Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1893-12-14
Correspondence.
The Situation In Minnesota.
ST.. PAI,I MINI Nov 95 1Sq


by and left the letter unwritten.
The past six months have been hare
months In this section, harder than hav,
been known here for twenty years, Sc
in this city suspended payment. OF which
but one was a national bank. but after {
short time the latter and two of the Stat,
banks reopened. and are now stronger
than ever. There is money enough in tb,
banks, but 1t stays there; the banks vii
not loan 1t. few weeks ago a gentle
man went to one of the strongest banks II
the city, and wanted to borrow 5000
offering as collateral $4,000 in Unite,
States bonds. He could not get the loan
the bank had the money, but did not dar,
to loan 1t.
There is an unusual number of idle meI
In the city now, and 1t is likely there will
be much suffering before winter Is gone
In fact, there is now. Coal Is Sa so pei
must pay cash for fuel. this winter Many
of the small fuel dealers have gone to The
wall. One of them told me a month age
that be had over 81, 900 on his books for
coal sold last winter, that he had been
unable to collect. and every day he had tc
pay for every pound OF coal he had deliver
ed the day before Last year they settled
| up once month, and the credit ran until
May /; now 1t Is cash.
| The hard times affect all classes OF
| trade. 1t Is a rare chance for bargains foi
| those that have cash-uo matter what il
wanted. But the great mass Of the peo
! pie cannot buy; "retrenchment and re-
| form" is the cry. Que reason, In my own
| opinion, for so much trouble here lies In
the fact that great many people went q
| Chicago to visit the exposition, regardless
| OF whether the butcher or grocer was paid
! or not. | personally know of many cases
where men could not pay their debts. ye,
could, and did, spend 500 or more al
Chicago. 1t Is estimated that over 81 600
600 was spent by the people OF this city on
the railroads and in Chicago during the
past six months.
Many small dealers, and some larger
ones, have been forced to assign. simply
because they could not make collections,
and the banks would not renew paper.
In August when the National German
American bank suspended. one OF the
largest dry goods houses in the city had
discounts OF over $50. 900 with them, an
other house had $40 600 and third house
s35 900. This money had to be raised,
/ and goods were sold with no regard to
profit, In order TO raise the money. There
is a feeling of insecurity that hinders trade
much, for ne must make very few sales,
or else give credit; he cannot get
credit from the jobber, because the
jobber must have cash, and the whole
sale houses cannot give credit sim.
ply because It is impossible for them to
get any help from the banks and the
banks won't lend because they are afraid
the people will call for their money. and
SO want every dollar in the vault.
The president of the Second national
bank here. said three months ago that they
were losing money; that their vaults were
Overlooking. but they did not dare to lend
10 anybody.
II the Senate had made prompt work
with the repeal of the so-called Sherman
BILL" 1t may be that the business could
have picked up for fall and winter; though
ii is not at all certain that 1t would have
had any effect The great trouble 1t seems
to me is the great uncertainty that attends
the action Of Congress on the tarti.
What will be done no man knows; nei-
ther can he imagine; and right glad am |
that the democrats have control Of both
branches Of Congress. II does MT take
long TO show the people that they are a
party, not Of principle, but of opposition /;
they can attack, pull down, make high
sounding declarations of glittering gener-
alties an iceberg will glitter In the sun
shine), but when 1t comes to agreeing to
do some thing that is beneficial, they aren't
lin it." The recent elections are a sufficient
commentary upon what they have not
done, as well as upon what they did do.
1t will be worse for them next time.
Looking over the report Of our State
treasurer for the year ending July 81 1892,
gathered a few items that may be Of
interest s5,22o was paid for publishing a
history of Minnesota soldiers In the civil
war, copy of which, in two large volumes,
is sent, postage paid, to every surviving
member of Minnesota command whose
address is known, or the family Of those
that have died.
For the support of the soldiers home for
1891. $50. .538 was paid. This deserves
more than passing mention, and | will try
and describe it at length at an early day.
Wolf bounties cost the State in 1891 the
snug sum of s27 96l, while in the same
year the State paid out $500 for the
burial of deceased soldiers of the civil
war, dying here without means.
The three regiments of infantry, one
battery Of light artillery, and squadron Of
cavalry, that comprise the Minnesota
national guard, cost the State s39 600,
aside from rent of armories and other
similar expenses.
Of the revenue of the State about $780,
900 comes from tax on railroads, of
which sum the Chicago, Milwaukee,
and St. Paul pays the largest amount
Sl72 $3.50, which was paid in lump sum,
and very comfortable addition to any in
come it would be.
The Great Northern railway which runs
to the Pacific coast through Manitoba and
British Columbia, pays sl3O,365
From new corporations during the year
Sl23,l35 was received in sums ranging
from $5 to S3,025; this is a special tax
upon the amount of the capital stock The
sum of Sl43,467 came into the treasury
from the insurance companies doing bus
iness in the State.
On August l, 1892, there was a bal
ance of 81, ,803 1894, to the credit of the
State. of which s41,25l.7s, was in the
vault In the treasurer's office, and the bal
ance was deposited among thirty four
banks, the largest sum in any one bank
being 5000 4q3 % with the Marcbent,s ne