USA > Wisconsin > Racine County > Racine > Racine, belle city of the lakes, and Racine County, Wisconsin : a record of settlement, organization, progress and achievement, Vol. I > Part 20
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THE JOURNAL-NEWS
The present Journal-News was started as the Journal in the spring of 1856 by Inlett & Harrison. A weekly paper was issued. Subsequently the firm changed to J. A. Carswell, Harrison & Company and for a time Job Hawkes conducted it. About 1861 it passed into the hands of Charles Clement. During the Rebel- lion a daily issue was published for a time, but was discontinued, as the conditions of the time were such that a daily could not pay its way. In the spring of 1862 Mr. Clement disposed of the paper to Charles W. Fitch, who conducted it as a Democratic sheet for a few years, when it again reverted to Charles Clement. who changed the polities to Republican. At the close of the war Col. W. L. Utley and his son, Hamilton, bought the JJournal and gave to the paper more character and quality than it ever had before. In December, 1873, Mr. F. W. Starbuck purchased the half interest of Colonel Utley and with Hamilton Utley continued the publication of the sheet, together with the job printing busi- ness. A year later Starbnek bought out the younger Utley also. Meanwhile the new firm had greatly increased the facilities of the plant, putting in new presses and steam power. and moving to the third floor of the Manufacturers' Bank Building, having the business office on the second floor. In 1883, owing to its in- creasing business, a lease was made with the owners of the Belle City Hall, giving them a Hoor space of 110 feet by 80 feet. Here the business steadily increased and in 1886 the Journal was in- corporated under the name of The Journal Printing Company.
In January, 1881, the Daily Journal was started as a six- column, four-page paper. The plant was yet in the Manufactur- ers' Bank Building when this change was made. The growth from this time surpassed anything expected, due in greater part to the excellent news service given to the publie. The paper has
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HISTORY OF RACINE COUNTY
maintained the Associated Press reports since the beginning.
An opportunity was soon offered to purchase the present building and ground at 328 Main Street. This was done and on July 4, 1891. the removal was made. In 1895 a huge perfecting press was installed.
The Journal started as a six-column, four-page paper, and subsequently an enlargement was made to eight-column, 24 by 40. This sufficed for a while, then the length of the col- inn was increased two inches, making the sheet 26 by 40. The four-page paper was continued with eight columns until April. 1894, when a further enlargement was made to an eight- page, six-column paper, or twice the size of the original sheet. When the Scott perfecting stereotyping press was put into the Journal office in the spring of 1895 the size of the press enabled a seven-column, eight-page paper to be printed.
In 1911 the question of consolidating the Journal and the Racine News was brought up, and as a result the two sheets were combined, making the present Journal-News. The merger was effected in January, 1912, and the first issue run off the presses January Sth. The Journal-News maintains the same manage- ment and is a live, up-to-date publication, carrying associated press service and a full editorial and reportorial force for the local work.
THE TIMES-CALL
The Racine Daily Times was founded in the month of No- vember. 1883, by William L. Utley. In March, 1884, there came into existence a company known as the Times Publishing Com- pany, consisting mainly of Mr. Utley and JJ. H. Willis, who had lately entered the business. Willis was business manager of the publication until his death in 1893, then his wife, Mrs. Olympia Brown, assumed the office. The paper was edited by W. L. Utley until his death in 1887 and then by Hamilton Utley until 1900.
In 1900 the paper passed into the hands of W. L. Goodland and V. W. Lothrop, who conducted it until 1904. After this, or until March 4, 1910, it was edited and owned Mr. Lothrop alone. At the latter date a stock company was formed and the Times Publishing Company incorporated, with V. W. Lothrop as editor and manager. At this time the paper was independent in politics.
In November, 1915, the Times was consolidated with the
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HISTORY OF RACINE COUNTY
Racine Call, the latter a publication which had been started three years prior to this time and which was published by the Call Publishing Company, a corporation. The first issue was placed before the people in the last week of November of the above men- tioned year. W. L. Haight was the first editor of the new com- bination and was recently succeeded by W. I. Goodland, who had formerly been connected with the Times.
The Times-Call plant is a modern one and the efforts of the force, editorial and mechanical, are centered upon the publication of the daily paper alone. No weekly issue or job printing is done at this establishment.
