The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-08

/ will Joliver a lecture on pnnics."
You can't tell me much about pancs."
said tie postmaster. closing the door
of the cyclnder stove and adjusting this
damper. II have bean through plllr OF
them. and don't want no moro. so long
az hold this job. and you can be-. that
III be hero for five years more, III lrdw
my salary from Uncle Sam once MONTH.
There's no panic going to do much dam
age to the uultr1 States government"
you arc like others OF my acNun,n-
tancc," reflected Colonel Monroe. with
a glance at his friend. the Judge. who
seem to think our government was ex-
pressly designed for two purposes. Of
framing laws and for running po,tollices.
! wish could say as much for It's law
making ability as | can for Its executive
genius In carrying the malls. II Elan.
nagan. the brakeman. were working for
the government instead OF for thu NJ NJ.
AL U. he would not be worrying about
his r;llecy this coming winter. Hut, CT
course, the government: does not .il,vw
enough TO run that Jim Crow railroad
gu are delivering the wrong lsGturs,
Interrupted Judge Sawyer. we know
your views on the government ownership
OF railroads Let us hear about pan.cs :
III the government owned the railroads
and other inherent monopolies there
would be no possibility for panics,' said
colonel Monroe. But we Will not dis
cuss that end OF the problem. On the
contrary. we will consider It from exist
Ing conditions. Wien the people know
enough to understand the causes OF
panics they will find ways for avoiding
them. There are three kinds OF panics,
stock pancs, financial panics and In
dustrial panlcs, These are OF Importance
Inversely In the order named. A stock
panic ma now occur at any time.
md its effect be entirely confined to the
gambling operations OF Wall Street and
its allied exchanges. There was a time
when stocks could not rise or fall without
seriously affecting the financial and In
dustrinl machinery OF the entire coun-
try That was when the face value OF
stocks fairly represented the properties
on which they were issued. That was
before dishonesty had become science.
Stocks rose and fell from natural causes.
Z 1t earnings Increased. stocks went up; II
earnings decreased, stocks fell. The mar
kel as whole was fair barometer Of
the prosperity OF the country and OF Its
comparative commercial standing With
the rest of the world.
Such violent fluctuations Of stocks as
we have recently witnessed were unknown
In the period before 1880. Even In times
OF panic the movements were slight COM
pu!ed with those which now happen.
wnen all OF the country Is prosperous
as to cause rise or ian OF 10 or 10
points In u year was crowned king OF
speculation. Fifteen years ago the spec
ulutlve world would have stood ughast
al the spectacle Of u score or more of
stocks climbing from 10 to 100 points
in few months. only TO plunge down
again, without apparent reason. 1t would
have been the signal for u general panic
But now we pay little attention to such
an event. Why2 Because every man Of
inteii.Eence knows that these quota
lions record nothing but the efforts of
more or less INSCRIPTIONS smindlers and
gamblers to pluck those so stupid or reck-
less al to play against u crooked game.
The collapse OF the average Wall Street
security has no more financial sisniii-
canoe than has the crooked work of a
jockey on whose horse the betting public
has plunged Every man capable OF
rejecting the oyertures of green goods
man knows that most of these stocks
have no more intrinsic value than the
chips In a poker game.
Under such condition a stock panic
has apout as mucn sisn!icance as The
fright OF the circus vendors VINO suddenly
make the discovery that the assembled
AIDE OF 80 AGAINST the shell gnne or
roulette wheel, such an episode does not
affect the price of the tarme. S wheat.
god tricks may temporarily deprpss tie
Trade in the village store, hut II is not
a Ia.io.al calamity, If the gold brck
operator had not been permitted TO rob
the tanner he might nave been 70 ced
to turn burglar and perhaps added MUIR
.ar 10 his Nenal rascality
In otter word, tho reason why the
present Wall Street Is not much more OF
menace than eSs preientious sw rdline
and gambling institutions is found the
tact that not enough fools or klaves can
he found 10 patlunisc IT, The nunner
seems large hut when sou comIare the
zens who never gamble in stocks With the
deluGed few WHO pile up the fortunes
OF the Wall street clique. the after sinEs
into pitifu insignllicance contrasted with
If noise they make.
~ III men who own and run the Wall
street game can bring about panic as
easily as a crooked no seinan can dope
Il runner, or a, gambler manipulate a
tp-~ -A~-S W. Snov Vat hpna'ras 81 !.