The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1893-08-25
NEW YORK LETTER.
Sww Yong. Anpnst Ii,b.

SEw YoRg, August Iith. 1898.
The suspension OF the Madison Square
Bank was surprise to the moneyed
men OF .he metropolis. The causes for
this unfortunate occurrence were almost
similar 10 the troubles which forced so
many banks TO suspend during the past
four months. A shrinkage OF the sapi-
tai invested, presented new cause In
conjunction with the natural canses, by
the constant withdrawal Of deposits.
The securities purchased with paid mp
capital, are selling 30 low that the actual
capital at this time, has been impaired
to the amount of from 81, 900 TO $50 900.
Although this bank does not belong 10
the Clearing-honse Association, it Is VERY
unfortunate at this critical time, for
bank IN the great financial centre OF
New York 10 be forced 70 suspend.
On the stock exchange. the failure of
Hoschkiss Co,wa announced on Tues
day afternoon. This is also an nnfort-
innate failure as the tirm as aIsavs been
ieoked upon. p ! sound banking hoasfs
ID iass the senf0F member oil tie hrm,
was the treasurer Of the Grant Monu-.
ment Association, until succeeded BE-
Frederick ID Tappen. last year.
The scarcity OF currency has increased,
until now il 10 selling st Efom three, 10
four per cent premium. Zimsaerman
Forshay. the noted money brokers are
buying and selling currency, in all
amounts The hanks are using checks,
or paying out cash in gold or silver coin.
The Chemical National Bank, the
strongest in the city. has refused 10 make
up the amount OF cash. needed for the
monthly payrolls OF the New York Cen
tral railroad. This illustrates the ex-
treme scarcity OF currency, and unless
something Is done TO relieve this trying
situation, one cannot prophesy. what
may matsrialize among the people, in
their endeayor 70 secure money for con-
mercial purposes.
1t was hoped ihaffhe submission of
the message from President Cleveland,
wonld tend to restore at least temporary
confidence, in financial localities. The
document itself is an able and strong
plea Tor the speedy action Of congress,
in repeating the silver purchase clause
emhodiedin the silver law Of 1880. IL is
q proper, and much expected compost
ton, but some people are OF the opinion
already hall lunatic, silver naen in both
branches of congress. II congress will
only take the advice OF the people. az
presented 70 them 80 often in the public
press, aud finally in the Presidents
message, 10 will restore confidence. aud
il nothing bat loss OF pubic confidence,
owing to the depression Of the price Of
silver, is the cause then prosperity will
once more shine SIS il did for 20 many
years after tie war. II there are other
reasons. Tor the pregSnt stale Of atfairs.
other than that os the SILVER question, il
will b4 then time 20 remedy such defect
as nay appea= before the legislature Of
The eoantfy. Bat the first thing con-
Ksrks should do. Is Ia repeal the so called
Sherman silver Ian or xach parts OF it,
which authorize tie purchase Of silver
bullion.
At last the custom house has passed
into the hands Of 'he Cleveland admins
tEation. Last Saturday. ianes I XII
bEeih. Was made Collector AZ the same
time Frances Hendricks became an Ex-
Collector. The ceremony occurred in
the Collectors privats Office. sgid vas
Witnessed by the chiefs cf diyisions and
chief clerks After the Collector and Ex-
Collector had shaken hands, one Of the
CLERKS, DudIey Phelps appeared wiils =
large box, which lie piarexl upon the
Collectors desk. Mr Phelps advanced 10
the direction. of the Ex-Colleetor and 10
, neat little speech presented him with
3 handsome silver smoking service. ia
the name Of she employees Of the Custom
House. OF course Mr. Hendricks replied
and very few eyes we're dry ,as he thanked
his former assistants and babe them
farewell. The testimonial which the Of
fieials presented to Mr. Hendricks, was =
solid silver, gold lined. smoking set Il
Is = beautiful piece Of wo.k, and was
made by Tiffany & Co. Around the
body is this inscription Presented 70
the Honorable Frances Hendricks by the
attaches OF the New York Custom House,
in testimony Of their sincere regard, Au-
gust. 1873. Collector Kilbreih will re-
tain the present staff oi assistants until
he has become familiar with the running
of the office.
WV. F. II. KogLscu