THE WISCONSIN AGRICULTURIST
This paper was first issued at Racine, Wisconsin, January 1, 1877, under the name of the Racine Agriculturist. An introduc- tory on the first page, signed by A. F. Sweetser, states that it is the object of the proprietor to benefit the farmers of the county "as nmch as possible in inserting in its columns such articles as will be of special interest to them in their business and by offer- ing such suggestions as may lighten the labor of the farm." It is frankly stated that the columns of the paper would be largely devoted to advertising, but only such articles would be presented as were known and proved to be first-class. The proprietor said that, as he believed "that all work and no play was not conducive to the healthy increase of the mental capacity of poor Jacob, such selections would at times be introduced as would provoke the good Innor of all." Much of the advertising was that of Fish Brothers & Company, and that the paper was really owned by this firm was shown in the second issne, in which the heading contained a portrait of A. C. Fish and the name changed to The Racine Agriculturist. The original subscription price was fifty cents a year and the paper was issued monthly. The first mm- ber contained eight pages of 9 by 14 inches of type matter each. It had articles on fresh American beef in Europe, on the profit- ableness of farming, a story and some humorous matter, but not mich of real agricultural value. The second issue, however, showed considerable improvement and contained an interesting vonmmmication from Prof. C. D. Granger of the Wisconsin State University, besides some creditable agricultural and live stock matter. In the issue of September, 1878, the name of George
YE OLDEMILL
HORLICKS
HBOAT
LIVERY
A RIVER SCENE AT RACINE
L
RIVER AT CEDAR BEND, RACINE
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HISTORY OF RACINE COUNTY
S. Bliss appears as publisher and that of A. C. Fish as editor. Considerable improvement had been shown by this time. The leading article told of numerous emphatic signs that farming in this country, especially in the great West, was taking a new departure. In the future grain was to be grown, even by the average farmer, more with a view to raising stock and the pro- duce of stock. The farm, it was stated, will be made the feeding ground of beef and mutton. The editor said: "We are conjuring no illusion; we are stating the undeniable fact." This issue also shows that the paper now contained twice as many pages as the first issue, each issue having sixteen instead of eight, as formerly.
In July, 1883, the Agriculturist was purchased by the pub- lishers of the Racine Manufacturer, a monthly which had been established in January of that year. The two papers were there- fore issued as one publication under the name of The Racine Manufacturer and Agriculturist by the Manufacturers' Publish- ing Company. Andrew Simonson was the editor. In 1885 the name of Manufacturer was dropped and the paper became the Racine Agriculturist, only to be changed again in May, 1886, to the Racine Wisconsin Agriculturist.
In January, 1890, the publication was changed from monthly to a semi-monthly, the subscription price remaining the same - fifty cents a year. It was now published by the Wisconsin Agri- culturist Publishing Company, a corporation organized for the purpose of increasing the scope and usefulness of the paper, which had by this time become considerable. On February 1, 1892, it assumed its present name, The Wisconsin Agriculturist. by dropping the word Racine from the heading.
On January 1, 1897, the paper became a weekly and the next year the subscription price was increased to sixty cents a year. On January 1, 1907, it was advanced to seventy-five cents a year. In 1902 The Wisconsin Agriculturist absorbed the Farm, Field and Stockman of Winona, Minnesota, and in 1906 it took over the Farmers' Sentinel, which made it the only English general farm- ing paper being published in the State of Wisconsin.
The Wisconsin Agriculturist is now, as it has been for many years, owned by the Wisconsin Agriculturist Publishing Com- pany. Andrew Simonson, who had been connected with the pub- lication in various capacities since 1883, was the publisher until his death on June 6, 1907. At this time his son, Arthur W. Simon-
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HISTORY OF RACINE COUNTY
son, took charge, and Charles H. Everett has been the editor-in- chief for the last fifteen years. The paper's weekly circulation of 65,000 copies is practically all in the State of Wisconsin. The paper bears the reputation of being one of the best, if not the leading, paper of its kind in the United States and is one of the most important teaching factors and guides to which the farmer and stockman of today has access.
FOLKETS AVIS
The Folkets Avis Publishing Company was first established in the year 1876, but after running a short time abandoned the publication of the paper. The company was reorganized, how- ever, in 1905, with a capital stock of $6,000.00, and the issue of the paper started again. Hans Olsen was the editor and manager of the paper when it was revived.
RACINE CORRESPONDENT
The Racine Correspondent was founded in 1883 by W. F. Weber and conducted by him until the year 1886. Charles Schar- pano managed the issue during the next year, and then came A. T. Falb from 1889 until 1894, in connection with his son in 1889. Emil Wittsock conducted the sheet from 1895 until 1899, and was succeeded by Henry Bonn in the latter year. Mr. Bonn continues the publication at this time. It is a weekly newspaper, devoted to the interests of the German population.
