Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-01-08
THE SPIRIT OF THE PRESS.
THE BANK FAILURES.


there is only one lesson to be drawn
from the recent bank failures in the
West.
The soidity of all our financial nsti-
tutions must necessarily 60 hand in hand
with the prosperity of our business
people. The financial safety of the ma
tlonal banks rests entirely upon the con-
dition of our business interests.
AT times, when prices are declining
and business stagnatIon prevails, there
must necessarily ensue a lack of conf
dence and mistrust in banking circles.
Ii the real facts were known about the
conditions OF the national banks they
might disclose worse state of business
distress than the facts on the surface
seem to warrant.
There is no doubt that many banking
institutions all over the country are
carrying millions of dollars worth of
their customers papers at full value up
on their books and which, if an attempt
was made to collect, would end in the
bankruptcy of the promissors. How
long this state of affairs can continue is
very grave question, and there are
even those who believe that a financial
crash is near at hand and that if the
present gradual withdrawal of deposits
from the savings banks on the part
OF poor people who are out of employ
ment and have no other means of sup
port continues, that the national banks
In their turn will be very seriously af-
fected, and the demand on their part for
the payment of past due notes and the
impossibility to renew present ones, will
preciptate commercial crash at an
early date.
1t seems to us that the prophecies of
silver advocates have not been without
foundation. How many merchants In
this city have been doing business for
number of years, not only without
profit, but at a positive loss. This is
caused mostly by the continued depre-
citation of their wares, which on each
succeeding purchase seems to settle in
value, and unless quick turns are made
only mean loss. We must acknowledge
that the gitterng promises of better
times made by the partisans of the gold
cause have not borne fruit, nor is it !
reasonable to expect that the Inaugural
ton of Major Mckinley will bring with
it any perceptible change for the better.
1t is not an impossible thing that the
pressure upon the next congress will be
so great in favor of the free coinage of
silver that even that body, as strong as
it is for the gold standard, will be
obliged to listen. And more than that,
it is not too much to expect that if such
legislation is passed even in this coming
congress, that President Mckinley will
not oppose the veto.
AS to the congress which will be |
elected year from next November, if |
the present business stagnation still
goes on, there is not the slightest shadow
of doubt that it will pass free com
age bill, and if this is done, of course,
Mckinley will sign it. Boston Travel
Ter, Rep.
THE WOOL SCHEDULE.
The letter WHICH Mr.. William NJ.
Wood, the treasurer of the Washington
mills, has written to Chairman Dingley
of the ways and means committe. in
dictates the wide difference that exists
between the wool growers and wool
ma nufacturprS On tho ouaetiOr of n c,,,.,, !
on wool and woOllen and worsted fab
rics. Judge Lawrence of Ohio, repre-
senting the Wool Growers association,
has asked for a duty upon imported
wool of y cents per pound for clothing
and combng woods; or, If these are
what is known as sklrted, duty of "a
cents pound; in other words, Judge
Lawrence wishes to have a duty i'm
posed which, reckoned in per cent,
would vary from GO to $50 per cent.
The treasurer of the Washington mills
asserts, however, that the only proper
and fair duty on wool would be an adj
valorem one of not exceeding % per
cent. This on the highest priced I'M
secured wool would represent about
cents pound, and on the lower priced
wool about 30 cents pound, specific
duty.
This indicates, as we have said, the 1
range of difference that exists between
these two interested parties. Mr.. Wood
represents, as he says, corporation
that is the largest consumer of wool in
the United States; one which, under
normal conditions, uses as much wool
as is produced in the entire State of
Ohio. The Arlington mills probably
represents an almost equal consumption,
and we dare say the views of its man
agement do not differ materially from
those of Mr.. Wood. These great manu-
featuring concerns, in spite of the de-