The Minneapolis journal., 1901-10-05
U.S.. IS PANIC PROOF
So Says ]. B. Massault, a Banker
of New York.
RECENT EMERGENCY SHOWED IT
Sharks Would Have Created a FL
NanclaI StOrm-Bankers
L-Ge Prevented 1t.

]. B. Massault, Of New York, cousin OF
Lyman B. Gage, secretary Of the treas
ury, says there is little danger Of another
financial panic in the United States. While
Mr.. MasSault, who Is connected with sew
eral private banking institutions, does
not profess TO speak by the card, 1t is
evident that his observations are based
in measure upon the opinions OF the ma
tion's financial head. Said Mr.. Massault
at the West hotel to-day:
We ought never to have another serious
financial panic In this country. The reason
is, this nation has one trust which is Of In
caloulable benefit to 1t. / mean what might
be called the financial or bankers trust The
rich men, the bankers and the big insurance
companies OF New York, control hundreds OF
millions OF dollars, and mutual interests and
the fear OF crash OF any kind preserve them
and keep them In check. They depend upon
one another In a thousand ways, not alone 10
the natural course Of business, but IN thou
sand big transactions that might be called
out Of the ordinary, There is an understand
ing, . sort OF common sense, protective, un-
written agreement which covers all emergen-
cies. True, the bankers are well organized
and they work along agreed lines, but tho
necessity OF keeping the country's credit in
violate, for their own good, II nothing more,
holds things firm, panic among the bank
ers OF Wall street to-day would be about as
extraordinary thing as could happen. In
ract 1t couldn't happen among the men OF
the street themselves.
The Associated banks include sixty-two in
Etitutions. This tremendous combination Is
controlled BY less than a dozen men-I had
almost said two or three men. The insurance
and trust companies stand back Of this splen-
did combination with their hundreds OF mil
lions, and together they form a bulwark OF
great safety.
Blocked a Bad Game.
At the time Of the presidents assassination
the big bankers formed an instantaneous
combination for mutual preservation. There
were financial factions that would have ruined
the nations credit had such a thing been
possible Unprtnoipled sharks worked night
and day on the most nefarious and devilsh
schemes to create distrust but the big fell
lows said. mo, you don't" and their solid
front put the desperate ones to sleep.
The country has adjusted itself with the
elasticity OF youth and sound health to the
grave emergency which confronted It a few
weeks ago. Wall street kept things in
check and prevented a disastrous panic
Another thing, President Roosevelt spoke al
me right time and said the right things It
only needed his olear-cut statement that be
would pursue the policy Of his ilIustrious
predecessor to rivet the countrys finances
more securely to the solid rock.
CurtaiIment Wasn't Made.
At the time the president was shot Wall
street was about to curtail loans, always a
perilous undertaking. But Secretary Gage at
once came forward with s2O. 600, 900 for COM
meroial centers A crisis was not averted
BY luck or chance, but by q magnificent com
omation aided by fnanoier who had the
courage and ability to mastar the situatInn