davidaulloa/AmericanStories huggingface dataset:
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
YESTERDAY IN 81. PAUL.
Two Small Suspensions, but No
Excitement.

Readers of the GLOBE were not sur
prised to find the following notice
posted on the doors OF the National
German-AmerIcan bank yesterday
morning:
Owing to the IcOntinual withdrawal
of deposits the bank has been compelled
to suspend. The bank has ample assets
to pay all liabilities"
Early in the day a telegram from
Comptroller Eckels appointed d. w.
Lawler special bank examiner, and in
structed him to take charge of the bank,
which he did Immediately. His instruc-
tions are embodied in the following
special telegram:
Special to the Globe.
WASHINGTON, Aug. 1.-THE notice of
the suspension of the National German
American came as great surprise to
Comptroller Eckels, although he had
noticed from the May and July reports
that this bank had been sustaining
heavier drafts from depositorS than
could long be withstoOd. In appointing
Hon. Dan w. Lawler temporary exa-
miner he gave him Instructions to ex-
tend every facility towards aiding the
officers in resuming, as the bank is per-
fectly solvent.
Mr.. Lawler declined to talk relative
to his duties. He was busIly engaged
with the officers of the bank until late
hour last night putting matters in shape
as rapidly as possible. The following
telegram shows that Mr.. Lawler's du-
ties are only temporary:
WASHINGTON, Aug. T. Gilbert
Thorne has been ordered from Waupaca
to relieve Hon. Dan w. Lawler as ex-
aminer in charge of the National Ger
man-American.
Depositors covered the doors With
notices saying where their checks
would be paid, and beyond the gather
ing of few idlers to read these notices
there was no one about the bank. Near
ly every bank in the city opened good
many new accounts yesterday for busi-
ness men who had been depositors in
the suspended banks.
Considering the Importance of the
event, there was greater quietude at the
banks than might have been expected.
At one or two there were moderate
runs, but not of serious character, and
at most of the banks there was not the
slightest evidence that any disturbance
had occurred. Some kept open until
o'clock to accommodate any nervous
people, but the runs died out when they
found that the banks were ready to meet
all demands.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
MONEY ON CALL
At 4 Per Cent, and No Difficulty
in Supplying Wants.

NEW YORK. Aug. 4.-DepOsitOrs in
banks are using every possible device to
secure bills to sell to brokers at a pre-
MUM. The banks are refusing to cash
checks unless they are well satisfied
there is necessity for the use of cur
rency. The president of a leading
national bank complains that the banks
are being treated unfairly, some people
have been selling the currency at pre-
MUM, and today were presenting checks
to obtain the currency for their pay roll
use tomorrow. The demands from the
interior are still very heavy; but are
generally refused, although the banks
are held to be supplying every legitimate
demand. both in and out of town. They
are sending about $4,000 daily to small
manufacturing towns in New England,
where the manufacturing concerns are
distressed by the want of currency with
which to pay off their employees.
The Sub-treaSury today refused to pay
out silver dollars on the presentation of
number of thouSand-dollar green
backs. The full limit of silver certifi-
Gates has been issued against the coin
in the treasury, aud the silver certif-
Gates or treasury notes will now be
redeemed in silver on demand.
The scarcity of currency has led to a
peculiar condition of affairs in Wall
street. Today money brokerage con-
Germ at one and the same time was
Offering l per cent premium for gold
and IL to 212 premium for currency,
so that the usually discredited money
was worth more than the yellow metal.
Money on call was quoted at to per
cent, and up TO a late hour stock ex-
change borrowers had no difficulty in
supplying the wants at the figures
named. There is no time money, nor is
there anything doing in mercantile
paper. The loan committee of the clear
ing house today issued S1,5OO.OOO loan
certificates, making the total outstand-
ing $34, $4,000.
The suDtreasury was S75, 900 debtor at
the clearing house and paid in treasury
notes. Indications point to a very light
movement of currency from this center
today. Bills still command slight pre-
MUM.
The market for sterling exchange was
barely steady on restricted business.
The demand from gold importers has
4allen off. Commercial bills were more
plentiful on account OF the compare
lively high rates. Posted quotations
are unchanged at S4.S119 and s4.S5.
Lending rates for stocks continue to
rule high, showing that the short inter-
est uncovered is still large.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
Depositors Absolutely Secure.

