainmeat that teeins profitable now on
r that line are the rout-gardens. New
r Workers are paironizing the Worlds iai,
/ very generously considering the great n.
nancial stringency, and those also who
: return from it have nothing but eulogies
/. to pestow. Now that reduced rates from
: this city have been adopted still large
: attendance may be looked for. The Chi
cago papers complain about the poo
treatment the fair has received at the
7 hands OF the New York press, but this
!; New York Sun appears now to be the on
: ly sinner in that respect. Mr. Dana neye
seems happy unless he has some object al
lonwhich he can vent his surplus spleen.
i The Worlds fair appears to be his bette
9 noir just now, there is scarcely an issu
g OF his paper that does not contain som
2 fling, direct or indirect, at this mag Id
u cent enterprise. Mr. Dana Is nothing
not inconsistent, Otherwise it might b.
S thought strange that newspaper whic
10 claimed to be so pre-e-ninently Amer
h can in its tone as the "Sun," should al
o tack an object 30 distinctly national, an
n in which all Americans take such pride
: f.. II. ).