Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-05-19
OUR FINANCIAL LETTER,
Wall Street in the Dumps and
Chinatown in the Cleaning.
A COmmOn-sense View Of the Chinese
Exclusion QuestIOn-The Australian
Financial Disasters - 81, 400. 900 Of
Reading Money in a Hole.
"a BROAD STREET, /
NEW YORK. Nav II 1909 {


Reading Money In a Hole.
"a BROAD STREET,
New York, May II, 1893. {
Wall street was in the dumps last week.
and Chinatown is gloomy this week. The
decline of Chinese spirit mot quoted on
change) is owing to the fact that the su-
preme court of the United States has de-
cided that the Chinese must 20. dare
not criticise the rulings of the supreme
court, but | trust the good sense of the
American people will keep within the
boundary of justice and reason, The ban
ishment of the Chinese is direct violation
OF Article of the treaty of 1880, which is
as follows: Legislation taken in regard
to Chinese laborers will be of such a char
acter only as is necessary to enforce the
regulation, limitation or suspension of i'm
migration" And also of Article 2: 'Chi-
nese laborers who are now in the United
States shall be allowed to go and come of
their own free will and accord, and shall
be accorded all the rights, privileges, i'm
munities and exemptions which are ac-
corded to the citizens and subjects of the
most favored nation"
Ihere are many rich Chinese merchants
IN tne United States, and they certainly
would want to be indemnifed should they
De urlVen from the country. Then again,
suppose China retaliates, and we are cut
of from the 10000, 900 annually we re-
ceive from China on duties? Still further
Will Congress appropriate five or six mil
lions of dollars to defeat the Chinese2
Who ever heard of a Chinaman in an
American poor-house, and there are very
few in our prisons and asylums. Have we
not other foreign elements more trouble
some to our government, and less thrifty
by nature? This Chinese problem de-
mands careful consideration, and is mem
TONED in this letter owing to its financial
bearing to our government.
There seems to be no end of financial
trouble in Australia. The total deposits
OF the Australian banks, which have failed
IN the past month, exceed $500, 600. 900,
Most OF this money belonged to English
men, and one can hardly imagine the heavy
losses that have fallen upon London,
lhere is one consolation, in that Australia
mas only two more big banks TO fail, there
fore the bank disasters in that quarter
seem to be drawing to a close.
According to Mr.. Rice's report, the bond
holders expert, the net loss TO the Reading
company growing out of the Boston and
Maine, and New York Il New England
deals amounted to nearly 81 100000. Mr..
Mcleod, however, seems to have had some
verbal sanction of the transactions by GER
tain Reading directors, and later written
approval of the above deals.
The recent shrinkage of stocks and
bonds is estimated at $500, 600, 900; but
there is decidedly better feeling in Wall
street and the market will probably mend
from now on, while perhaps the mercantile
contingent will yet come in for their share
OF business trouble. Money is easy, 2 and
) per cent on CALL while good mercantile
paper will hardly be considered at any rate
OF interest. w. p. EAGER.