The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-20
The Australian Banks.

chicago banks on their letters Of credit
on account of the lack of confidence in
Australian banks. Indeed, some of the
exhibitors are seriously embarrassed. 1t
is rot to be wondered at that Australian
bank paper is regarded with great sus-
picion in this country. Within very
short period Australian banks, having
obligations amounting to more than $780,,
100000, have failed. The effect of such
a financial disaster in Australia, that
has less wealth and population than
the state Of Pennsylvania, is to make the
commercial world doubtful of the stability
of any Of the Australian banking institu-
tons
In fact, the condition of financial affairs
in Australia is deplorable. The country
appears to be on the edge of general bank
. ruptcy. The land companies that have
been engaged for years in all kinds of
boom building and improvement enter
/ prises have been going to pieces one after
another for nearly a year, and they are
dragging down the banks. The widest
kind of speculation has been going on for
a long time and it looks as if the day of
settlement had arrived
In London the breakingo of the land COM
panies and banks is causing the greatest
uneasiness. A vast amount of English
money is invested in Australia in land
/ companies, bank stocks, and colonial
/ bonds. II IS estimated to be as much as
| $l,250,OO0,OO0. The greater part of this
sum is in bonds. 1t is asserted that
| English investors have already lost $3.50
/ 600 900 by the failure of banks and land
companies. 1t is not strange, therefore,
/ that there is great uneasiness in financial
/ circles in London.
! 1t is believed that if there should be a
! failure to pay interest on the colonial
! bonds there would be something like a
/ panic in London. Queensland has al
ready defaulted on her bonds. If the
! other Australian colonies should do the
same thing it would be about impossible
to prevent serious financial troubles in
England
All of the Australian colonies have been
extremely extravagant in their expendi-
lures. They have gone deeply into debt
to carry on public works of one kind
and another, and have taken no
thought Of pay day. The question
now is whether they can carry the finan-
| cial burden they have imposed upon them
! selves. 1t is very much feared they can
not
This country, of course, feels to some
extent the effect Of the disasters in Aus
tralia. London investors failing to realize
on their Australian investments are COM
PEELED to dispose of their American securi-
ties. The offering of an unusually large
| amount of our securities held abroad is
! having a depressing effect upon our
security market. The effect in this coun-
| try, however, of Australians troubles is
light in comparison to what it is in Lon
don. In that city great forbearance and
financial skill are necessary to prevent
the alarm at the financial outlook from
reaching dangerous proportions.
Jailer Adam Forney of Winchester,
Va, deserves a gold medal from the state
legislature. While in the discharge of
his duties he was confronted by mob of
would-be lynchers, armed and deter
mined. They covered him with revolvers
and demanded one of his prisoners, a col.
ored man. He refused to give him up or
hand over the keys. A forced entrance to
the Jail was made, but the prisoner was
in a chilled steel cell fastened with a com
bnation lock. The iailer was thrown
down, number of pistols pointed at his
head and the combination of the lock de-
handed But with remarkable pluck
Fomey declined to comply, and the mob
finally retired without accomplishing its
purpose. The incident, besides proving
Forney hero, also shows the value of
combination locks on cell doors.
1t would not be surprising if, in the in
vestigation now gong on in the pension
bureau, there should be found other
"Drewrys" who have been operating
along the seaboard of the two Carolinas
and Georgia. There can be not the slight
est doubt that hundreds of fraudulent
| pensions have been granted to undeserv-
ing parties in the three states through the
wiles of agents of the Drewry stripe.
/ The MORNING News has frequently re-
| ferred to the operations of these agents
| and the harm done by them.
The opposing candidates for clerk of
the court of Page county, Virginia. have
/ signed an agreement binding themselves,
/ under penalty of a 5000 forfeit, not to
/ levy or procure votes for money, whisky,
nor through any other unlawful means,
| and to prosecute any one, friend or foe,
who shall buy votes for them. There is
something about this agreement that
brings to mind a recent election not a
thousand miles away from the Chatham
court house.
The Chicago Inter Ocean reads the peo-
! pie of South Carolina a lecture for the
! lynching of the ''colored man, Denmark"
The Inter Ocean is respectfully informed
that no "colorcd man, Denmark" has
been lynched in South Carolina. On the
other hand, it was Denmark that pulled
the rope. Our contemporary needs to pay
a little more attention to facts before it
undertakes to comment on them
The new tomb of Gen Francis Marion,