New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-22
TIME TO STOP.

a'Tba Journal Of Commerce" gives some sensF
Bile advice to Wall Street and to the CONNER
cial interests generally. 1t says apropos OF
the Presidents speech, which it thinks Will re-
assure rather than disturb the country by us
''resoute fTmness":
The best thing those concerned with wan
Street trading can do is TO accept the SITUATION
and turn their attention from denunciaI1on and
COMPLAINT to a sober consideration OF the reai
cause of their distress and a resusctatlon OF
that confidence which they have been manly
INSTRUMENTAL first in undermining and then IN
shaking on its precar1ous foundationS- AeI
them help to strengthen the foundations anu 40
give assurance that they are reaoy 70 supInl ~
law and aid in its execution instead OF perpet-
ually fighting against IL
1.-THE Journal of Commerce is financial and
commercial newspaper. 1t usually taxes not
the Wall Street view of public questions, put
the wider view OF the business community III
general For this reason what 1t says regard
ing the Presidents speech and the present Ire
mors in Wall Street are Of Importance There
is, moreover, no politics in its discussion OF
present financial conditions. 1t is not inter-
ested in making any man President nor IL IN
ruencing the choice of the nominee OF either
party for the Presidency in 1908. 1t has no eye
on the prospects of the Democracy next year,
as have too many Of the papers which are eA-
aggerating the present disturbance into
Roosevelt panic" and, unlike them, II Is not
thinking of the salutary effect which some IN
dustrial confusion would have upon d party
hesitating about committing itself to Bryan ana
Rryanlsm: for it has not escaped the attention
of newspaper and politco-fnancial strateglsts
that this is an extraordinarily opportune mo-
rnent to have just enough of a furry TO unSettle
public confidence They might hope not only
that thus the administration would be Trlght-
ened from its policies. but also that both parties
might be induced to nominate men to meet Wall
Streets entire approval.
We do not believe that any Of the newspapers
or financial operators who have lately been
talking with too little sense of care about the
destruction of credit has any wish to see more
than a monitory and minatoTy disturbance Of
that extremely sensitive barometer OF credit,
the stock market. But it cannot be beyond their
knowledge that the loose talk they have been
INDUCING in is extremely well calculated to
frighten investors and contract credit Tie
daily interviews" Of men whose names are IA
miliar from their association with important
financial enterprises, discussing the "end Of
prosperity" and the ruin Of credit and the
peril to investors" in the administrations pol
icy Of law enforcement contribute powerfully
10 create that psychological state that favors
hoardi1g The man with money in hand waits
TO see if there is anything in the dire predir-
tons, and II there are enough such men in that
hesitant attitude a contraction Of credit that
cramps business enSues. If there is such
thing rs talking ourselves into a panic we are
IN fair way to do 1t this year. There has been
altogether too much talking The railroad men
with their walls of last winter and their ey-
plantations Of the stock market furry that en-
sued now almost forgotten: the newspapers
which see the only chance for the Democracy
in frightening the public with the results Of
Republican policy. or are hoping against hope for
revitaliZing of the Parker wing Of that party,
and the politico-fnanciers who have one eye
on Washington and the other on the nominating
conventions Of next year. have raised din.
This indulgence might be persisted in without
harm IL 1t were not for the and only ele
ment Of weakness in the financial situation,
the worldwide inadequacy Of capital TO carry on
the tremendous business undertakings which
the prosperity Of the time has promoted Until
this condition of capital scarcity rights itself
it will be desirable for everybody whose words
NAV sway the timorous investor to hold his
peace. Not even strengthening the hand Of
Just now.
The advice Of "The Journal Of Commerce" is
sane advice. The purpose of the administration
is known. It is not vindictlve. It is essentially
curative and conservative. It is so clear that It
needs neither reIteration further definition.
Let Wall Street accept the situation. quit de-
nunciation and complaint and turn its atten-
tion rather, to n resuscitation OF confidence.
Talk Of the sort Of which we have had too much
lately Is unworthy OF men on whom rests the
burden Of unfolding credit and sustaining con-
fdence