RACINE NORDEN
The paper known as the Norden was founded in January. 1903, by P. B. Nelson, F. L. Norton and Ivar Kirkegaard, in a company called The Norden Publishing Company. The first issue was in June, 1903. The paper was edited and owned by Ivar Kirkegaard after November, 1907.
BURLINGTON STANDARD-DEMOCRAT
This paper was started in the Town of Burlington in Octo- ber. 1863, by L. E. Smith and named the Burlington Standard. The present name was assumed after March, 1886. L. E. Smith was the publisher and editor from 1863 until 1866 and was suc- ceeded by Henry L. Devereux, August, 1866-June, 1883, in con- nection with J. G. Hamlin from October, 1874, until December. 1875. Michael Wagner held the editorial reins during the years
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HISTORY OF RACINE COUNTY
1883-6: James 1. Tones, 1886-9, and H. E. Zimmerman from 1889 until the present, the firm, however, becoming that of Zimmer- man & Son in 1912.
BURLINGTON FREE PRESS
The Free Press was founded in November, 1879, and was conducted by W. A. Colby until December, 1891; then by William R. Devor. The paper is Republican in politics and is issued weekly.
BURLINGTON GAZETTE
This now extinet paper was established in Burlington in May, 1859, by H. W. Phelps and was suspended in December, 1860, and removed to Horicon.
WATERFORD POST
The Waterford Post was founded in November, 1877, by C. M. Whitman and conducted by him until September, 1880. Then came Edward Malone in the management of the business and he continued until JJannary, 1907, when the firm of Malone & Miller started. The Post is issued to the people weekly.
UNION GROVE ENTERPRISE
The Union Grove Enterprise was established in the year 1887 by A. P. Colby.
CHAPTER XII
FINANCIAL HISTORY
COUNTY FINANCES - BONDED DEBT -FINANCIAL CONDITION IN 1915 - PRINCIPAL ITEMS OF EXPENSE - RACINE CITY FINANCES -- OUT- STANDING BONDS-CONDITIONS COMPARED WITH THOSE OF 1848 - INCOME AND EXPENDITURES - VALUE OF THE SECURITIES - BANK- ING INSTITUTIONS - EVOLUTION OF THE BANKING BUSINESS - BANKS IN RACINE COUNTY - RURAL BANKS -TOTAL DEPOSITS. AGRICULTURE- STATISTICS RELATING TO CROPS AND FARM VAL- UES - THE FARMER'S PLACE AS A CITIZEN.
COUNTY FINANCES
Although Racine County now has an unquestionable reputa- tion in the matter of public credit, and her bonds, when she has occasion to issue any, command a premium in the market, such was not always the case. As narrated in a former chapter, when Nathan Joy and Michael Myers went east in the fall of 1838 to borrow $50,000 upon the claims and improvements of the settlers, to enable them to purchase their lands, eastern capitalists refused to loan a single dollar "upon any or all the lands in the County of Racine." However, the postponement of the land sale from November, 1838, to March, 1839, gave the settlers an opportunity to raise the needed funds to purchase their lands and perfect their titles. Then the development of the natural resources began in earnest. This development, with the corresponding in- crease in wealth, was reflected upon the public financial status, with the result that Racine County's credit is now unsurpassed by that of any county in the state.
Another thing that has contributed to the county's present financial standing is the fact that her credit has never been abused by wanton extravagance. Bonds have been issued from time to time, but they have always been issued for permanent improvements and have been paid when they fell due. At the beginning of the year 1916, the only county bonds outstanding were $65,000 of the bonds issued some years ago for the building of the county insane asylum at Gatliff, and ample provisions have been made for their redemption as they mature. According to the last published report of the county treasurer, these bonds and a floating debt of $2,936.69 constitute the entire indebtedness
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HISTORY OF RACINE COUNTY
of the county. The same report shows the general financial con- dition of the county to be as follows:
Balance on hand November 1, 1914. $103,255.48
Receipts during the year. 445,024.66
Total income. $548,280.14
Disbursements 508,108.75
Balance on hand November 1, 1915. . .$ 40,171.39
Owing to the repairs on the court-house and the purchase of some additional land for the insane asylum farm, the disburse- ments for the year were heavier than usual. The principal appro- priations made by the Board of Supervisors were:
Court-house repairs and furniture $ 22,639.81
State highway aid. 25,619.25
Land for the insane asylum. 17,000.00
Land and support, agricultural school. 12,800.00
Bridges and highways.
