The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-06-06
ROANOKE, VA, JUNE 6, 1898.
GETTING DOWN TO HARD PAN.


There is no doubt that there Is
worldwide readjustment of values going
on at the present time. In some Sec
tions 1t amounts already TO panic. The
causes which really underlie all general
panics are so remote from popular con-
ception that their discussion at present
is Of little value. But in plain sight are
certain secondary and more immediate
causes, which are easily recognizable
by all plain thinkers.
The Panama Canal completed would
undoubtedly pay good dividends on
$500, 600, 900. But let even one quarter
mile of it's length or the proper ap-
proaches be permanently lacking or i'm
possible of completion, and it would be
absolutely valueless, no matter how
many millions had been poured into it,
Such is it's condition to-day and the sur
plus earnings Of $4,000, 900 people for
year we're as absolutely thrown away as
though they had been dumped into the
ocean.
Railroads may be built thousands of
full fertility and material wealth; every
preparation may be made to utilize that
wealth when developed. But If the
country have not the right character of
people, and plenty of them, to develop
that wealth the investments are worth
less. This was the case with the
Argentine Republic, where another
$500, 1000, 900 went into sink hole.
A nation and it's people may borrow
money on credit and it's resources up to
that point where their surplus earnings
will cover the interest and create a
fund to wipe out the principal in time,
but they cannot 60 further Australia
has gone further. Every family OF four
people in Australia staggers under a
load OF public, private and corporate
debt of $500. This is three times tn e
average debt on similar American
family. AS a result Aus sralia has bor-
rowed and spent hey ond recovery in the
last ten years over $500, 300, 0 90 10 ore
than she can pay.
Europe carries standing armies Of
22,0O0,0 600 men on her back to-day at an
annual expenditure of $500, 900, OOO
What monstrous craze possesses the
world to think that 90, 100000 police
men should be required to watch each
other that peace may be assured?
universal panic cannot far precede
continental war or continental bank
rnptcy or both. They are not far apart.
Taxation for interest on public debts
and the maintenance OF standing armies
eats up more than the annual net earn
ings Of the continent of Europe.
Contrary as it may seem to the laws
OF commerce. America does not benefit
but actually suffers by European hnan-
cial disturbance. No longer is the in
jury of one nation the benefit Of another.
Anything which looks like benefit ia
temporary and evanescent, and the real
injury remains. Anything which dis
tnrbs the even flow of commerce and the
equipoise OF exchange is hurtful to all
parties to the exchange. So the whole
series OF financial extravagances and
national wastes is now eliminating in
shrinkage of values corresponding
with the difference between the worlds
wealth and what the world thought it
was worth. Neither silver legislation,
gold legislation, fat money issues, or
any other sop will stop the present
shrinkage until everything gets down
TO hard pan.
Though not the worst offender
America is by no means guiltless OF
fictitious values. Overdone land booms;
over capitalized "industrials" as the
modern trust and combine are termed;
too much credit on too little collateral
have ali had their day.