Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-10-21
AT THE METROPOLIS.
Panic. and Politics in Past History Of
New York.
The Money Has Returned 10 the Bahks But Is
Still Idle.

by the best judges, and their meaning is
that SO far as the trouble was monetary the
crisis is past, but now come the cleaning
up and general clearing out Of weak organ
izations. So the winter will be hand one
FOR the poor, and many will be without
employment, and now we hear the usual
ery: Times are worse than ever before.
This is the worst panic the country ever
suffered
1t makes an old stager smile to hear
these statements. The panic of 1857 was
three times as bad as this by acusl meas
arement. This is not matter Of opinion
IL is a matter of plain figures. New York
city was little more than third as large
as it now is, yet the unemployed S5 years
ago were as numerous as today. Read the
old files OF the daily papers, and you will
find accounts of long professions of des-
perate men demanding relief and threaten
ing destruction. Early in November, 1887,
representations Were sent to Washington
that there was imminent danger Of an at
tack on the federal property in this city
and general "looting," and the regular
troops were ordered to be in readiness to
repel such an attack. Try 10 imagine
raid on federal property now,
Comptroller James ii. Eckels says that
since Oct. 81, 1892, but l57 national banks
have suspended, with total capital of SO.
40o, 600, and of these s3 have already re
sumed without any ones losing a dollar.
In 1857 all the banks suspended, with very
few and peculiar exceptions and the losses
to depositors were very many times greater
than this year. All the banks of Pennsyl-
vania suspended at once, and the legisla-
ture, on call Of the governor. met Oct ) in
special session and authorized a continued
suspension. Take the actual figures given
in the New York papers, and you will see
that not only was 1857 three times rs bad
as 1898, but 1873 was twice as bad as 1857,
and 1897 was for awhile much worse than
both of them together. The evil which
now is always seems worse than the evil
which is past.
Its Second Stage.
When they say the trouble is over, so far
as it is monetary they really mean that it
has reached the second stage. In the first
stage depositors rush to the banks and
draw out their money. When it is seen
that the banks do not fail, people reason,
and very logically, too, that if they can
stand such rush as that they are impreg
nable, and so the money goes back. For
time there was . deficit; now the surplus
reserve is enormous-about S0,00o,000 in
this city alone. But for the present the
money is stillidle. There is curious anal
ogy to that of man in n convulsion; the
blood rushes violently to the extremities,
and the vital organs collapse; it rushes rs
violently back upon the heart, and there is
congestion. The explanation is simple
the commercial world is advancing the use
of credit much faster than it learns how to
use it.
Real Estate Matters.
Politics feels it, The party out of power
always gains in panic times. There has
not been an exception since the panic OF
1897. Only twice since 1886 has the party
in power held its own at the congressional
elections, midway between the presidential
elections, and the off year following the
election of the president is generally very
off year for the administration Therefore,
say the Republicans of this state-but ev.
erybody knows what they are saying.
The worlds real estate congress is hav-
ing weeks session at the Art institute
in Chicago, and New York is well rep
resented and intensely interested. This
is among the last of those remarkable con
crosses which have been running concur
TeDLly WIN tuc w DTIu lHlF, vi WHICH lut
parliament of religions was the most noted.
The National Real Estate association in
augurated and will in a way direct this
congress, and the experts of the real estate
world will have some puzzling problems to
solve.
Cost OF transportation.
1t is puzzle indeed that a rapid advance
in science and civilization, great cheaper
ln, .,F ,,.t ton and
BILE increase in population should go along
with n rapid and continuous decline in real
estate values in some of the most progress
i've nations Yet such is the fact. British
delegates declare that the actual cash value
of farming lands in many parts of Great
Britain has declined three-fifths within %
years This may be an eXaggeratioD, but
if it is half true there is cause for astonish
ment In our cities and in their near vicin
ity there has been an advance, but every
where else decline, except in the new
states.
1t is worth noting that the very latest ad-
vices from Europe give us some light on
this puzzle. The experts of Mark Lane
and other produce centers have made up
their summary of this years wheat crop,
and from it we see that India, which but q
few years ago made its first experimental
shipment, will this year export 42,J0,GD
bushels, while Argentina will export 6,Ooh,-
600. Australia, 100000. and other new
countries in like proportions. Each OF
these exports more than the United States
did in 1860. Since 1853 the worlds produc
ton Of wheat has increased 300 per cent,
while the population has certainly not in
creased more than third. Hence these
tears.
A Redhot Campaign.
The supreme lodge of the Knights OF
Pythias has begun its session of a week at
Richmond. and special invitation has been
extended to Federal soldiers to visit that
city this week and look over the scenes made
memorable during the war. The occasion
should be one of pleasure and encouraging
reflections, as the United States has now
been at peace, Indian troubles aside, for
longer time than ever before. The visitors
will also get home just In time for a redhot
10 days campaign before the elections,
which take place in IS states on the 9TH.
If one may judge from this city's papers,
no one is particularly interested in these