The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-08-09
REAL SOURCE OF PROSPERITY.

COMMENTING on the recent gold
~ shipments to Europe, the New York
correspondent of the Cincinnati En-
quirer makes some pertinent observa-
lions on the situation there. He says
that shipments one way or the other
are unlikely to have any material effect
because cash and gold reserves on both
sides the water are plethoric. The
Bank of Englands statement of July
"A showed a cash reserve of 81. per
cent. and the Bank of France shows a
gain in both gold and silver, with every
prospect of a still greater gain in all
the continental cities in the near fu-
ture. He predicts such surplus of
money from increased gold production
as will force European interest rates
down even below their present mod
crate basis.
This reversal Of conditions from those
which prevailed in 1S97-9S he credits to
the increased gold production that
broke the corner on gold, which the
bankers had been using to their own
profit both in governmental and pri-
vate affairs.
Il well remember" he writes, 1897
and 1898, the hesitation of the bank
ers of New York, Boston. Philadelphia,
Baltimore, Chicago and elsewhere.
Their vaults filled with cash withdrawn
from circulation, and the bankers
themselves filled with timidity and
fearful to loan it. 1t would still have
been cOrnered and the commercial
world half paralyzed if it had been left
to the bankers or those so-called cap
tains Of industry, who were dependent
upon the bankers.
The men who broke the handouts
from agriculture. labor and commerce
were not the bankers or the brokers,
or the railway magnates, or the poll
ticians, but the men in Australia, un-
dergoing torments in the bush dig
ging out the gold; the men in the Rand
delving in the darkness of the mine to
bring sunshine TO mankind in every
land. The men in the arctic ice and
snow, staggering, falling and dying by
hundreds along the passes of the KIon-
dixie that millions of their fellow beings
should live with peace and plenty, from
results of the harvest of gold. The men
of the Sierras and Rockies. brawny and
full of pluck, striking with pick and
hammer the blows that brought the
yellow metal to the light and the glad
ness and freedom to their fellow men
everywhere.
These are the authors of the worlds
present prosperity, not the men who
pose as captains of industry in the col
unlns of a fawning press. These are the
men whose strong brains and strong
arms enabled Morgan and Carnegie
Hill and Hartman. Stillman and Gould
and hundreds of others to emerge from
the nightmare and bondage of receiver
ships, defaulted bonds and worthless
stocks
IF it were not for the new gold
thrown in since 1895 to do the work OF
money in the world, the Kansas home
and the Ohio farm would be in the
hands of the sheriff or the mortgagee
The furnace with the shops would be
even stiller than it was in 1895. and the
captain of industry would have been
hunted by his creditors, the bankers
into the courts of bankruptcy. If ever
there was an opportune time for this
country to appreciate Kipling's reces-
sional refrain it is at the present time
IT will do good for every man to recall
the dark days of scarce money in 1895
1896, 1897. and softly say, Lest we for.
get; lest we forget,' and when Ibis is
done let all remember they were deliv-
cred from the banker, not by him
They are saved by money being made
plenty. They were rescued from dis.
aster by the results of new money thai
broke the corner created by the mer
who boarded it and who only locked tn,
vaults when they found business wa.
proceeding without their COIN
The fact that all Europe has felt tn,
good result of the gold increase is o.
itself enough TO prove that the United
States owes its prosperity to this sOurc,
and to bounteous crops. and not to an,
party or political policy. Even the Re
publicans will hardly claim credit fol
Europe's condition or the workings O
Providence.