Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1906-01-13
Eimhmriml gluenaaom

Financial Question
Horny CLOVIS. ihe New York banker in che sdyan9e
proof Of hla weekly Financial Review dated San
'rho year 1906 opens under most favorable auspices
General business conditions satisfactory aud ongh
90 continue least until tho nozt harvest $50 Gar
a. the stock market a concerned there aro hut two
dangers and those are rather serious one uyer-
Of credit uc ostorins Of Undue apacula-
uon The money aaueeae now over and from now
unfll TIE middle OF March money should remain n a
comfortably cany condition, bret the recent strugoncy
tho money market Is proof OF the need % elastic
currency system. Of iho rather unwelcomo demons
aratsn The poraaency Of speculative demands upon
banking resources Unfortunately. ihe latter are
very frequently under ina domination OF men whose u
llc ia the direction Of SUI higher prices wbion
90 unload their surplus stock IN fact. tha power OF
speculative interests the financial Institutions s
% the purst dangers The silaa'ion'
The beaver ksSs Of Saturday said. The mos, Obj
for darusl la New YORK not referred 90
BY naukor schH r. the relation OF the federal ana
state banking departments 10 the Immense trust conn
paaioa New York city who have billions " money on
iheir books entered NJ deposits while helr ressryes
December i5 we're only about per cent Vt admitted
deposits. Tad Of their prinoey borrowers aiprcd
up Ia cotton Nhea or copper or repeated Mongans ai-
ure with ship securities Ia London then a air-
panic would have occurred for with slow paying
tollera per cent reserve would make but souy
showing against the crowds at the doors These
New York companies organized BY tho capitalists
sho control the national banks la that city have spec
Geld Of operation As the federal banking law does
not reach them thoy indulge IN which The federal
prohibit because Of that freedom thoy are able
70 draw deposits from tho hanks
The American Banker OF Dec 80. 1905. stated. 'Tho
soume the currency nov only absolutely greater
than over before b H also greater per capita
More thls-0wng the accelerated speed of rail-
and tho increased Of elegrapts aud Telephones
money rapidly, the same dollar makes a
creator number OF payments IN q given time puslng
this together and holding also n view The Increased
ana inoraaang product Of gold throughout the world
fellows thai destined 90 enjoy, n Indeed are
already enjoying what the country dreaded a.
ali events taub., 10 dread, some few years agon
cnrrency imitation"
Afer calling attention 90 the fact that the New Ynrh
sock Exchange Ia the year 1905 used in our opinion
thaa half OF tho total actual currency tine
American Tanker adds:
what the unltod States government has boon trying
do what Il IL still trying 90 DO - 20 control OF regu-
tate the yolumo ut money, without exercising some re-
stralnt upon Wall street u s needless 90 say that t,
ebert has been total failure IL, IN fact, not th'
SECRETARY OF the treasury with an his tremendous pow
and opportunities. who controls Wall street. but q
is Walt street who controls che secretary and the pfosi
dent and and In short the entire government
This humllating dangerous fact s the consequence
VI single economical error one that Secretary SHAW
himself shares. Tho rs that the volume Of th'
,arruncy should conform 90 the demands of business
forgetting chat tho business of the country iudg
ing from ts ngures IS bpeculatng ON the New York
stock Eyohango u h the volume of the currency
that should conform the demands of speculation 81
hopes. uf ambitions dCsroS houghs, dreams gambling
you viii: but Il IL that these vagaries 81 the human
mind should couiorm Ear tho currency Influence
them. fixed OF regulated measure Of value. s. e.
rot the measure that should conform go speculation
hut speculation 10 the u d that Wal
stfeot should rule The government but hat the govern
ineut should rule Wall street.
TO tho mind of this writer 81 seems evident that
when mo0ey plentiful the price of other things s high
when money il the price OF other things b low
enmmodoa, Ca decrease The currency cecreases the
price Of commodities for the value Of money like every
other product ~ human skill increases with ts scarcity
and decreascs with rs abundance In All speculation
there are tive naros--the bulls and the hears The
hulls want Increased quantum % currency that
RISE. tho bears want decreased uuantum ct money IN
order that prices may li Heneo bon bulls aud bears
In other words, a apeculators-want elastic cur
rency" which can be expanded contracted 70 order
SAT- while the class expansion tine other class
NaniA contraction. This made evident when Sec-
retnry shaw advised 10y a certain ciHss financial
taierosts 10 increase government deposits New YORK
city and certain other class equally prominent, pow
rfiul and Interested advised him against doing
In amy event an elastic currency one which could
oo pulled 0ui pushed the win of the manpuntors
would bat add additional element OF uncertainty "a
speculation and increase the Practice OF and the mania
tar sock gambling and gambling In futures Hence
the words of tho American Banker should be- blrned
oar lnwmnkCrs"U Is not the volume of the currency
which should conform thp domtuds of speculation
hut d is that these yagaros 0l The human mind should
rnniorm ~ FAT the currency Influence Them. ga
a hKcd regulated measure of value o. Is n0t thc
ttho currency that should conform 10 spccu-
iaiion5 but speculation 20 the measure
The ARbps9rfTnG G.mRa