The Republican journal. [volume] (Belfast, Me.) 1829-current, 1908-03-19
Tho financial Stringency In The
~ Southwest.
-,.urospondence of The journal.


'u'p ~, apt of a clear sky. The first seri-
e"t :,timatjon the writer had of the
ondinp storm was the announce
'D Iut in the morning paper, late in the
Nv. .a+h Of October, that all the banks
u.s. s,rinotied had mutually decided for
~ resent time not to pay to any one
,..',itnr over fifty dollars in currency.
0 ',' ,,.t a GA. NJ. | had occasion to call
'o,sl the phone business man, and
+ae business in hand had been
' 8" OF he inquired if had seen
' marnng paper, and what was the
..,,. If the action of the banks? 1t
49,. ..., AXE long, however, for most of
., ,onlprehend the fact that we
landing at the threshold of a
-... ..~ons and trying condition OF
........ Affairs. Up to this time all
+..-s NJ business had been going for
.-.- v..h a rush. Everything you
....es.. vas i'll demand. Labor par
.....t.... was at "a premium. Men who
... .lng to work did not have to
....t ..r street corners with the plea,
~. ,.... hath hired u.s." If you saw
.-...wtly idle man and told him
..... ..r. ln search of man to do
.... ,rase the queries would very like
,..s a 10 do you want done? How
.... ., is it? and What is there IN
Ella. very likely he had a better
..t.ua- NOT looking for a job just
..n Jung to rest for a day or
,,. .- Was intending to take a job
a u w shops or TO leave town
7.. smads also had been con-
,...4t tA freight business until it
ma. tta.ult to get car loads of any
.s.a5 tr0ugh in reasonable time. A
,o.fh. time was not unfrequently
co,,aotd IN transferring a car a dis
,srr- MI two hundred and fifty miles.
g.- mills. the wholesale houses and
fiji. manufacturing plants were largely
-raruhrlmrd with orders. Business
o.,. r-.,h credit was good, and every
t55l was facing the coming winter
,..nri. with calmness and confidence.
Pa 7a, not long. however, before the
,.,, sfiu If the financial stringency
+s,.4a-i itself'upon our enterprises and
,a.ur.ts so as to make many strong
m.u mquire where he was at or what
.a.. results were going to be. The
.arss issued scrip, but this was not
.,aiaN- tor use outside of the locality
m gHt.6 If was issued. Personally the
ONLY inconvenience | experienced was
Ft handling. Several kinds of paper
v4.e ,rd some thick and heavy and
SOME thu and light. Most of it was is
snra ~ smaU denominations and few
maala dollars were bulky commod-
&. I'll .oul pocket. With this scrip,
h..., Won could purchase bank
Jrt.. .t any Of the banks with which
u.e. abiga,ions in distant places.
Persona. checks, however, were largely
,--4s.u "a if sent to meet obligations
Har tl until the equivalent OF the
8s Sis forthcoming.
Instantly there was an imperative
demand for money, either currency,
.ol yl SILVER. The banks were not
laSl cans, Everybody was clamor-
os t.g What was due. Cash, cash,
d, N8s he constant cry. know OF
o. AN and | presume the case was
aJi 'ed by many another, who had
tsgl ppiug hay without any question
3,u"e particular date when payment
ras & ue expected, who as soon as the
furry struck the country wrote sub
3tautt, as follows: We ship you a
cal hay today, but as everything is
Uncertain in regard to the banking
business wt have drawn on you through
tie Express Co. The next day another
ca. Ras tipped by the same party on
tie same terms. But who could meet
so5. .ujtions as these? Where were
yar two hundred dollars of currency
70 eomr from when with ten thousand
dollar ~ the bank fifty dollars was the
ham 5p3 could withdraw in currency.
Il- most serious effect, however, of the
luancia. curry was and is the paralyz-
lg OF industry. In a few days business
tegaH tt feel the effects of the str!n-
gs5t} orders which had been placed
u goo4 faith were cancelled. Factories
OtsaL JQ nun Oh short time. The great
altoa1 shops of Springfield, Sedalia
aua other places curtailed the day to
hight hours, and the weeks work to
4 '1iet days. and once more than week
passed Without any attempt to co any
Wng at all except to keep the wheels
IL notion Trainmen who had been
earning from one hundred to one hun
urea aud fifty dollars had their checks
''' To about one third, while large
numbers Of all classes, clerks, train
u7a and all kinds of mechanics, were
PAU up and given their time. And all
VI Us aborng men, clerks, mechanics
/ ana business men have passed through
WE shell of the fire. Many of us have
''50 10 do the best we could for all
4 'oHetiLrd, 10 meet our obligations as
f'ufyIy as possible, to extend credit
s H.tIaily as possible, to encourage
D5 Weary and the oppressed by word
aud work