The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-03
Letters That show Financial Condi-
tiOns Are Good i'm Agricultural
States West OF the Alleghenies.
COMPLETE ANSWER TO BRYAN
WHOSE JEREMIADS FOUR YEARS
AGO MISLED FEW FARMERS.
One DfscOrdant Note from a Man Who
Kills a Bryan Argument by Say
ing Gold Is No Dearer~

up-to-date facts of interest relative to
financial conditions in the great agricul-
tural sections of the United States west OF
the Allegheny mountains, sent out letters
To several hundred business men in the
large cities and i'm country towns of these
sections They were asked how the bank
deposits of their communities compared
with four years ago; to what extent there
had been Improvement in the credits of
their municipalities or townships; and what
betterment, if any. was noticeable In the
condition of the borrowing classes. The
business men to whom letters were sent
were selected without any reference to- and
without knowledge Of their political af-
citations. In several instances extremely
interesting replies came from bankers hav-
ing a national reputation in Democratic
party circles, such as John r. Walsh, pres
ident of the Chicago National Bank.
The general substance of the replies
shows that savings and commercial depos-
its have increased from so TO 12O per cent
since 1896; that municipalities are able TO
borrow money at a rate averaging more
than one-half of / per cent less than in
1896; that farm values in most sections have
almost doubled; that about so per cent. OF
the remainder renewed only with prepay
ment" privileges and at lower interest
rates; and that from 20 to Is per cent. OF
the debtor classes. to whom Bryan tour
years ago vainly appealed with his dishon-
est propositions for cutting in two the
value of money legal tender in payment
for debts, are now actually lending money
in competition with the business men writ
ing these letters.
Out of all answers thus far received the
only note discordant with a story OF re-
markable prosperity among all interests
and in every community has come from a
banker in the town of Deadwood, ;. ID.
The principal business there is gold min
ing, and the complaint is that gold is
worth no more than ii was four years ago,
while ceal, coke, iron and copper nave
doubled in value. OF course, this interest
ing instance only goes the more TO prove
the utter absurdity of Bryans talk of four
years ago to the effect that the gold stand
ard was making gold go up and man,
incidentally with commodities and wages.
"gO down.
FROM BRYAN'S STATE.
Some of the strongest replies have come
right from Bryans own State of Nebraska.
The prosperity there has been so wonder
full that Bryan can have had no excuse
for being unobservant of it. The town of
Lincoln, i'm which Bryan is a taxpayer,
now has 4 per cent. bonds selling at a
premium, whereas four years ago il ex-
rerienced difficulty in floating loans at 6
per cent Adlai r. Stevenson as a tax
payer has also had a chance TO see evil
dences of prosperity right in his own town,
for the city of Bloomington, ILL.,, has re-
Gently sold it's bonds on basis of $40
per cent, which is lower than any munich
pality i'm the United States could get in
1896.
The letters will ultimately be printed in
full and given wide circulation. Following
are a few the national committee made
public last night:
James B. Forgan, president First
National Bank. Chicago. H.: II submit
the following comparison of the deposits
of the Chicago banks in 1896 and in 1900:
National Banks. 1896. 1900.
Individual deposits -. s6l070.143 $l03,Sl5 967
Country bank deposits 1925, 226 123, 023 go
State and Savings Banks.
Savings deposits 20949,S4 "a, 406lO
Country bank deposits 1885,, 625 13,9S53S6
Total deposits Chi
cago Banks ........ $l77 26l, ia $361, 1872 9O4
'In regard to the improvement of Chi
cago municipal bonds during the last four
years, as shown by comparative outstand-
ing bond values, the city of Chicago bonds
sold in 1896 at a price to net the investor
8. per cent, while they are now selling
at a price to net the investor only 3A per
cent, a very decided Improvement in the
value, of course. The enormous increase
in bank deposits and in bank business
generally is the best evidence of the in
creased prosperity of Chicago. of which
there cannot be- shadow of a doubt
III. III. Matteson, cashier First National
Bank of Great Falls, Great Falls, Mon
tana
Bank deposits show an increase i'm our
community as compared with four years
ago of lis per cent. Four years ago our
sheep interests, which comprised almost
wholly our borrowing class. were heavily
in debt. To-day, while they have not be-
come loaners of money, they are far less
IN debt. and AS a general rule are carrying
increased fiocks. If their fiocks were re-
duced to the average of four years ago
they would probably be out Of debt
A DEMOCRATIC STATEMENT.
j. r. Walsh, president of the Chicago
National Bank. Chicago. ILL.,: 1.-THE rate of
interest on municipal bonds has declined
3. per cent. from to 3i4) since 1896. never
knew a time when commercial paper was
paid more promptly than to-day; our
notary complains that he has no protest
ing to do. In reference to the new currency
law: In my opinion IT will have the effect
of making New York the financial center
Of the world within the next ten or fifteen
years. The rates of interest are now very
low: this no doubt is due to the additional
currency issued under the new law the
enormous production of gold III this coun-
try and more prosperous times generally"
NJ l.. Williams, vice president of the
Commercial National Bank. Detroit. Mich:
Both savings and commercial deposits
have increased with us about so per cent.
respectively. during the. last four years;
while credits Of this district have increased
about . per cent The improvement in the
condition of the debtor class has been very
material Our merchants report vast i'm
provements in collections.
S. II. Burnham. president First National
Bank Lincoln, Neb.: Bank deposits have
increased in the banks of this city during
the past five years 81 per cent. The credit
of this municipality has improved We
were paying per cent. on our city in
selling at a premium, at 4 per cent. to-
day. There was large amount OF float
ing warrants four years ago. while now
warrants are cashed on presentation Never
I'm the history of this State has money
been at so low a rate on good securities as
IL is at the present time Farmers can
borrow all the money they want on first
mortgag on their farms at ; per cent
interest, while four years ago il was diff
ficuli for them to get 1t at ALL Four wears
ago ii was almost impossible for business
man to borrow dollar from any bank in
the city of Lincoln, while to-day we are
loaning Is low as per cent very large
percentage of mortgages have been paid
or at least a portion refunded at "A much
lower rate of interest The merchants and
business men i'm this city, almost without
an exception. are making money and never
in the history of the city was there a bet
ter condition prevailing than at the pres
ent time. Unless | am greatly mistaken.
there Will be very material change in the
make IL a point TO talk with farmers COM
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