Ameriaan Finance.

Manawatu Herald, 14 September 1893, Page 3

Ameriaan Finance.

Messrs W. M. Bannntyne and Co. have received a letter from Messrs T. C. Williams and Co., of Richmond, Ua., U.S., from which the following is an extract. The date U 11th August : — " Ouv country is now passing through the most serious financial panic that it has ex perienccd .since 187*3. This has been brought about by a lack of confidence produced by the operations of the Sherman Bill, which provides for monthly purchases of large quantities of silver on account of the Government, and the fear that this law will ultimately bring the country to a silver currency. Many banks have been compelled to suspend, not because they were insolvent, but simply that they were unable to realise on their assets quickly enough to meet the demands of depositors. Most of these institutions will resume payments when tho atmosphere becomes clearer. Indeed, the banks throughout the country have now virtually suspended payments in that they will not pay curre.icy for any cheque presented for a greater amount than 50003 01. - 1 Our local banks took this action yesterday, and manufacturers and others requiring currency to pay off their operatives are put in an awkward position. They will have to get through it by issuing due bills or scrip to their employes until there is some change in the situation. Congress has been convened for the purpose of considering the repeal of the Sherman law, and the whole country is looking anxiously to it tor relief. The repeal of the Bill would, we think, quickly restore confidence, for the country is in a sound condition, and the finest crops that have ever been grown in the land are about to be harvested. We earnestly wish that something may be done soon to relieve the present eiribarpssing state of affairs." — Post.