Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1896-05-06
NEW YORK BANKERS.
Wanted Grover and Good business tut
Lost the Ru.tne~-

ac-t inc
Upon the occasion of any importan;
event, or OF any important politica.
achievement, the Ncw York bankers
are the first TO I've interiewed. ~.
though they are not taken into the con
fidence of the administration, except
possibly upon the occasion of soinv
financial transaction. they exhibit a de
gree OF fiattery and self-satis faction
which may bc the cause of their giving
utterance 10 expressions that are -
often foolish and iallacious. New York
oank managers. "a "A rule. are demo
Gratis. and the prosperity ard good
times which they anticipated upon tn.
election of President Cleveland were
simply overwhelming.
OF late they have not been 50 lopua.
cious. Why: Let us try and fathom
their feelings Of to-day. In 1899. when
New York bankers were hurrahing for
anu helping TO elect democratic pres.
ident. the business transacted in the
United States was the largest I'm it's his
tory. Bank clearings exceeded 500
OOO,OoO.oOO that year. They wep,
three and \ half billions greater than
in 1891. But the New York bankers
were not satisfied. They wanted mere.
Business that had increased through
out the country AZ the rate of SIC. 900
600 for every day IN the year was none
too good for them. They wansed
Grover as well. They wanted all the
good things.
They got Grover. But how did
business fare? In his first years adj
ministration there was falling of M
more than $1,000 ZOO. 900. In his sec
ond year there was further decreaye
OF nearly S1i,000,000 900. making "A loss
of more than SIS 600. 100000 within
two years of Grover. In his third wear
there was an things
couldn't have been worse-yet. in lsQ5.
the bank clearings uf the United States
were less than they had been in 1889.
Practically business in the United
States has refrigerated by nearly n de-
cade, in spite of the campaign prom
lses made by New York bankers in
1872. But, On the other hand. we still
have Grover.
And what has been the condition of
banks during these years? At LIZ
banks the deposits had increased by one
in 1898 they decreased by 90 Der cent
1t rs the matter of loans that affects the
prosperity of the banks. In 1891 and
1872 the amount of loans increased two
per cent. each year. But in 1893 they
decreased by - per cent. 1t takes loi %
and steady work to build up n solid
structure, but how quickly IL topplcs
over just as soon as the foundation is
undermined. Loans were "a Der cent
smaller ut the end of 1894 than they
were 10 months earlier, whereas in 1891
w they gained ten per cent. Less
money out on loan means less business
ana less manufacturing. 1t also means
less dividends to the banks and bankers
During 1892 the earnings q all ma.
tional banks in the United States were
se6,5OO,OOO. In 1894 they were less than
S42 100000. This was hardly in keepiny
with the prosperity that the New York
bankers had predicted under ex,emo-
cratic administration. In 1895 there,yas
an increase of 25 per cent. in the number
OF bank failures and suspensions rs com.
pared with 1894; mostly in state and
private banks. The savings banks tell a
story of hard times and privation. 4
faIllng OF of $4,000 depositors and OF
r37 100000 in the amount of money de-
posted, ard of more than a dollar in
the average per capita of savings for the
whole people in the United States. all
point moral and teach the story of iiv.
ing from hand to mouth, with STRUGGLE
to make both ends meet. without being
able 10 put away dollar for old age.
And as ii was with bankers and with
the business of individuals. so il has been
with the business of the nation. With
customs revenue of 500. 900. 900 up &c
1898. we find only S1j1, 900 for the
1895 fiscal year. Where we had "A surplus
of revenue every year from 500 to 1893
there has since been a deficiency of
revenue every succeeding year under
democracy. The republicans spent less
than their receipts and bought back the
bonds. The democrats spent more than
their receipts and increased the national
debt. - Springfield (Mass) Morning
Union.