Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-26

| iheht, burst the restraints of safet,
| ana speculation set in Commands
| were formed to do everything under
| the sun, and lend everybody money
| from the Car Of Russia to the King al
the mosquito shore. Pretty soon after
a slight drain of gold. it occurred IL
| some one to figure up all these con.
tracts, and the astonishcd nation founf
| that England had agreed TO lend NOR,
money than there was in the world
twice over. Then the bubble burst
Merchants failed. banks broke. uni
Vef"ai distrust poured over the land
FOR one DAY trade absolutely ceased in
LONDON. Nobody would take any
bodys note or buy anybody's securi-
tleS. Wnefc was the difference be-
tween England prosperous ana Eng
land at standstill? 1t was all in the
change OF one word. Confidence was
prosperity. Distrust was ruin
Then began the slow growth Of CON
fidence again, which too wears Put
E,ngland's prosperity did not perisb In
our own country we have had MANY
such instances, many more than +
mean to mention. for history on that
subject is as cheap and abundant as
wheat when times go hard. Away back
in 1897 the country was overwhelmed
by one of the crises. The great land
speculation was the termination of n
period of prosperity too much pro-
longed. Whole families, whole towns
and cities We're ruined, and the mem
DRY Of il. long ago as it was, clouds
some family histories here in Maine
today I'rncnpt.ify ct,erII1atinp
times. it is the same succession Of
events all the world over.
What We ought to do is 10 get back
to the sound basis OF mutual conf
dcncc. We have money in our banks
We have capital here in this country,
the piled up riches Of fourteen years Of
prosperity. The capital of all the world
is waiting to be our servant We are
today richer in all those things which
satisfy human wants than ever in our
history. Were capital free to operate
We should march rcsstlessly. We have
Skilled labor to which we can pay Just
wages. our crops of wheat and oats
and corn and cotton will be immense
We have paid off a great debt to
foreign nations by purchase of our re-
turned securities, and our absorption
of them on falling market deserves
the wonder of the world. OF facilities
To manufacture goods we are full.
Look at the Sunday newspapers. What
tons Of paper we can furnish every
day. We can make all things cheaper
than ever before and more Of il. What
shall we do? Pursue our old course Of
laundering, shock business some more.
or shall we set capital in motion? But
how shall we set capital in motion?
We must restore confidence How
can We restore confidence? First of
all by putting anarchy down and all
manner of disturbance. Peace and Il
stable government are the first neces-
sity. This is a borrowing and a l..nd-
ing world. That is q fixed fact No
amount of denunciation of money
lenders no wild talk about Wall street.
which, by the way. is the greatest
money borrower i'm the world Will ever
put down that fact. Enterprises are
carried on hy the united confidence of
men Of money and men Of brains
Bring this thing home to yourselves
and then you viii understand it, II
YOU had money or any other capital
You had earned yourself or Your father
had left you. or even any YOU had won
in the luck Of a lottery. would you lei
1t out to anybody on earth who was
liable 10 give you back only half of 1t
and call 1t square? How would YOU.
my farmer friend, like to let your farm
to fellow who by law might turn
your story and a half house into a
shanty. spread sand over your arabic
land and burn up your wood lot, and
then hand 1t back tn you dlsmantled
and half ruined? How quick you
would inVert such n fellow. Wen, the
man who has capital to let besides
farms has just as much sense as you
have. The first thing he wants to know
is will he get his capital back. This
same idea fills the mind Of the bust
ness borrower If Jordan Of Alfred
puts his property into the forest ana
makes lumber and sells it on credit, he
wants to know that he will be paid In
as good dollars as he put into the
woods. Else why should he put dol
lars INTO the woods at all? Now | nut
IT to you as men of sense. plain men of
sense. would You lend money if Won
had it to any men or set Of men. or
any nation which you knew was try
ing To devise some way whereby van
would get back only half Of il? You
may not, like Il silver man, understand |
currency. You may not be able to. dal- |
~ with statistics, but you do under |
stand that simple proposition. If Won |
were a business man would you make |
things on gold basis and sell them
on credit to a people who were trying |
to see if they could not paw Won On ~ |