The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-29
ST. JOHNS IN "a LIVELY STEW
Creditors OF the Banks Want the Colony
to Bear the Losses.

ST. Johns. n. F.. Dec. 2S-There Is "a
strong feeling in certain quarters that
the arrest OF the directors and manager
Of the Commercial Bank are largely due
to political animoslties and the surround
ings lend color to this. Sir William
Whiteway and ex-Speaker Emerson Of
the assembly are prosecuting counsel on
behalf of the crown and the men ar
rested are all, without exception, politi-
cal opponents and were chiefly instru-
mental in instituting the election trials
by which Messrs. Whiteway. Emerson
and number Of their party were un-
seated and disqualified for four years for
gaining their seats by bribery.
The FIVE men arrested were admitted
to bail, two sureties for $4,000 each be-
ing furnished for each Of the accused. The
sureties were obtained without difficulty.
though the bonds were the largest ever
given here.
The Union Bank shareholders are agi-
tating for a meeting now and threaten
similar proceedings against their direc-
tors, so intensely interesting events are
term.
Scarcely less sensational was the ses-
sion OF the legislature last night, when
the joint select committee presented its
report on the condition OF the banks.
Several thousand men crowded the
grounds. in addition to those unable to
gain admission.
The report was signed by all six of
the committee. 1t processes to be mere
ly an interim report and stated briefly
that the Union Bank was safe; its sta
bility was affected by overdrawn ac-
counts, but it was solvent, and all its
depositors note holders and creditors
would be paid in fun. They urged its
speedy extrication from its ditnculties.
either by liquidation or resumption of
business.
The Commercial Bank, they reported,
was hopelessly insolvent even If the re-
serve liability of the shareholders was
fully exacted. Its books We're falsifed,
a clerk had defaulted, sufficient care
limits on exchanges accepted and unse-
cured advances were made without proper
check. Legislation should be speedily
enacted TO enable the government to
supervise its liquidation, as II would pay
a small dividend.
On the DdSlS OF lulS report tN6 gov
ernment introduced resolutions guaran-
teeing Union notes at so cents and Com.
mercial at 20 cents on the dollar re-
| deemable in two years.
The proposal was greeted by Kisses
while a suggestion made by the opposi-
tion that they be gu-ranteed at their face
value, the colony bearing the loss evoked
thunderous applause. The masses ex-
pected to be insured against all loss indi-
| vidually. No decision was arrived at
An expert in banking is coming from
Montreal The English banks interested
sent representative by the Ulunda yes
| terday. The Ulunda also brought S60,00C
in specie, which, however. is for private
firms and but little improves the conges-
| ton of circulation. It is n veritable gold
| famine, which viii take months to relieve
! and the number destitute is increasing
| daily.
The unexpended balance of the fire re-
lief committee is being devoted to the re-
| lief of the destitute, but will be utterly
| inadequate. There is an ever increasing
! sentiment in favor of the English govern
ment offer of a loan to cover the losses
| conditional on the surrendering of the
| charter of self-government.
Reports from clergymen in outports OF
| the condition of the inhabitants reveal
| dreadful wretchedness, and urge imme-
! diate steps to prevent death from starva-
| tiOn.