The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-22
Price Versus VaIue.

The New York Press prints al
alarmist screed this morning, aiming
to prove a shrinkage of national
wealth of fabulous millions in 1.-THE
eleven months since Mr.. Cleveland's
nomination" The Press selects
t~wenty-nine New York banks end
shows that their outstanding loans
and discounts are about seventy two
million dollars less than in June, 1892;
their deposits about a hundred and
thirty-two millions less, and their sur
plus nearly sixteen millions less. The
figures, to those who understand
them, are rather curious than alarm
ing, but they have a formidable look
to the general public. The Press
motive in arraying them is sufficiently
shown by the criminally vicious and
dishonest editorial which it bases
upon them.
1t claims with almost incredible
effrontery that these figures represent
an actual decline in national wealth,
that it has been caused by the public
distrust of Mr.. Cleveland, and that it
began the moment he was placed 10
nomination by the Democratic party.
Now could anything be more absurd
than this? We are asked to believe
that while Mr.. Cleveland was still a
candidate the people deliberately set
to work to elect him with one hand,
soto speak, while with the other they
locked up their safes, curtailed their
industries and generally hammered at
the wealth of the country out of sheer
distrust of his prospective policy.
Really we wonder what sort of asinine
brain ~concocts twaddle of this sort.
Here is It's exact argument
The twenty-nine selected banks at
the time of Mr.. Cleveland's nomina-
ton reported the following figures
Loans and discounts ......... 80. $2s4, 3s6. 600
Deposits. 3li5lo,soo
Surplus >. 43,O91.7O0
The loans, discounts and surplus Of
the same line of banks on September
90 1892. were:-
Loans and discounts. ...........S $685.. Obs 90
Deposits. 197, IVA, SS8 20
SURPLUS. 54,9oe,lIo W
Then, here are the comments OF
the Press
Thus we find a decline Of $780, AZ, 9s5 in loans
and discounts, $l13, 1890 n elm deposits
and $S,135.525 in surplus fund. Since that
date the declines have been steady aud IN
interrupted. Between June, y. 1872, and July
IL last the shriusage has bean $725j3,9J!.31 in
loans and discounts, Sl32, ais, 73i. 81 in deposits
and $l5,S Isl SAB in surplus.
Presumably the figures are accurate;
we are not prepared to deny, either,
that they would be borne out to a
greater or less degree, ever If all the
banks, instead of carefully selected
ones, were used. 1t is not worth
while quibbling e. the fact; that
an era Of depression has come upon
the country is certain. But here is
the Press rhodomontade about the
cause
That New York banks have lost heavily IN the
general shriukage of values which has been
going on Is shown by the table which the Press
prints elsewhere. That table is well worth care,
full study by the individuals who were convinced
that the nomination and election OF Grover
Cleveland would increase our national pros
1t Is not strange that a general feeling OF dis
trust and fear exists, which is likely, at almost
any moment and in almost any community, to
break forth In unreasoning and disastrous
panic. The Democratic threat of destruction to
American industries and deg radat ton to Auieri-
can currency has simply produced its natural
II Is painful TO the humane mind to reflect
that within a comparatively short time hun
dreds of thousands of heretofore well paid
American oper atives are likely to be out OF
employment, either destitute or living on the
savings earned under the shield of Republican
affected by the privation consequent upon tile
paralysis of American industries.
Shall these hundreds OF thousands have work
or shall they and their dependents, their homes,
their hopes aud aspirations for their future be
sacrificed? Hosts of idle men and women. anu
men and women soon TO be idle. are anxiously
awaiting an answer. Only one man can give
that answer, and that man Is Grover Cleveland.
An assurance from him wonld open agaln the
fact cries that have been closed, and prevent the
general shut down on the first OF August.
VIII Grocer CltUelaafd send a message OF joy
from his luxurious home On the sedSho7e 10 me
handle homes of ABte1icdn arorkiHgnela 6g GU
ing such an assurances?
We do not know what Mr.. Cleve-
lands home, luxurious or otherwise,
can have 20 do with the matter. We
& should incline to call this bit of italics
the italics are the Press'--the
basest sort Of claptrap. But we arc
80 49, ia 49, Dx1ao .-.Id he f13a