14,800.00
Maintenance, insane asylum.
7,800.00
County farm
4,000.00
Motor truck (for use on highways) .
5,000.00
Bonds redeemed.
6,500.00
Interest on public debt.
2,686.43
Sunny Rest Sanatorium. 3.500.00
Soldiers' relief .
3,500.00
Aggregate of twelve principal items. . .$125,844.49
The remainder of the disbursements was for the salaries of county officers and their clerks, court expenses, the maintenance of industrial schools and Home for Feeble-Minded, supervision of the poor and sundry miscellaneous expenditures. It is a far ery from 1839, when the total income of the county was less than three thousand dollars, to 1915, when the income was over half a million, but the figures tell the story of Racine County's won- drous advancement in the industrial and financial world.
RACINE CITY FINANCES
To some it may seem strange that the bonded indebtedness of the City of Raeine is nearly fifteen times greater than that of the county in which it is situated. But it must be borne in mind that the incorporated city has many demands upon its revenues that are unknown to the small villages and the rural districts. Fire and police departments must be maintained for the protec- tion of person and property: the former must be equipped with
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HISTORY OF RACINE COUNTY
costly apparatus for extinguishing fires and buildings in which such apparatus can be kept; conservation of the public health requires a sewer system; streets must be improved; school build- ings erected, and in the modern city publie parks are regarded as a necessity. All these, and many other things, must be provided at public expense. There is probably not a city of 40,000 popu- lation in the United States whose income is sufficient to meet all these demands, and the easiest way to provide them is to mortgage the future by the issue of bonds. According to the statement of the city clerk, the bonds outstanding on January 1, 1916, consisted of the following:
School bonds.
$321,000
Street improvement bonds.
168,000
Paving bonds.
34,000
Sewer bonds ..
168,000
Refunding bonds ..
82,000
Garbage incinerator
28,000
Bridge bonds.
44,000
Park bonds.
47,000
For lake shore protection
16,000
Cemetery bonds
16,000
Fire apparatus
16,000
Total
$940,000
Under the laws of Wisconsin, a city can issue bonds equal to 5 per cent of the assessed valuation of the property. In 1915 the property of Racine was valued at $55,770,026. Five per cent of this is $2,788,501.30, which represents the amount of bonds the City of Racine could legally issue. As only $940,000 of bonds were outstanding at the beginning of the year 1916, the city has an unused debt-incurring power of $1,848,501.30, so it may be seen that the city government has not been extravagant in the matter of bond issues.
When the city was incorporated in 1848, the village govern- ment turned over the following balances:
Harbor fund
$ 314.42
General fund 98.53
Special fund
771.46
Total $1,184.41
A report of the financial transactions for 1848 showed the amount of special tax collected to be $562.31; corporation tax, $585.64; tax certificates on hand, $1,006.781/2; paid out on harbor
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HISTORY OF RACINE COUNTY
orders during the year, $965.61. The last published report of the city treasurer (for the year ending on December 31, 1914), shows the total receipts for the year as $1,491,258.69, which in- cluded a balance of $78,393.57 from the preceding year and $282,000 as the proceeds of a bond issue. The disbursements amounted to $1,316,884.27, leaving a balance in the treasury on January 1, 1915, of $174,374.42. Compare these figures with those of 1848 and some idea of Racine's progress may be gained. The principal items of expense for the year 1914 were as follows:
General government
$ 50,456.29
Public safety ..
100,486.63
Health and sanitation.
36,254.22
Streets and bridges
53,605.48
Charities.
19,023.39
Education
236,883.59
Recreation
16,752.05
County tax
125,494.51
State tax
108,001.70
Total
$746,957.86
The remaining $569,926.41 of the disbursements included interest on the bonded debt, redemption of bonds, appropriations to the public library, improvement of the public parks, care of the cemeteries and divers miscellaneous expenses.
