The Dickinson press., 1893-05-20
BACKED By THE GOLD.
Savca Thousands in Intcrc.t.

Minneapolis. Mimi, Special, May 10
Yesterday SAW Il littl,s financial shower
in Minneapolis. but the day closed hap
PLY with clearing skies and a thorough
| improvement i'll public confidence. The
sum total of the days casualties was the
Suspension of one bank. Ike Farmers
and Merchants. after short run on
its deposits The resources of the bank
are such, however. that no one can lose
any money. But this was not the feat
ure of the days doings The item of
most ensroSSins interest was the run on
the big Farmers and Mechanics Savings
bank ON Fourth street.
This WIS caused hy the similarity of
ITS name To that of the smaller institu-
tlon. uneasy people confusing the names
ami forgetting the mighty difference in
their rcSo ur,pS
The strongest savings bank in the
stale. and possibly in the West. was the
bank asSailrd, and ii is hardly neces-
Sary to state that the run. after contip-
ulhg all day without interruption. had
not troubled the bank amy. nor made
any impression on its barrels of money
that is worthy of special notice. The
bank has no Stockholders. and. eing
started for the benefit of working people.
only officials who do actual work receive
any compensation whatever.
With over N15O.N0 in cash behind
them. and the knowledge that there were
unlimited securities on hand which could
easily be turned into cash. the bank Of
ficialS awaited the crowd withou, the
slightest ureasiness. Every person who
could got To the tcllrr's windows was
paid, and If any on" else cares 10 with
draw his or her money they can do so,
for the doors will hr open as usual at 3
O'Clock this morning. The amount of
money withdrawn yesterday was about
SlOo.0OO, but they We're deposits during
the day which amounted To ahou, S.
GOO. The money was paid ont AIS fast as
the fingers of the tcllcrs could fly. aud it
will be seen that it will hr impossible to
withdraw more than about SlUD,OO0 n
day. This means that the bank can keep
paying out money for the next seven
business days without touching anything
but its cash box. and then there is
enough besides to keep going for about
thirty days moro. 1t will he easily seen
how futile will he any attempt To break
the bank. There can be but one outcome,
anu llau VIII III tD restore commence Ill
the financial condition of this aud other
banks, and the run vii. not he without
its benefits. Of course. the bank itself
Will he the greater gamer, for every de-
post taken cut means SO much less inter
est for the bank To pay. and the same
money will soon be coming back to start
over again
The Farmers and Mechanics bank is
organized ulder the laws of New York
which are recognized az the most con-
servativc of any state III the Union, and
it is one of the oldest banks in the city
Under the law the bank can demand sx-
ty days notice from all drpositors if it
wishes 10. but it is in such Il good con-
dition that it will not take any advantage
of this legal right,
All day the officials of the bank calmly
went about their tasks, and to all in
qurers gave it out that the bank was
abnn.iantly able TO pay every dcpositor
Ill full, and the more that came the mcr-
rirr. According to the statement of the
banks condition ;s published on the Sat-
urdny preceding. il had almost round
SSol,OtDO in cash in its vaults and nego-
table bonds to the amount of nearly S.
OOOOOO more. Soon after the run com
mrncrd John s. pillSbury drove up in an
express wagon and helped to carry in
great sacks of gold and grccnhacks. so
the officials would seem to have good rea-
son to feel themselves masters of the sit
uation. The other banks kindly sent Of
frrs of assistance, all of which were de-
clinrd with thanks. The Farmers and Me-
chanirs needed no help. WAS the reply.
The time of closing finally came There
were then at least 2W, people in line
There were no symptoms of possible
runs on any of the other banks of the
city during the day. and the feeling gen
orally is one of extereme confidence in the
stability of all the city's banking institu-
tions. No one appears to dread the NOR
row,