ID. c. Sheperd, the we'll known rail
road contractor and capitalist, was seen
at his residence on Dayton avenue last
evening.
Il do not believe there is any use in
saying anything in the newspapers
about the situation," he said. "The
business men, who think for them
selves, do not make raids upon the
banks, and the class of small depositors
will not be influenced by what they
may see in print. Take the case of the
National German-American. The de-
postors are absolutely as secure as if
their money was in the government
treasury. They cannot by any possible
contingency lose a dollar. There is
their capital of S2,000,0OO, and the
double liability Of the stockholders,
which is much more, and over four
million of bills receivable besides, from
which to pay less than two and half
millions. 1t is absurd to talk of any
loss, unless II might be to the stock
holders, and they are able to care for
themselves.
There is not national bank in st.
Paul which is not honestly conducted,
and in a national bank with honest
management there is no danger to a de-
positor. have no doubt the state
banks are just as secure, but l speak of
the national banks because l am
familiar with the law and know how
they are conducted. All the people
need is to exercise a little good sense.
Those who do not will in the end be the
sufferers"
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
TO SAVE THEMSELVES
From Foolish Depositors Mankato
Ranks Close.

MANKATo, Mimi, Aug. 4.-The First
National bank closed its doors at noon.
The bank is solvent. and depositors will
be paid in full. At 1:3O O'clock the
National Citizens bank closed its doors
and hung out the following resolution,
adopted at meeting of the directors
held just previous: lowing to the sus-
pension of the First National bank of
this city and the present strin-
gency i'll the money market, it
is resolved to suspend payment until
the present excitement subsidies" FIf-
teen minutes later the Mankato Ma
tiOnal bank closed its doors and exhibit
ed the following statement: lowing
to the closing of the First National and
National Citizens bank, of this city.
this bank is temporarily closed. The
bank is perfectly solvent and all de-
pOsitorS are safe"
The National Citizens bank has $780,
600 in cash on hand, and the Mankato
National has $500 The capital of the
First National bank is S150,000, and j.
A. Willard is president. The capital
stock of the National Citizens is $780,
600. John +. Neagher is president.
The Mankato National bank has $780,
600 capital and j. II. Ray is president.
The only other bank in the city is a
savings bank, recently organized.
PLATTEvILLE.W Wis, Aug. lowing
to heavy and continual Withdrawals,
this bank is obliged to suspend pay
ment. All depositOrs will be paid in
full" This is the notice placed on the
doors of the First National bank, in
this city, as it closed this morning at 10
O'clock. The directors expect to resume
payment in a very short time.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05

assaults our national liberties by
asurping our lands, monopolizing our
highways. absorbing our wealth. die
tating our laws and enSlaving our peo-
pie.
We believe that the present effort to
demonetiZe silver and issue more bonds,
| thereby Increasing the aggregate of our
billions of debts, all of which must
then be paid in gold alone, burGening
us and our posterity with gold con-
tracts which we never made, is crime
equal to that for which kings have been
dethroned and tyrants beheaded, and
tor which we believe every officer en-
gagged therein should be impeached
and punished as provided by law.
Ii silver is stricken down, it will take
more merchandise from the business
man, more labor from the wage Garner,
and more wheat, corn ana cotton from
the farmer than ever before TO purchase
the gold dollars of the bankers. There
lore these three classes should unite 10
resist the encrOachmentS of this un
American and destructive conspiracy.
The logic of events forces the imme-
date solution of the money question.
IhiS we recognize without yielding any
OF the great principles in our platform,
which must follow and be settled III
rapid succession in order that our gov
ernmeDt may be wreSted from its ene-
mics ard prosperity restored TO the
people.
We do not consider the money Ques-
ton as settled until the authority TO
issue money ana control its volume are.
in the words of Jefferson, restored to
the government and the people, to
whom they properly belong"
This struggle will obliterate old party
lines; tens of thousands Of new converts
are coming to our ranks; they should
be welcomed and organized into a
mighty campaign force for 1894 to 1896.
We commend the Industrial Legion
and all similar organizations as valuable
aids in educating and organizing our
people. Stand by your cOlors, brethren.
events are battling for US; the stars i'll
their course are fighting in behalf of
SiSera:" every agony of the afflicted
people is an argument for our platform;
every day confirms our predictions.
There is no safety for the people OF the
United States except IN the triumph of
our principles, and victory is not far off.
+ ISigned] ii. E. Taubeneck, chairman;
j. ii. Turner, secretary; NJ. G. Rankin,
treasurer; Ignatius Donnelly, Minne-
sofa: J. II. Davis, Texas; George F.
Washburn, Massachusetts; V. 0. Strick-
ler, Nebraska; George f. Gather, Ala
Dama.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
AMBASSADOR BAYARD.
He Wants Congress to Maintain
the Gold Unit of Value.

