The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-09-11

credit of the ancient house of Barring could
not stand the pressure. IL strove 90 save
tho Argentine and went TO the wall. The
effort to rescue the Barings taxed the re-
sonrces OF the Bank of England aud the
Bank of France. and forced "a return OF our
securities and consequent drain upon our
resources. Here WAS the hrst strain upon
cur credit. IL was met by the tirmness and
wisdom of Pr esident Harrison and did no
harm.
Hard upon the Argentine misfortune
came the financial cy clone IN Australia.
about which little has Geen said. but when
rs a financial catastrophe TO England and q
menace 70 our credit was a. serious as the
Argentine trouble. The Australians had
been living upon kites-in the air-the
country teemipG with values" business
on q false. fsyerish basla. The collapse
same. Banks Of issue In Melbonrns alone.
with capital TO the amount OF $780, O0. o0O.
were crushed and England again sum.
moned to prevent universal baukruptcS.
This was likewise q summons to the United
States. We bore our part, to our added
financial distress.
Above the Argentine and the Australian
troubles came our " heedlessDess ana
waste. Take the fiGures as / read them IN
che printed records OF Congress. The ma.
tioEal wealth has increased since 1850 not
quite 90 per cent. and the funded debts of
railways have advanced 129 per cent. Tho
loans and overdrafts of national banks
have increased from S99i. O0o. 900 to g. III
00O. 600, while those OF other banks have I'D.
vanced from S3Is,C COOS 00 to 81. 1879. 600. 0O0.
In the matter of mortgages tho
census. embracing the whole country,
shows that III 1880 the figures were S2.5JO-
Coz. goo. In 1889 the returns from twenty
one state. and theee include Texas. Ohio
and California. indicate that our mortgage
debts were S4,547. COO. 00o. meaning o grand
aggregate or at least 1000 COZ. 600. Thus
while the total net private indebtedness ol
the American people in 1880 was S6.150.O0O
COO. in september. leG2-a period OF twelve
years-it had risen In sl9. 200. 90. coo. an in
crsse at an average OF more than 81, 0o0. 100, :
0C0 q year.
LOCATING TIE CRIMES.
We can partially understand how this
debt attained Its present bewildering figure
when we look into our railway Systems and
note the criminal methods which have pre-
vailed ever since the spirit of unhaneed
scourdreIism broke into Erie, looted It's
treasury and loaded it with debt. No
chapters IN the history of crime are more
instructive than those which tell of rail-
way management, and which show Us how
1t is possible that the railway properties or
tue country should rest under the burden
of s. 000.0 600. 900 of IiabIlities-a burden 80
per cent. more than their HssetS.
About this many fierce things could be
written. The colossal crimes OF tins oen-
tury will be found in rail way management.
In such u catastrophe. for instance, as the
bankruptcy of the Northern Pacific. Here
Is u corporation endowed by Congress- with
an empire as large as New England. and
Vet In the hands of the receivers Take the
Richmond Terminals and the drastic seal.
ing down OF values and confscation OF
property imposed az a prelude to reorgani-
cation. Take the Erie suffering from the
effects of the looting Of other Gays-a CRIME
which stands with all its consequences and
without eXpiatjOn. Take the heading
deliberately thrown Into bankruptcy be-
cause Ita management esitated TO acknowl
edge the ''rights" of a rival railway TO the
ow8ership of New England. These. as i
have said, are colossal crimes. one stagger-
ing upon the heels of the other. to the ruin
OF our commercial and financial peace.
Ii Republicans bad been firm and be.
lie we'd In themselves; IT they had not boen
stampeded by the semi-felOnious cry oil
honest money" as much of q pretense as the
CRY against the force bill" they would
have seen that the cause Of our troubles
lies deeper than the Sherman bill. They
would not have weakened their power TO
preserve the legislation bequeathed 70
them by Lincoln and the fathers-a ~legisla.
tiOn which has assured the Nations pros
perity. They would not have blazed
the wsy TO an attack upon the bankt
which is Impending. the overthrow
OF the tariff which they have surrendered
the power to save. the revival OF the in
come tax. They will see that this Repub.
lie can only hold Its greatness by keeping
to tho lines wherein greatness was at
tanned. They Will realize, | hope. before 1,
is too late. that there can be no permanent
security upon any theory of alliance with
tbs party In power and the incoD gruou
elements it represents. They will find. as
many OF them did when they wandered
after Andrew johnson with mis- panacee ol
the Constitution. and Horace Greeley with
his treacle and moonshine policy toward
the South. that nothing is to be gained by
Abandoning the faith of Lincoln and Sew
ard and clustering under the standard oi
Voorhees, and Cleveland.