The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-10

noticed that Withdrawals were largely in
excess of deposits, until al last in the midst
! OF the money famine deposits practically
ceased and Withdrawals increased enor-
mously.
Some Of the banks in order to protect
| their deposits were compelled to use the
| defenses which the statutes give them, in
some cases limiting the amount any one
person might withdraw. and in other cases
recurring the notice of intended withdrawal
which the statute permits.
AIterWard. when the money famine was
ended and there came some revival of in
duStrlal activity, deposits increased again,
and there was no time between the first
part OF 1894 and the latter part of 1896
When deposits were not greater. than the
Withdrawals. For instance, in the fiscal
year ending June 30, 1896. the deposits We're
So 100000 greater than the Withdrawals
whereas in the year which ended on June
30 last 81 500 600 more money was with
drawn that deposited
This extraordinary difference measures
as lar as II can the dread which the
by the free-silver element created on the
part of those whose little savings were all
mat they possessed. In the fear that the
country was going to the silver basis and
that their money would be deprecated one
half IN value, or that the savings banks
would become insoVent these depostors
withdrew in that year $i2 O05, 900 more than
were deposited. the first time that the saw
ings banks have had such an experience:
excepting in brief periods of financial
panic for more than fifty years.
With the election of Mckinley all this
apprehension passed away and in the lat
ter part of the fiscal year just ended the
deposits greatly exceeded the Withdrawals.
The lesson which the savings bank report
teaches suggests an experience winch
others in better circumstances than the
great body of those who use the savings
banks passed through during the three last
years of Mr. Cleveland's administration.
We are beginning now to know how deeply
the capital or principal of many persons
was eaten into during that time. Men are
telling now with some frankness that dur
ing nearly all of Mr.. C1eVelandS aGminis-
tratlon they were compelled to draw upon
their principal for their support. Many of
the manufacturers OF this city went deep
into their principal in order TO maintain
themselves.
Those whose business was the furnishing
of luXuries, especially artists, felt the stress
severely and nearly all of them were COM
PEELED to sell their possessions or borrow
money upon their property to support
themselves. Those who had no property
have had a sorry time of it and more than
one pitiful tale of the suffering experiences
product of these that the first econo-
mics entailed by that season of distress was
practiced.
Even the very rich declined to buy pic
lures or artistic productions feeling that
as they must econOmiZe somewhere they
could begin that practice in no better way
than by curtailing their expenditures for
artistic productions.
1t will take a year or two of great pros
perity to enable those who lived during the
past three or four years upon their prtncl-
pal to make good the losses, so that it is
find themselves where they were during the
last years of President Harrison'S admin
istraton until after a year or two of good
times.