the Golu CnlC OF aiue.
WILMINGTON, Del. Aug. 4.-The fol-
lowing is printed here:
In private letter just received Am
bassadOr Bayard says: ''l am looking
somewhat anXiously to the meeting of
congress, and hope there will be no
faltering in the resolve to maintain the
gold unit of value. So far from depre-
ciating the intrinsic value of silver
bullion. believe the cessation of stOr-
age and accumulation of stock will help
the macket price for this commodity, as
it would help any other commodity.
"WhateVer future steps may be taken.
a present step ending the purchase of
silver bullion under the Sherman act IS
of the plainest duty and necessity.
Green spectacles put upon donkey are
reported 10 have induced him to eat
shavings instead of grass. but it was
was not sustaining diet.
The intrinsic value of gold makes it
the best standard and measure of the
unit for the calculation of exchanges,
and to unship it is simply to throw the
whole machinery of civilized contract
out CT gear, to bring about confusion
and disaster and strike blow at all
obligations of morality and good faith.
which are the corner stones of honest
lite.
"What cry would 60 up if the pound
avoirdnpOis were reduced to ten ounces
and contracts executed at that rate.
Spectators are not needed to guide
men in such paths, and no sophistry
should be permitted to obscure the plain
way"
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
Ringing Sentiments From Arch
DiShOD Ireland

Though not in active commercial bust
ness, Archbishop Ireland has long been
recognized in the Northwest as a gen
tleman of especially good judgment in
business affairs, and as warmly inter
ested in the prosperity of this com
munity. 1t was on this account that a
GLoBE representative called at the
bishops residence last evening and
asked an expression of his sentiments.
which he cheerfully supplied in the fol
lowing practical and fOrcible manner
sentiments which touch the key note of
the situation:
"Ihe temporary suspension of the
National German-Amerlcan bank, with
solid, reliable assets far beyond all DOS
sible liabilities, puts in clear light be-
fore all our people the criminal follv of
the financial fright which seems. as an
evil spirit, to have been brooding over
their minds. Without the smallest rea-
sOnable ground for their action, the de-
positors of this bank have withdrawn
from it their money, so quickly that its
assets cannot be converted into ready
cash, and it is compelled to close its
doors. A continuance of this frame of
mind among the people will harm other
banks, and bring upon the city COM
mercial and industrial disaster, and
throw the whole population out of
work.
'All those who give thought to the
matter are fully aware that the banks
Of st. Paul are the safest and most con-
Servative in the country. Official ex-
Rminers have Iauded them as being ex-
Eeptionally well managed. Their di-
rectors are men of sterling honesty and
ability. 1t is common sense to put full
Est trust in them. Unfortunately, the
majority of people seem to have no idea
as to how banks are conducted. They
imagine that money confided to them.
and for which depositorS draw interest.
Is to be kept in vaults, ready to be hand
ed out at any moment in gold or current
bills. The money, in order to earn in
terest for >depositors, is, of course, in
vested, loaned out to merchants and
others; and it will not return at a mo
ments notice. \ senSeless run on the
United States government, kept up
.ong enough, would interrupt its cash
payments. So would continuous run
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
Il j. HiIEs Diaonnsis.

A call at the Office of the Great North
ern yesterday afternoon found its pres
ident, }. j. Hill, immersed in business,
as usual, but he halted long enough to
briefly express himself.
"Primarily," said Mr.. Hill, "all of
this financial difficulty arises from the
attempt to secure by legislative law
what is diametrically opposed to COM
mercial law. That this cannot be done
is manifest by the present condition of
business. 1t has created a lack of con-
fidence, and it is that lack of confidence
which has caused the Withdrawal! of
deposits from our banks and compelled
the suspension eff one of our large in
stitutions today. The st. Paul banks
are solvent, and depositorS are not in
the slightest danger of loss. The Ma
tiOnal German-American bank will pay
its depoStorS in full, and the fright
which led to the withdrawal of funds
has really damaged the parties engaged
in it more than the bank itself.
A large amount of the money being
drawn out of banks is held by those in
employment or seeking employment of
some kind, and not by the active bust
ness men. These laboring people ought
to see that they are cutting their own
throats. If they withdraw their money
from banks to hoard it, how can they eX-
pect business to be continued and give
them employment? They not only lose
their interest, but they cripple those
who employ them, so that they deprive
themselves of the opportunity to earn
their daily bread. There is no occasion
for any one who has money in st. Paul
banks to be alarmed, and if people will
quietly go about their business and
keep their heads there need be no
trouble.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
AFTER The STORM.
Rational German American
May Speedily Resume.
PLANS SUGGESTED TO THAT END
Lawlep in Charge Until Ex-
aminer Thorne Arrives.
BUSINESS CIRCLES TRANQUIL.
Ringing Utteranees From
Archbishop Ireland,
BUSINESS CIRCLES TRANQUIL.
JAMES j. HILL AND OTHERS.

