The advocate and Topeka tribune., 1893-05-17
OUR PROSPERITY COLUMN.

the failures that have taken place
We ask our readers to observe two
things in these dispatches: N that
q goodly number Of these failures are
national banks-those financial insti-
tutions that are said to afford SO
much better protection to depositorG
than other banks; ~ that the cause
assigned for these failures is the
strlngency of the money market. We
ask again that the reader endesvor to
solve the problem, why there should
be a stringency in the money market 7
We have tons of uncolned silver
locked in the treasury vaults whore
it is as useless as before it was mined
from the mountains. The supreme
court has declared the greenback law
full money, and yet banks and busi-
ness houses fail because Of stringency
in the money market, and thousands
of depositors lose their all in conse-
quence of these failures. This is
called financiering. 1t is criminal
violation of the plain duty Of govern
ment officials for which just punish
ment ought to be administered. Here
are the dispatches:
CHICAGO, May 0.-As was anticipated from
the fact that the national bank examiner had
taken charge, and that an appeal for assist
ance had been unsuccessful, the Chemical
National bank did not open for business this
morning.
The bank has banking concession at the
Worlds Fair grounds, and has an office in the
Administration building at the Worlds Fair.
The Worlds Fair branch was also closed this
morning, and crowd OF anxious exposition
depositors stood before its doors The banks
capital was million and It's officers are: J..
C. Curry, president; f. G.. Veasy and A. T.
Ewing, vice presidents.
Poor judgment in making loans and strin-
gency in the money market are given as the
causes Of the failure. The deposits amount to
trile over 100000.
tits expected the depOsitors will be paid In
full. The bank was not member Of the clear
ing house association.
President Higginbothsm, Of the Worlds Fair
directory, denied that the council Of admins
tration had In any way endorsed the Chemi-
no al ha fnir
council had endorsed the bank only in so far
as any person might endorse any national
banking institution in the country.
The council supposed the bank was all right,
and said So President Palmer, of the national
commission, ridiculed the story that the COM
mission could be held responsible. The COM
mission had not endorsed the bank and knew
nothing about it,
INDIANAPOLIS, May 1.-THE Capital National
bank suspended this morning.
The statement is given out that the suspen-
sion was necessitated by the suspension of the
Chemical National bank OF Chicago, which
bank owed the Capital National 100000
The bank also carried large amount OF the
Premier Steel Company's paper The latter
concern went into the hands Of the receiver
last Friday.
The bank is the depository for a number of
building associations. The announcement OF
its suspension came as a great shock to the
people.
statement issued by the officers of the
bank shortly before noon states that the fail
ure is due to the suspension of the Chemical
National bank of Chicago, with which
it had deposit of $4,000 The statement says
further that the assets and liabilities Of the
bank at the close Of yesterdays business were
$1,465,962 The officers of the bank think the
business is in shape that It can be settled up
without injury to the business interests of In
diananolis