Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-12-23


sAtiti Hvould Re intefts4ed x.th, they
would have established q precedent III,
der which they could attack irrigation
rights in this state, and to give force
and effect to the scheme a pretended
Mexican claim Of $50, 900, 900 against the
| United States for damages was manu-
featured. Now in the court proceedings
they boldly show their hands and at
| tack Colorado rights. The whole thing
is a conspiracy, to which the govern
menu has lent itself, and the time has
come when the state should intervene
for its W protection, as it can do in
the upper courts to which this proceed
ing will be carried.
INCREASED WAGES AND PROS
PERITY.
Denver Republican,
The incipient panic which ratified the
stock and money spectators of New
York a few days ago was accepted at
first by many persons, who did not look
far under the surface for its causes, as
a certain indication that the current
period Of prosperity in the United States
was nearing its close. This alarmist be-
lief has, Of course, been dissipated since
then by the financial l~ogicians Of the
press and the trend of the markets. But
there is another source, the antipodes
of the stock exchange and the trust,
from which the optimist can obtain still
stronger proof that u remarkable in
dustrial progress cannot be checked at
this stage by any artificial scrimping of
the money circulation. We refer to the
general advance in the wages of textile
workers which Is now being made by
New England cotton manufacturers,
whose example will be speedily initiated
by the mill n Of the south. The
amount of the raise is 10 per cent, to
apply all around. 1t will bring the mill
operatives rate Of pay to the highest
point reached since the founding of the
textile industry in America.
QUEENS RIGHT TO DECLARE WAR
\LOuuOH rail- MAIL GdZelLe.)
A good deal of constitutional law has
been "trotted OUT in view of the sum-
morning Of parliament. The simple fact
Is that the crown has the sole right of
declaring war, and, IL 1t can and
chooses to do 80 out Of it's own re-
sources, as some Of the earlier kings did,
there is no law to prevent 1t. But, If it
wants public money (other than that
already voted) to pay for the war, 1t
must ask the commons for 1t.
WALL STREETS GREATCOLLAPsE
KANSAS City starr
For the first time In the history Of the
country the public at large can look
with composure on a Wall street panic.
1t has never happened before that the
value of a large volume of securities
could be cut In two and prices of ever
the best railroad stocks could tumble
many points in a single day, and day
after day, without producing general
disturbance and shaking the foundation
of business.
The present difficulties on Wall street
w produced not the slightest tremor
outside of the speculative and invest
ment circles directly interested. The net
result of the tremendous slump in the
stock market has been three or four
failures Of small consequence. Doubt
less the decline in values has caused Sc
rtous losses to some New York banks, |
which had more money loaned than was
1~udicious on trust securities, and per-
haps, there may be more failures there
which possibly may result in loss to a
few scattered outside banks, but there
Is hardly the slightest reason for fear
ing that the troubles in Wall street will
give the least setback to the general
prosperity that the country Is enjoying.
The reason for this is plain. Trade
and industry Of every sort are yielding
substantial profits. Speculation has
been confined almost wholly to stocks.
The crash in Wall street may be attrib-
uted almost wholly to the attempt Of
tn" trust organizers to float excessive
capitalization. Hardly q trust has been
which has mot issued stock
amounting to more than double the
money actually invested and used by it.
The trust organizers undertook to un-
load this excessive stock on the public.
They entered the market, boosted prices
to an absurd height, put out attractive
statements, even declared dividends
but the investing public refused to be
in.