The present indications are decidedly
favorable to some plan being evolved
for the reorganization and speedy re-
sumption of business by the National
German-American bank.
So tar as paying the depositors in full
is concerned, the bank is overwhelm-
ingly solvent, the assets. including
stockholders liabilities, aggregating at
least three dollars for every one on de-
posit, and the universal sentiment is
that such a great instutiOn should be
saved to the city, state and the North
west.
1t has long been realized, by the par
ties interested, that the capitalization
was so large as to be unwIeldy; but on
reduced capitalization, say of $1,000,
900 or 81 ,2OO, 600, it would not be diff
cult matter to make arrangements for
speedy resumption. All that is needed
is little time to realize upon assets,
and this the suspension secures. 1t is
heroic and not pleasant remedy. it is
true, but far better than to allow the
institution to go out of existence.
AS the bills receivable exceed the de-
pOsits by over sixteen hundred thou
sand dollars, the impairment of the
capital is not likely to be severe; and if
the capitalization should be reduced, the
stock would undoubtedly stand in the
market at least at $50, and perhaps high
er. The stock is largely held by wealthy
people, good deal of it by Eastern
financial institutions, who would un-
doubtedly prefer reduced capitaliza-
tion 10 liquidation.
The cooperation of the depositOrS in
such scheme is also suggested, and to
a very considerable extent this could
undoubtedly be secured.
1t seems reasonably probable that
Gustav Willius. the former president.
will he selected by Comptroller EckeEs
AS the receiver. No better man could
be IOund to handle its affairs. His
familiarity with the business of the
bank and its customers, having been
one of its leading officers from its in
ception until within the past two years,
together with his experience in the
banking business, would make his Sc
lection inspire confidence at once in the
plan for speedy resumption.
Comptroller Eckels, in selecting Mr..
Lawler as bank examiner 20 tempora
rily take charge of the bank, instructed
him to aid the officers in every way in
any plans for resumption, as ne regards
the bank as perfectly solvent, and only
compelled to suspend by the abnormal
financial stringency.
With the cooperation of the COMP
trOller, the stockholders, the depositors
and the general business public, it is
not too much to expect the speedy re-
opening of the doors Of the National
German-American, with its position in
the financial world really improved by
the temporary halt IN its active busl-
ness while the work of realization on
the undoubted assets is taking place.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
DISTRESS AMONG MINERS.
Large Numbers of Idle Men Are
Flocking to Duluth.

Large Numbers of Idle Men Are
Flocking to Duluth.
DULUTH. Minn., Aug. 4.-Today the
following telegram was received by
President Greatsinger, OF the Iron
Range road:
w. b. Cameron, mayor of Biwabik.
asks if you can give transportation to
200 men to Duluth today. They have
been working i'll the mines mere, and
have not been at work for two months,
and have had nothing 10 eat today, and
1t IS about TO turn out seriously if they
are not sent out of town. Please answer
quick.
"a reply, inspired by Mayor D'Autre-
mont, was Immediately returned, stating
that Duluth was already overlooking
with idle men for whom there was no
work. Something over 1000 men have
been employed by the MlSabe & North
ern road on the building of its ore dock
and extension from Stonybrook to Du-
luth. This work is now practically
completed, and the greater part OF the
men,in addition to many more who have
been employed on other contracts, will be
idle. Many workingmeR are coming
here from other parts of the country,
many of them having cards from fraud
Elent employment agencies or firms
that have no existence. Miners from
the Gogebic and Marquette ranges, and,
in fact, workingmen from every part of
he country seem to have the idea that
there is abundant work in Duluth. The
city has already more than it can care
for. Mayor D'Autremont is max
ing an effort to induce the North
ern Pacific to take tine idle men
to the Western wheat fields, where
men are wanted for the harvest. In
Duluth there has been no disturbance,
and the men are orderly, but the ques-
ton of caring for them is serious one,
and on the iron ranges it is worse. At
Ely the Chandler mine has offered to
take Its steam shovels out of the stock
pits and put Oh crews of men to do tho
same work at SO cents per day. The
company does not ask the men to accept
this. but offers it to those who are out of
employment and desirous of earning
their daily bread. The offer has not
been accepted.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
STEVENsON's VIEWS.
He Thinks the Sherman Law Will
BE Repealed.

BLOOMINGTON, ILL.,. Aug. 4.-Vice
President Stevenson left this evening
for Washington. to be present at the
special session of congress Monday
next. The vice presidential party ar
rived home early this morning from
their trip throughout the West. To an
Associated Press reporter tonight, Mr..
Stevenson said: From advces | have
received it is my opinion that the Sher-
man act will be repeated, but as to any
substitute | am not prepared 10
talk. l hardly think anything will be
done with the tariff at this session, as
congress would not have time. 1t is
Eexceedingiy hard to tell whether the
session will be long or short, and it is
extremely hard to fOretell anything
Isconcerning it. hardly think congress
will have time to adjust matters so that
it can adjourn in as short time as ten
days, as has been slggested.'
Mr.. Stevenson thought-there is little
doubt of Crisp's reelection to the speak
ership.