Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-10-24
GOLD INFLOW
Concluded from Page one.)

5dhtiS iHuustFlal corporations ran OF
at a dangerous speed, fortunately d
exhaust itself by its " excuses
Promotion Of stocks and bonds is no
industry: Il Is speculation, and tina
finds help and impetus in imitation
In that way the inflow Of gold hal
magniied il not wholly caused tht
frenzy and the excuses in industrial
securities. Those who have climbed
too high into the realm Of credit mus
come down. and here the descent, in
like that 10 Ayernus. is not smoothe
and pleasant. The promoter who has
failed / q distribute his stocks and
bonds maj be punished, and those
who have perted his schemes may SUI.
fer. But a shrinking Of inflated soeur,
tiles To their true yalue Is not 4 public
calamity. individuals may he Grip.
pied, industry and enterprise may have
e rest on their oars. Our financial
system can not totter, much less he
wrecked. Undue favors may have
been shown hy some banks to pro.
moters, but they are correcting their
plumbers and locking out for more
healthful business.
No one can deny that the golden
inflow contributes 70 the currency !
snare growing more rapidly than the
total circulation, all at parity, that
Z lifts prices an4 wages, incites ac.
tivity N industry and trade, and push
es enterprise forward, while it also
fempts 70 undue imitation OF CONNER.
ctal and stoek.jobbing credit.
How do these Influences bear upon
our world relations2 First nf all. orr
surprising wealth in gold has placed
our national credit On d plane above
thai Of all other countries, and never
before held biz that Of any govern.
ment, British censols bearing ) -
per cent interest, long the foremost
type Of credit, have recently sold BE-.
81. while consols of the United I
States bearing only 2 per cent. range
from LOS TO Ito, and the loan of l92aI
commands 1856. This American re-.
public alone among nations always in
time Of peace reduces its debt. and If.
ter a war makes rapid payment of che
coin. Only unbridled folly, moi CON
ceiyable, can shake this solid struct.
ure.
Obviously the supremacy 81 Il na.
tional credit adds to the strength of
republic in commercial credit. GEN
eral esteem and international infu.
ance in all the world. We fear no
vii from exports Of gold, for we can
we'll spare more than Europe can pay
or in American obligations, In mer
'handise, or in any form of securities
Upon the marvellous gold inflow,
american mechanism moves in tri.
lmph. Our agriculture Is still domi
liant In our wheat and oats and fruit
md cotton. The remarkable growth
$ u manufactures, now constituting
learly a third of our exports. unshak
n and rock-ribbed are our mate
ial and financial conditions. Predic-
an prudently be based upon
But the minds OF men are a
horcless and chartless sea and no
me can tell when or why pallid fear
nay brood horribly upon its waves.
nerves Of the multitude are a vast
lectric system which some accident
nay start into sparks Or even flame
nd shock far-reaching ~utterances. In.
D this mystic region our theme does !
ot lead us, ven IL We had the cour- !
&c TO enter there. We have been
tudying what a be weighed and !
ieasured, a stream whose course and ,
a be quite clearly mapped. =
This golden food Is without peer in /
magnitude. 1t has brought to our |
eople and our government treasures
icher than any before recorded in
;ia-.i ainais iius covered the
ointment and blesaed a she inhabit. .
hts. It's sources and IS current are
q exhausted. u continues to spread
ser over eyer valley and plain,
notifying a the waters of the Nile. 8
ankers may do much 10 direct il into d
Ight and beneficent channels. They |
an prevent Its diversion for sinister !
nd harmful purposes. The strip Q
Ings Of the surface of the mines have 2
cen brought to us. Riches from low. g
: levels are within sight. If the Am 2
people are prudent, will let =
'eir common sense and cold reason =
oVern. they shall soc that the pros =
erity they enjoy is the earnest OF :
lore to come, OF material achieve. :
tent beyond the scope OF prophecy,
eserying 70 be adorned with moral ]
% spiritual flower and fruit which :.