Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-10-23

or certificates, and real bank note
circulation by gold reserves with such
regulations for issue AMI redemption
that il would be a matter of indif-
ference to the banks whether their
4 credits remained with them as de-
| posits or were circulating as notes.
This is the only true solution of our
currency matters, and hope to see
1t some day accomplished, This,
4 however, Is a thing which can only
be gradually done, and has little or
no practical bearing on the present
business situation We have another
very different system in force ami 1t
1 Is with il we have TO meet and cope
with our present problems. It has
Y two very great advantages. Our peo-
pie are used to it and have had no
experience with any other. Only the
veterans In business remember any,
thing different Its greatest advant-
age Is, however, its absolute safety
and soundness. Realize what This
has meant in the last year or two and
especially IN the last few months. Ii
there had been the slightest doubt
or uncertainty in regard to any of our
currency our standard of value, or
our national finances. the squalls We
have thus far stood so well would
have developed into cyclone that
would have swept the whole coun-
try, leaving ruin and disaster on every
side. 1t IS a very good system which
resists such strains, and there IS great
force in the argument that this is not
the time for any very radical change
i we should now attempt any at ALL
What is needed now Is business sense
and good judgment. not legislation.
There IS also d tendency towards
recfimination and placing The blame
for present business conditions on
some one else; for one section of the
country 70 blame another; for the
west to say It is all the fault 81 the
east and Wall street, Some very
foolish people say they are glad to see
the spectators lose because they
alone are 70 blame and the rest of the
people will not be hurt. There can
hardly be any more mistaken view
than this. There is no man, woman
or child in the civilized world SO poor,
SO remote, or obscure as not to be
more or less affected by the large
movements in the financial centers.
Very recently have known personal
" of enterprises in the mountains of
North Carolina, in California, in Ha-
waii, in ALASKA and In the Philippines
whose proposed operations have been
curtailed on account Of the uncertain
ty of the money market The re-
suit is that the amount of money to
be spent for wages and supplies
among people SO widely separated in
different parts of the world has been
reduced and these people who, If they
have ever heard of such matters, re-
gard themselves as far beyond their
reach and influence, have been direct
" affected in the amount Of their
wages and incomes and the prices
of their products. These are only
examples Of thousands Of similar
cases and no one can say he is not
concerned The ramifications Of bust
ness in all parts Of the world are
SO intricate and farreaching that what
affects the money market in any large
way reaches us all. IL Is true that
there has been overspeculation. much
Of Il wild and foolish; some Of il
fraudulent and dishonest 1t does no
good. however, to scold and blame
the speculator He always follows
and participates in such d movement
and always will until human nature
changes. The purely gambling spec.
ulation on margins in only the fringe
Of the great trading and dealing in
stocks and securities in Wall street.
which Is necessary part of modern
business DO not misunderstood me
as defending 6r eyei excusing this +
speculation. There IS entirely TOO
much Of il ani too many business
md professiaaai Al. bankers and
5snk officers rave been tempted and i
acquired the habit OF speculation dur
ing the last few years of rapidly ad.
yancing prices. II should be stopped
il there is any way to do It, and you,
as bankers, can do as much 70 dis
courage, II not prevent II. a. any one /
can.
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