Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-11-10
PRESIDENT JAMES j. HILL
ON The FINANCIAL SITUATION

ST, Paul, Mimi, Nov. James ] 81
Hill, who months ago accurately fore
Icasted the present traffic difficulties
iipf the railways, has issued d farefully
prepared statement over his sigma
Eture, in which he reviews the present
financial situation and says that the
remedy lies In the hands Of the PED
pie, who can end the strain by putt
ting away their misgivings and ceas-
ing to hoard their money. The bust
ness situation, Mr.. Hill says, is sound
and contains nothing to warrant pop
ular distrust His statement follows
There lis nothing in the actual
business conditions Of the country to,
cause or to account for the financial
stress everywhere SO severely felt.
Crops are good and until money be-
gan to disappear prices were higher
than for many years. Buying and
selling are not now Interrupted.
Trade is active and business as: a
whole is sound at the core. Neither
is there an insufficient volume of {
money in the country. a year ago
there was enough for all current
needs. The notion that Wall Street
has in some mysterious way absorbed
it is without found ation. AS a mat
ter of fact stock transactions are only
about what they were then, with
prices greatly reduced Probably this
requires only one-third or one
fourth the money that was needed
last year The trouble clearly comes
from the boarding Of money, not by
the few. but by the many Investors
large and small feel uncertain about
the future of business enterprises,
sound and unsound alike.
From whatever source it has come
the impairment of public confidence
is a real fset. 1T has already done.
mach damage. 1t will do more unless
speedily corrected This popular dis
trust so far as it leads to the board
ling Of cash is as foolish as6it is hurt
full. The people should put an end
to it by releasing the money, which
Lit Withdrawn from circulation means
business starvation. The heavy bust.
ness interests of the country are do
ing their part The. people must put
away misgiYings and do theirs and
| the present crisis will end. AIarmist
publications have done much to
spread and intensity the distrust.
The consequences bear most hard
" upon the farmer. The fruits of his.
years labor are just now gathered
He has the food supply ready and
the world needs it and is ready to
pay. for it: But the movement from
producer to consumer requires the
! use of both money and credit The.
farmer who is the foundation of all
prosperity and whose loss or gain
affects the state of all other indus
tries, loses a large percentage Of the
value of what he has to sell It is
this that makes the present situa-
ton such hardship and injury to
the whole community. If 1.-The culti-
vators Of the soil suffer, no business
will escape. #:s @ s5 s$i
'sThe best and quickest remedy. is
for every man who is boarding mon
ey to return it to it's usual employ
ment. 1t is he who is doing the mis-
chief. AS has been seen, the money
is in the country, but it must be made
available. 1t is as much the duty of
every citizen to deposit all his sur
plus cash in the banks which are en-
tirely sound and solvent, as it would
be to subscribe to war loan
In this way money will be put
into circulation and the financial in
situations of the country will be en-
abled to make the advances without
which business cannot be done,
Northwestern bankers look for
much improvement in the situation
within the next ten days. There is
a concerted effort to move the crops
and reports from outlying sections
indicate that the situation is easier
and much more hopeful. A speedy
recovery from the strain is predicted.
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