St. Paul daily globe., 1893-05-01
THE WEST HOLDS THE GOLD.

The West may not only feel proud,
but the country at large feel safe, with
the knowledge of the fact that the
Western bankers hold, i'll round num-
bers, S54, 100000 of gold, as against S39.-
100000 held by the bankers of the East.
This is shown by the official report of
the comptroller of the national treasury.
The bankers of Chicago and New York
are the heaviest holders, with Chicago
in the lead, the figures beng: Chicago,
S14. S24, $50; New York, S12, 1862. The
gold held by the banks Of the Western
cities is detailed as follows:
Chicago -. SI4S24, 66)ILouisville. S239069
5. francisco 1,4c4, 225 Detroit. 967, ~
Kansas City. 767, SOP Milwaukee,. 955,Sf
Minneapolis. 925, 369I Des Moines. 10l, 433
ST. Paul w 2,069, IN. Orleans. 364,324
Cincinnati. 615, 5,5i7I St. Joseph. 159 iOS
ST. Louis. 1.3OO695
Cleveland =. 1,250,O91 Total 80. .$27, 6J4,8 800
One cannot resist the temptation to
step aside to note the fact that our st.
Paul bankers are pretty we'll 'heeled."
They rank second to the bankers Of
Chicago, have more than a million
more than those of Minneapolis, Kansas
City, Cincinnati, Detroit and Milwau-
kee, aud more than 81, 100000 more than
Louisville or New Orleans.
The gold held by bankers of the
Eastern cities is as follows:
New York. St2, ,43S 652l Albany. S}l4,900
Boston...... 4,0:5, 703 Pittsbqrg.... 2'7y5,S59
Baltimore e. S3L5l0I Brooklyn. :. 1928
Washington 2503O3 ------
Philad lphia 1606 4S0 Total. .... So All. TIA
The gold held in the smaller cities of
the Western states amounts to S25,541,-
OO2, and in the smaller cities of the
East to SIG, 7O8,55
These figures are sufficient to show
that the national power of Wall street
and the bankers of other Eastern cities
is broken. 1t is only few years since
the credit Of the nation depended upon
these men, particularly of Wall street.
In those days our heavy men of the
West flocked to the East to place their
big paper When the BARING-GoULD
failure turned up, the Eastern bankers
took care of their home patrons and let
the Western men sweat. The Western
men returned to their home bankers for
relief; but they turned deaf ear, reply
ing that they would take care of their
own patrons, and could not help them.
Thousands of the Western gilt-edged
men went to the wall. The little affair
conveyed its lesson, and since then the
Western capitalists have relig-
iously staid by their home banks.
The result is self-evident, The
Western banker has been going to the
front ever since. Our capital remains
at home, and the West is the monarch
of the situation. Wall street can never
again precipitate upon the nation a
Black Friday, and millions of people are
thankful to Secretary CARLISLE for
standing aloof from the black-hearted
crowd.
The nation is safe from any financial
crash, and it is the power of the West
ern banker that saves it. The Western
banker will continue to grow in power,
and the nation will not suffer thereby.
Every citizen of st. Paul must feel
proud of the standing of our bankers.
We have always claimed that they were
among the most sagaciouS and safe
bankers in the nation, and now We
know it.
In addition to the amount held by our
national banks, the st. Paul state banks
hold 100000 of gold, swelling the
amount in the city to $2,569,947.