VALUE OF THE SECURITIES
In addition to the $940,000 of city bonds and the $65,000 of county bonds outstanding on January 1, 1916, the City of Bur- lington, the incorporated villages and the several townships also had some outstanding bonds. The exact amount of these bonds could not be ascertained, but it is approximately $100,000, making a total bonded indebtedness of the county and its corporations of a little over $1,100,000. As the entire property of the county is liable for the payment of these obligations, and the assessed value in 1915 was $90,334,138, it can be clearly seen that the holders of the bonds have a lien upon ninety dollars of collateral for each dollar of debt. Surely no better security could be asked. And if the actual value of the property be taken into considera- tion, the proportion is still greater. Under these circumstances it is not surprising that the bonds of Racine County and city are regarded as "gilt-edged" investments.
Photo furnished by Billings
AFTER THE BIG SNOW FEBRUARY 23, 1x9X
Photo furnished by Billings
JUDGE CHARLES E. DYER'S HOME An early colonial residence
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HISTORY OF RACINE COUNTY
BANKING INSTITUTIONS
Banking, in some form or another, is almost as old as civiliza- tion. Explorers among the ruins of ancient Assyria have found evidences that the money lender existed there and that something like the modern bill of exchange was issued by them. In Greece and Rome, several hundred years before the beginning of the Christian era, there were bankers who received money on deposit and made loans. The earliest public bank of which history takes note was the Bank of Venice, which was established in 1171 and continued until the dissolution of the Venetian Republic in 1797. Deposits in this bank were guaranteed by the government.
Modern banking ideas were first used by the Bank of Flor- ence in the Thirteenth Century. Loans were made by this insti- tution to the Italian Government and it carried on a regular loan and discount business. The Bank of St. George at Genoa was also a great financial institution in the latter part of the Thir- teenth and early part of the Fourteenth Centuries.
In 1609 the Bank of Amsterdam was established under the guarantee of the city. It was called into existence by the fluetna- tion and uncertain values of the currency then in circulation and its chief function was to give a fixed value to any bill on Amster- dam. Worn coins were accepted by the bank at their face value, less a small charge for recoinage. For many years this bank was one of the great financial concerns of the world. Then it fell into the hands of speculators, who exploited its resources to such an extent that it collapsed in 1790.
The first public bank in Great Britain was chartered in 1694. It was the outgrowth of a company organized under an act of Parliament to float a loan of £1,500,000 to carry on the war with France. William Patterson came forward with the proposition to organize a bank with power to issue notes and the result was the Bank of England, which is now one of the greatest financial institutions in the world. The Bank of Scotland was organized about a year later.
Banks of issue have played a more conspicuous part in the United States of America than in any other country. During the colonial period there were a number of banks established with power to issue notes to individuals. They were not banks of deposit. After the Revolution the Bank of New York and the Bank of Massachusetts were both chartered in 1784 and
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HISTORY OF RACINE COUNTY
issued bills until the adoption of the Federal Constitution, which provided (Article I, Section 10), that " no state shall coin money, emit bills of credit," etc. The stoppage of state bank circulation by the Constitution caused a clamor among the people and on February 25, 1791, the first Bank of the United States was char- tered by aet of Congress for a period of twenty years. Its author- ized capital stock was $10,000,000, of which the Government took twenty per cent.
It was soon discovered that one institution could not well transact the banking business of the entire country. To over- come this difficulty Congress passed an act authorizing the estab- lishment of state banks with power to issue notes that should pass current as money. When the charter of the Bank of the United States expired by limitation in 1811, these state banks were opposed to granting it a new one. The Government having disposed of its interest in the bank, hearkened to the plea of the state banks and denied the national bank a new charter. During the next five years the number of state banks multiplied.
On April 3, 1816, the second Bank of the United States was authorized by an act of Congress, with a capital stock of $35,000,- 000, and again the Federal Government took twenty per cent of the stock. In 1830 there were 246 state banks, with an aggre- gate capital of $145,000,000. In July, 1832, President Jackson vetoed the bill granting a new charter to the Bank of the United States and instructed the secretary of the treasury to order all deposits in the bank to cease. This the secretary refused to do, when Jackson removed him and appointed another who would carry out his instructions. This was the end of the Bank of the United States.
Then followed the famous era of "wild-cat banking," dur- ing which the Territory of Wisconsin and Racine County were organized. At the beginning of 1837 there were 788 banks in the country with an authorized capital of $291,000,000, less than half of which was actually paid in. During the year 1836 speeu- lation ran rife and many of these banks made loans upon ques- tionable collateral. The result was the panie of 1837, which forced many of the banks to close their doors. In their failure banks otherwise solvent were dragged down to ruin. For a few years bankers heeded the lesson taught by the crash, the number of banks was reduced and loans were made upon a more conserv-
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