The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-08-12

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CAPSULE NO. Is.

%TTHE crumblns structure of confidence in Newark having been nc restores
/ to its pristine glory additions were built In 1850 the New Jersey Zine
Company began business It's establishment as noteworthy in that during the
first year it vas operated pre- from tn companys W mines in Sussex county.
n. j., vas used exclusively. This was paronizins home industries with a en-
geance. In the following year Edward Babach founded the first gold and silver
smelling am refining works in Newark. They lid not get their ore fom New
Jersey gold n silver mines. No n blamed them. for such mines were al
most extinct in this State at that time, and it vas a closed season for them the
year around. with the rapid growth OF population an hi establishment of
new industries n era o. prosperity which vsed and even passed that earlier
successful period between 1890 and 1886 was regularly breaking records without
the ado of a wind shield or n other artificial device. These glad and cheerful
times continued mabated until 1857, when they were interrupted sharply by
another panic This period of business depression he. that earlier n ushered
in twenty years earlier ws not a local condition. 1t "a general Fortunately
it vas not extended n wore itself ut within a year
A crisis can in Newark october A. 1851. On that day Newark banks, in al
effort to stem he tide of ruin; suspended speciep payment. This IN other pre-
cautionary measures taken heep probably saved the local situation. 1n spite Of
everything which could be done the popuace. particularly the working men,.
suffered bitter hardship AS factory after factory closed-the times beng No
squany hat only the most stout-hearted best financially equipped dared to
operate or even part tfme-ther employees were thrown out of work Their
slender resources were soon exhausted and thousands were reduced to thu point.
If starvation 1t a that rainy day which had descended upon them
again without warning, n for which few had prepared through he long,
sunny years of prosperity. On November IS 1000 of the unemployed assembled
III massmeetmg in Military Park n through their leaders discussed the sit
uaton. 1t was NOT a threatening demonstration They did lot lay the blame
for their plight at the loo of their former employers They we're hungry men
and omen who gathered in thu park OF hat November day. n they dis
quietly way an means by which they and their families might cor
tinue to live The spirit Oft TIL meeting hs been preserved in a resolution they
adopted appointing a committee to wait n he city authorities n ask them
to give work to the unemployed n respectfully asking all citizens who had
work to be performed to give it Immediately"
Their pleas met with instant response but the aid which could be extended
va meagre in That here few who did not feel the pinch of the times
The situation a bad here. 1t wa a great deal worse in som the places.
Fortunately this depression vas based @so n natural and lons forming causes
than vas thu ON hard times period of the late sos md early 4Os This IA
NJ an accidental nc artificial panic. Before a twe1vemonth had passedh those
who believed in signs n who could read them pophesed the return Of pros
perty, And they were right Prosperity car back with a rush, renewed and
inugorated by its vacation. 1t might have continued right through until but
for the rude interference oft he Civil War. 1t became so firmly entrnched
tha it vas moi disturbed in the least by he rumors Of war which fMd h ar
for a few years pevioust to 81 And Newark made so man things The soldiers
needed that, from a purely business standpoint the "a was preferable. by a
majority, to a panic.