The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-01-29


have the power given 70 you to further
pluck your stockholders? Did the states
men of Kansas. the members of the leg
isIature themselves, create and carry to
completion this act. or did the banks
themselves see one more way in which
they could get at the pockets already de-
pleted but perhaps not entirely mpty?
What part did the - bank take in this
feat of western engineering?
at cannot attend your meeting. and
would not if could. have no desire 10
see poor farce poorly played. and as
for sending a proxy. 1 would see you and
all the other members Of the management
Of the bank in the lowest depths of hell
before would put my name to any paper
that would aid you in your nefarious
schemes, and 1 would certainly prevent
any member OF my family from signing
such paper.
II was through your state recently.
and was disappointed in seeing it looking
so well. 1 had hoped TO see nothing but
desolation. However. it is early vet, and
there is still time for the hot winds to
blast and destroy. ] wish for your whole
state and people nothing but distress, but
failure, but utter bankruptcy. When that
blessed time and condition comes to yon
1 shall feel that we are getting even with
you. and when you are blotted out alto
gether. so that nothing remains but the
Unsavory name of your foul state, I shall
feel that the mill that has ground slowly
has at last ground not only fine but well
Very truly yours. ."
This letter was written by a man who
probably had put his entire savings ana
also some of his wife's money-into bank
stock in little town. He was called upon
10 pay, like all other stockholders east
or west, an assessment on his stock un-
der the double liability act. 1t probably
became necessary to scale down some of
the debts of the bank under the new law
which has put Kansas banks upon a
businesslike and safe basis. The letter.
although of exaggerated type. is illustra-
tive of the brands that have been flying
back and forth from east to west, infiam-
ing the angry feelings between the two
regions, and showing the extent to which
| men will go-men OF intelligence. too
when their money has been lost in such
financiering as swept over Kansas. There
! is another side to this eastern feeling, and
it is one that Mr.. Breidenthal. with some
show of pride placed opposite to this let
ter from the Connecticut man. He quoted
from the report of 1895 of the bank COM
missioner of New Hampshire, the state
that was almost as sorely chastened as
Kansas in the riotous speculation. That
report said, under the head of western
Investments and speaking particularly
of Kansas investments:
THE losses thus far have been largely
from classes of investments that would
have proved disastrous whatever might
have been the condition of the west
In other words. there is the testimony OF
the representative of the chief sufferers
of tn east. the New Hampshire farmers
and wage -earners. that it was the specu-
lative spirit and not the condition of Kan
sas and its agriculture that brought ruin
in it's wake.
There may be inquiry as to how Kansas
could pay off so much of her mortgage
indebtedness since 1890. One reason is that
a change in the law in that year gave the
mortgage the privilege of paying off
mortgage in installments Of 500. or multi
pies of that sum, and thousandse of farm
ers availed themselves of that privilege,
and this year will see their farms clear
despite the hard times. But how did they
get the money. even the small sums? The
answer is found in the amazing produc-
tiveness of Kansas since 1890. notwith-
standing the crop failures. The state ag-
ricultural departments figures show that
since 1880 the farmers of the state have
raised in crops and live stock nearly 81
| 600. COO, 900 worth Of produce. The value OF
| those seven years of produce is more than
| the national debt of the United States
| The grand total for 1897 is put at s230OOO.-
| QUO. In 1890 it was 1926. 900, 600: 1891. $751;
600 600: 1892 1913 900 OOO 1899 $500 600 900; 1894
s1q2 600 O0O 1885, 500 900 900; 1895, $4,000 600
total. emitting all but general figures.
! 81 .s17 900. OOO The product of Kansas farms
| for 1897 was si1,OOOOO0 more than in 1896
| and of this increase $l5.cOeoO was IN
corn. wheat and oats. Another arucie
will deal with this increase in wealth and
what it has meant to show.
| To show that Kansas people are not
repudiators, her partisans point TO the
! fact that at one time. owing TO leglsia-
| ,ion intended TO give encouragement 10
farmers. nearly 80 per cent Of the people OF
| tho state were exrnpt from the payment
| IF obligations These exemptions lnclud-
! cd farm utensils and other things Of neces-
| sitv on the farm and in cases where Judg-
ments were taken there was little or MOTH
| inc that could be attached in payment
Despite these exemptions, Kansas people
| saw that not 10 per cent of those legally
| exempt from obligations awaited them
solves of their lawful rights. Mr. Breid-
! enthaI SAYS that as bank commissioner he
| finds in every part Of the state men who
Drefer to pay their debts outright rather
/ than extend their mortgages and buy
| more land or make improvements on their
holdings. experimenting Mr.. Breiden-
| that's statements. am at liberty To quote
what Major Hood. president Of the lead
! ing bank in Emporia, one OF the men most
prominently mentioned for the Republican
nomination for governor At the next cleo
ton. when she Republicans expect TO win,
/ said 10 me Of Kansas debts and debt
| paying:
'T have lived here" said Major Hood
! 'qwenty-six years. and have been in the
| banking business most OF that time, and
| in all my experience I have never seen
such a desire to pay debts and such re-
suit in debt-paying in fhis state as we
/ have had IN 1897
/ F1xther testimony as 70 Kansas debt
having lies in the fact that in Kansas