News you can use
News you can use
Emily Mayer
In last week’s article, I mentioned the Silver Panic of 1893. One of the reasons behind the economic disaster was the government repealing the Sherman Silver Purchase Act of 1890, which flooded the market with silver; however, when the Act was repealed this caused the value of silver to plummet. Many tried to switch their silver notes to gold; however, there wasn’t as much gold as was silver and that helped the economy to collapse.
So, the reference in last week’s article should have been “changing the monetary standard ‘from’ silver ‘back to gold.’” This, too, is an overly simplistic reasoning for the Silver Panic of 1893; the overbuilding of railroads combined with several other factors were also the causes.
The Silver Panic of 1893 is a very complex, convoluted subject much too long for a short article such as this, so if you are interested, there are several books on the subject. There had been a Panic in 1873, and would be another in 1907.
Montana was not immune to the Silver Panic of 1893, being a mining and a railroad state, among other factors. Not much so far was reported in the Havre papers about the impact, but in the august 15, 1893 issue of The Havre Advertiser, there was a column dedicated to news from the Teton Times in Teton County. Here are some of those entries, showing the impact of the Panic:
The Chouteau bank closed its doors on Wednesday after passing over the counter all its subsidiary coin. This bank is a new institution and it has been managed by men known to be conservative much surprise was occasioned. The officers of the bank assert that it will re-open in a very few days.
J. W. McKnight, the Dupuyer merchant assigned on Tuesday last to M. C. McFadyen: assets $60,000, liabilities $8,000. Cause: money tied up in the Merchants’ bank, great Falls, and difficulty in making collections owing to the stringency of money.
Teton county will recover from these failures very quickly. No community so rich in natural resources and in stock as this will ever come under the sheriff’s hammer. All we want is a little time.
In local news, which could be found in the “City and State” social pages, for this 32nd installment celebrating Havre’s 120th anniversary of incorporation, we find the following complete with misspelling:
Dr. Almas, A. J. Broadwater, Judge McNally and Constable Pratt, were taking in the sceneries of Eagle creek last week.
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September 4th will be Labor day in Montana. It will be appropriately observed at Anaconda by the various labor organizations of the state. Ignatius Donelly will be present to deliver the oration.
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The dance on last Thursday evening at the Merchants’ hotel was one of the most pleasant of the season. There were present about fifty couples. The music was excellent and about 12 o’clock an elegant lunch was served after which happy good nights were extended to the popular host and hostess.
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According to the River Press, Havre is not the only town in Chouteau county that is suffering from a “rotten” postal service. Big Sandy and Chinook are stricktly in it. A few petitions circulated and signed by the residents of these three towns and forwarded to the proper authorities might call for an investigation, which would result in placing several of the mail clerks and postmasters upon the retired list. Also from those who have been the greatest suffers from this reckless handling of the mails, “affidavits” (not of the Box Elder stripe) would come in good play.
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The Advertiser building has been made resplendent by a coat of paint. In a few weeks other improvements will be made, and when completed will make it the neatest, and coziest printing office in the Milk River Valley.
An Alias Summons was printed in this week’s issue, citing W. W. Thackeray as the plaintiff and John Olson as the defendant.
Thackeray was seeking to:
“... recover the sum of fifty-nine and 50-100 dollars for board and lodging furnished defendant by plaintiff, between May 1st 1893 and July 24th 1893, at defendant’s insistence and request, the same being due and unpaid.”
If there is a decision, it will be in this column.
And if anyone knows what an affidavit “of the Box Elder stripe” is please let me know.
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