The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-12-08


which at the time We're very grateful
to their depositOrs, much beyond what
could have been obtained had they con-
fined themselves to home Investments:
also. the Investments in the west were
made without loss, We're, as rule. for
years more promptly paid than those
made at home. That years OF success
should have given them great conf
dence is not at all strange. Most of
Us judge of the future by the past
whether right or wrong If the profits
OF investments of earlier years IN the
west We're placed against the losses of
the later years. there would not be
such difference as many people seem
to imagine; in fact, the profit side
would likely show very considerable
sum ia its favor The trouble in the
west has been produced largely by east
ern newspapers. They claim to only
publish facts and that facts ought to
injure no one; that they have right to
publish all facts. That is not true,
yond because they have published many
things as facts which are not facts
They claim to be impartial toward the
west remember that during the
war the same class Of papers published
violent attacks upon the government.
beittled all efforts made to put down
the rebellion, made dlscOuraSlng pre-
dictions as to future results or army
onaraff0ns vet prOfeSsed to be pub
fishing facts only. All patriots knew
them hostile. How these same papers
protest when English papers urge Eng
lsh investors to keep their money out
of the United Statesl They are then
able to see the injustice OF such aftl-
cles.
After all. even in these hard times,
he west has not, all things considered
shown much greater depression in val
ues and much less stability in invest
ments than the east There are, OF
course, congregations OF capltdi IN tne
east to which their enterprises can turn
for assistance to tide over hard times
There are 50 many people with large
amounts of capital anxious for prOHta-
values to decrease. as they do west vet
I remember reading in the Financial
Chronicle of New York that the panic OF
1893. which extended throughout the
east as well as the west, was caused by
the withdrawal of only S50o0UJ, OOv OF
money from The United states TO Eu-
rope The panic shook almost every
financial institution in the east and was
disastrous to enterprises of all kinds,
as wen as to values of property The
west at that time Joined the east in eff
forts 10 restore confidence Ihe state
of Kansas has lost, according to the
best Judgment Of those who have care
fully computed not less than 10 100000
dollars, Withdrawn by foreign investors
during the last six years. It IS not
strange that values have, under sucn
circumstances, greatly deprecated, and
that those who have made investments
here have not been able to realize upon
them. Seventy-five millions for Kan
sas is very much more than three
hundred millions for the United
States.
..rhe charge of fraud IN the making
and selling of loans cannot be supstan-
tiated by an examination into the facts,
except i'm isolated cases Doubtless there
were loan companies OF the west ana
as we'll of the east. differed by dishonest
men, and loans We're negotiated by par
ties who did not believe them sound at
the time they were sold, but dishonesty
companies were very rev, ana
the number of loans dishonesty nego-
ern people. individuals. banks and COM
panies had, in all instances, the first
lien. Before they had loss some west !
ern man was crushed entirely out OF all |
his interest in the property. i know 1t
is the habit to ridicule this and to say J
they had no interest. and that they paid /
nothing for their lands. and the loans !
were greater than the value of the prop |
critics but that is not often true. These |
loans must be considered according tn |
the circumstances and conditions exist /
ing at the time they were made My /
own observation, and that of hundreds |
OF others here. considering individual |
instances. with which We are familiar, /
show that very many men lost the &C !
cumulatiOns of a life time because Of /
the depreciation in values of properties /
they had mDrtgaged, when at the time /
they had mOrtgaged them, they sup /
posed they had an interest more than /
II
stockholders OF the loan companies /
have had great losses, whether they /
were eastern or western men. as serious (
and unWelcOme as those of the invest /
ors 1 believe any reasonably accurate /
view of the situation Will show that /
where the people of the east We're un- /
fortunate in their investments. they /
We're even more fortunate than the man /
whose securities they held. Another /
thing, the values of the properties Ia /
ken under foreclosure are greatly I'M |
der-estimated. Many people east mag /
inc the foreclosure of their mortgage is /
tantamount to losing the investment. Tt /
is not true, in the great majority Of in /
stances. They may have to hold the /
security awhile, but I have often heard /
eastern men say of their inVeStme in /
stocks and bonds, that they could not /
sell just then because the prices Of /
fered We're too low. They had confidence /
that prices would increase Just SO it
will be here.
''The products Of Kansas and the /
west generally are not going out of /
fashion. Wheat and corn and hay and I
oats viii be needed in time to come and |
these lands produce them. and values /
viii return to them. No one has a I
right to fOOishly throw away that /
which he has taken as security and /
then talk about loss as the result |
without taking to himself largely the (
blame for the loss. Common sense /
ought to control in the care and DISPOSE /
tiOn of properties taken in as security I
just a s they should in any other bust /
ness transa elton. Doubtless individuals |
and banks have suffered greatly. and it |
is a matter OF great sorrow that they /
have had to suffer, but the publica ton I
of such articles as that of the Boston /
Herald does not tend to increase the /
value of securities that the banks and I
in their vicinity hold. Such /
articles are not published in those pa /
pers when the banks and brokers of /
Boston, the immediate patrons of these /
papers, are in danger. They then coun- /
sci moderation and caution and for /
bearance. The same course should be /
pursued now because many peoples in /
tercsts are injuriously affected by the I
publication of alarming rumOrs and /
articles in the newspa pers."