The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-05-09


Lost tho nosinces-
Upon the occasion of any important
event. or of any important political
achievement. the New York bankers
are the first to be interviewed. Al
though they are not taken into the con-
fidence OF the administration, exoer<
possibly upon the occasion OF some
financial transaction. they exhibit de-
gree OF fiattery and clf-satisfnction
which may be the cause of their giving
utternnce TO expressions that are so
often foolish and fallacious- New York
bank managers. as a rule, are demo
Gratis, and the prosperity ard good
times which they anticipated upon the
election of President Cleveland were
simply overwhelming.
OF late they have not been 30 loquar
cious. Why Let MS try and fathom
their feelings of to-day. In 1892, when
New York bankers were hurrahing for
and helping TO elect democratic pres
ident. the business transacted in the
United States was the largest in its his
tory. nank clearings exceeded $780,
O00,000.000 that year. They were
three and half billions greater than
in 1891 But the New York bankers
were not satisfied. They wanted more.
business that had increased through
out the country at the rate Of 100000
900 for every day III the year was none
too good for them. They wanted
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 of
more than 00.000,00o In his Sec
ond year there was a further decrease
Of nearly $4,000. GOO. 900. making loss
of more than Sl5,ooo.000.00o within
two years Of Grover. In his third year
there was an improvement-things
couldn't have been worse-yet, in 1895,
the bank clearings of the United States
were less than they had been in 1880.
Practically business in the United
States has refrigerated by nearly de-
cade. in spite of the campaign prom
Uses made by New York bankers in
1892. But, on the other hand, we still
have Grover.
And what has been the condition OF
banks during these years? At Ill;
banks the deposits had increased by one
per cent. in 1891, and again in 1892. But
in 1893 they decreased by 20 per cent
IL is the matter OF loans that affects the
prosperity of the banks. In 1891 and
1892 the amount of loans increased two
per cent. each year. But in 1898 they
decreased by 10 per cent. 1t takes hons
and steady work TO build up a sole
structure, but how quickly il topples
over just as soon as the foundation II
undermined. Loans were "a per cent
smaller ut the end of 1894 than the,
were 16 months earlier, whereas in 1891
'02 they gained ten per cent. Les
money out ON loan means less business
and less manufacturing. 1t also mean
less dividends 10 the banks and bankers
During 1892 the earnings OF all ma
tional banks i'm the United States wcr,
sec, 100000. In 1894 they were less thar
$i2,000.00o. This was hardly In keeping
with the prosperity that the New Yorl
bankers had predicted under demo
cratic administration. In 1895 there WA
an increase Of 25 per cent. in the humble
of bank failures and suspensions as com
pared with 1894; mostly in state ans
private banks. The savings banks tell
story of hard times and privation.
falling off OF $4,000 depositors and o
s37. 100000 in the amount Of money dc
posted, and of more than dollar II
the average per capita OF savings for tn
whole people in the United States, al
point moral and teach the story of liy
ing from hand To mouth. with strneel
TO make both ends meet, without bein.
able TO put away dollar for old age.
And as Il was with bankers and witt
the business of individuals, so II has bee
with the business OF the nation. Wit
customs revenue of $203, 1000, 900 up I
1898, we find only $l51. 15s, 900 for tn
1895 fiscal year. Where we bad surplu
Of revenue every year from 1866 10 $780,
there has since been a deficiency O
revenue every succeeding year unde
democracy. The republicans spcntl les
than their receipts and bought back th
bonds. The democrats spent more tina
their receipts and increased the nations
debt. - Springfield (Mass.) Mornin
Union.