The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1894-06-23
\ BIT OF HISTORY,
Or / Year Of Trouble and Triumph.

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one. indeed. mo.e especially is snch
the ease it being the one in which has
o.cuirtd one of TIE very worst panics
the world las ever known.
This panic was brought about by
varied and complicated causes. eve.
antedatine the failure Of the Barring
Bros. which was brought abouj by tie
depreciation of Argentine securities.
and had not the Bank of England
promptly come 10 their rescue. aSsum-
ing 'lfrir Liabilities, the extent Of the
shack to banking confidence cannot
even he SnrmiSed
Then came the Australian failures.
trinm ~ some 460 Millions of Enro-
rean money: the silver agitation, the
falling ot he gold reserve in the L
). Treasury below the conservative
reserve 81 loo million doll4.<
All lad its tendency to make foreign
capital wary. both from nrceSsity. a<
We'll as Wagt OF confidence which j.
| the very life blood Of all finance.
These, with many auxiliary canseS.
brought about the withdrawal of cold
from the {. ). Treasury until the re
upon, the same being III payment If
American securities helkalload Still
with this. ihe bauks doubtless wonl,.
have held mp unler the strain that
was being brought to bear on them,
but then came the Withdrawals for
hoard;ng. thus taking the money aS
completely GEt OF the channels Of trade
as it it were never in existence. Then.
and not until ii en-, did the banks feel
called upon to take some excessive
and .eroic :nea>u for mutual proeec-
tion to the bank asd the deposition,
until the panic stricken DEF lositor real
| Is returned to his senses.
| Early in the season. New York was
! the first to take this precaution. and
| thia action was followed rahl,lly by
other large cities those not doing SO.
saw their error only after failure was
inevita bic
This panic spread through the East.
North and West with alarming rapid
| ltN, aud while the South stood the test
better, and with less failures, it hoped
to avert the crisis. and did So .Eobly
till the panic struck Denver. when. IN
|
and time honoied Institutions had she
cumbed. This was followed within il
day or two by the same terrible expe-
rlence at Louisville, and then. and
not until. did our neighboling city Of
New Orleans feel called upon to take
any extreme measure, but as they
were losing heavily daring the last
few days named, they acted promptly
and nobly, making ii limited payment
on all Withdrawals. 1t Was not till
this time that our bank took any ac
ton, although losing heavily in depos-
its. By the limitation in New Orleans
our currency supply was closed to us
In dn almost lnconcelvably short
time we had paid out, in round mum
bers, 100 Thousand dollars.
We fuither Issued our obligation
payable in four months, bat SO rapid
~ did we recupeiate, that all had been
called for payment within sixty days
after the first date Of issue. although
New Orleans at that time was paying
under the limit, although paying more
freely.
At the time of our suspension O1
regular payments. Il meeting was call
ed, and the depositors. as with one
voice, voted confidence in the manage
ment of the bank and an approval q
the course takeE. They promised tc
assist in the course pursued by the
conservative management of the bank
aud we'll and truly did they do this.
When the financial cloud was frs
l,A oil han
60 take in sail, and make themselves
as near IN readiness as possible fol
the approaching storm.
About the middle of October, | wen
for few days to Chicago, and, having
arranged for all the funds We shoule
want III any emergency, the mex
morning after my arrival home. an
nounced our readlress to take Oft al
! limitations, paying deposits in full
aud as ready also to call in all on
time Obligations The result of thi:
step was, that TO one called for his de
, posit. and that but few Of the time ob
legations were presented for payment
\ the holder preferring TO retain them Il
they Dor interest.
During this period we had borrow
; ed about S55 900 but when new yea
came, we had paid every dollar, AM
were leaning freely.
A statement made in the middle 9
; December, showed our deposits niue
higher than the year previous.
A most noteworthy fact is, that dur
: ing all this crisis. not a share of til
stock of the Bank of Thibodaux wa
offered for sale.
i. During these trying times our de
,x-.,n n1x1inn, npr n,iuai