The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-11-23

Ill S"HNeTllDlt into
sola al the option Of the holder, it
was necessary to bring the volume
OF paper IN circulation down to
something near tae sum Of oold
that was obtairable; that contrac.
ton of the money of commerce and
the people, as all contracticns in
history nave repeatedly done,
brought on great money stringen.
cy' which resulted in general dis
trust and widespread ruin.
But strange TO say this ruin was
ioreseen by the bank and by inhu
entail merchants, and they fought
against Its approach, fought against
the resumption OF gold payments;
out there was another class more
powerful with the government than
either the bank or the merchants
this was the Hebrew bondholders:
they wanted their interest in gold
com, and they got it at the expense
OF the rum of the English people.
These bondholders according to
theiI want whenever they loaned to
the English government, always
stipulated for certain concessions.
which were generally granted in
private. In 1919 the debt of Eng.
land had increased to GA, 100000 :
900.
The revenue of the bank in 1897
was ELS ,66S, 925 and in 1915 Eta.
1924. AT the former date the
price of the bat ks stock was lis to
JAG, in 1917 in was from 900 TO
294 These figures show how the
bank prospered under paper cur
rency.
To show how popular paper
money had become 1t is related that
a great increase in bullion in lSl6.l7
caused some of the country bankers
to complain Of their inability to get
rid OF the coin. Preference was
shown for their notes; and it co t
one firm tl00 to transmit its surplus
specie to London.
At another period in bringin Q
200 guineas to London banker,
the latter begged as favor that
the gold might not be left cas- he
had sent 80 much to the bank and
did not like to 'rouble the establish
ment any more
The banks deposits in 1897 were
ca .s92 900, in lSl6 they had in
creased to Gl2, $3.50 600; after re-
sumption, in 1921, the deposits fell
off to FL 600, 600 for the year 1922.
1t was In lsl6.l7 that gold resump.
ton was seriously debated, and the
dread of its return caused a great
contraction in business come four
years before the resumption actually
took place. The banks paper cir
culation increased from 50, 675 600
in 1907, to t27,397, 200 in 1917,
but at resumption the circulation
was contracted TO Els, G65,00 in
1922. This contraction brought on
a panic, for the contraction IN cir
culation was IN Ade greatly worse by
the banks CONTRACTION of its dis
counts, from f43, 401 GOO in 1916,
to els, $4,000 in 1922. No com
MERGE could stand double contrac
ton of that kind and live.
In 1919 the bank employed HOO
clerks, while 25 years before $50
sutliced There is no other period
in the banks history when its affairs
we're so furnishing. (The same
may be said for the banks in the
UNIFIED States during the Civil War
under the paper greenbacks, the
banks then made greater profits than
at any period before or slnce.) Gold
sovereigns sold for t24 and G25
paper, during part of the paper
regime, but that made No difference
in the a erage prosperity of Eng
lands banking and business all ANS
In 1907, the chief cashier, Abra'
ham Newland, retired from the
banks service after half century
of labor in the bank, and the bank
pensioned him. The same year he
died. 1t was then found that he
had amassed fortune Of $1,000
900 besides So 900 income year In
landed estates. In making loans
the bank reserved portion to the
cashiers department. The FANNY
of Hahrous named Goldsmi his. then