Bisbee daily review., 1905-07-20
CONFIDENCE AND PROSPERITY.

AN Nt>-t N~----eAs--A~N A-s-- S +-A EtNN perity is necessarily large There can be 10 business without belief Howbeit, the growing experience and developing knowledge of financial con ditions rsEst constantly reduce the hazard incident to the dependence of business upon a state of public mind. Confidence" is better educated.
 We have lived through panics and learned that they were unnecessary, and resolved not to be so foolish again. We have by experience and Observa- tion learned what constitutes the fund amentals of good times. We know that while a nation is at work, with market for its goods, and a strong cred it amply bolstered by actual money ito facilitate its transactions there is no danger of serions financial disorders; and have learned to discount scare talk by a reference to the physical facts and conditions. says the St Louis Republic.
 Yet it is true that no amount of basic prosperity can avail as against superficial disturbances caused by mere irresponsible thought and utter ance If enough people get to thinking calamity they can make one to order out of the most prosperous conditions poss ible to conceive. Panic, indeed. in a small way, could be created even were gold coin substituted every where for credit, and merchant and banker given enough of it to pay all their obligations
 The business of the United States is on a vast cash basis at the pres ent time. relatively speaking. Money is locally plentiful in every part of the country. The people, as a class, are at work at better than living wages. Collections are easy. As a financial report of the past half-year demonstrates. there are only g cents of bad debts to every thousand dollars of solvency in the country. The United States are practically now a creditor nation. They are the recipi- ents of whatever advantage the ex- change system of the world receives frcm the increased gold production of the times. Tn addition the United States are gold producers at the rate of a hundred millions annually In creased gold production bears the same relation to the universal credit system as the large amount of locally distributed cash does to mercantile ex- change. The money is in sight" as it were. between the nations and be- tween the individuals
 There is so much of it in sight as between the latter that commercial pa per hardly draws any more interest than Government bonds bear=there is but point of difference. Consider what that means as bearing upon pros perity, locally; that money is plenti- fully cheap and business abundantly secure.
 Business is expanding. but conser- vatively; while speculation is going easily. The people have learned some lessons from Wall Street, one of them being that the stock exchange does not necessarily reflect the country's conditions, and speculation is not vast or riotious. Consequently there is no danger of reaction either in the business sphere which we dom mate as legitimate or in the specula- tive market. Confidence in all lines goes hand in hand with a highly intel ligent and sophisticated conserTa- tisn.
 Banks and concerns fail of course. But badly or dishonestly managed con cerns will fail at any time, prosperity to the contrary notwithstanding. No amount of general prosperity can in- sure against the self-wrecling of in- stitutions. Failures, however, are fewer this year than they were last, and aggregate fewer dollars lost There are a Considerable number more of honest banks doing Q successful business in the country this year than last year. Reflect upon that stat istical truth. Rememberthat for the two or three or half dozen failures through sheer carelessness or bad man asement which have occurred in re cent weeks dozens of new concerns have entered the fed to i'll the wants of the business community. The banking system" does not feel these individual unrelated failures,
 Upon the whole, unGer such ci-cum- none but a fol could feel Q waning confidence" He is the same kind Of 9 fool who would be drowned by a breath of spray.
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