The Financial Crisis

Seventh-day Adventist Publishing Association · Battle Creek, Mich. · Jan 3, 1878

The Financial Crisis.

For the last four years the financial depression has affected chiefly individual firms. But during the past few weeks the great feature of this crisis has been the failure of moneyed institutions, which are described as having gone down one after another, “like trees before a gale.” A very large number of these have been savings banks, and the loss will consequently fall in those quarters where it will be peculiarly aggravating and distressing. The depreciation of real-estate securities has been the cause of many of the failures; but it comes to light, as expressed in one of our exchanges, that “in a distressing number of cases, the real cause has been dishonest management.” What faith can man have in man in the light of such revelations?