The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1907-11-28
Confidence.
Statesville Landmark

Statesvie Landmark.
When the last financial disturb
ance-commonly known as the panic
of 1S93-on land the present affair,
if it should be dignified by the name
of panic, is not to be mentioned in
the same breath with that one) it
was customary to ridicule those who
explained that panics we're usually the
fault of a lack Of confidence. And yet
that lack of confidence eexplainsalmost
the entire trouble. Take the present
case Business was fiourshing and
everything going so we'll. Money
was scarce, as it is every year at this
season. Through over-speculation
or for some similar cause, certain fl
nancial concerns in New York became
short of cash. They were unable to
get currency for immediate needs.
The news got abroad and the people
became alarmed. There was a run
on the banks and some of them had
to close. The trouble has been tided
over in New York and the situation
is daily improving.
But that financial furry in New
| 1Olh ny ocSioco pei 'hCbeCo Cho Cii7
tire country. Within the past two
weeks, after it was really over in New
York and the tide had changed for
the better, we began to feel it down
here. With us its effects have been
seen in a depression in the price oi
cotton and other products, the issu-
ing of scrip by banks in some locali.
ties and the difficulty in securing
ready money. Really, except the
difficulty in obtaining actual cash
by the people engaged in large enter
prises, and the low price OF cotton
which has in some measure affected
business there has been no actual
trouble. 1t it apparently a tempor
ary depression which is hardly notice
able to many people.
In Statesville, for instance, bust
ness has gone on as usual. Th'
banks have paid out cash without
any restrictions and have had no oc
casion to resort to the use of ''scrip.
Such an eXpedient is all right, it ha!
worked we'll elsewhere and it would
not mean that the banks were in dan
ger if it was resorted to, but fortu
nately the Statesville banks are il
such a healthy condition that the,
have not found it necessary to make
> any change in their manner of doing
, business. Money is yet scarce and i
may be some weeks before the, strin
gency passes; and the depression il
prices may continue for the season
But the fact for our people to consid
er is that there is no need to b
:. alarmed when there is no cause fo
, it. They are to be congratulate
on the fact that they have kept thei
heads and if they continue to &C
with prudence and wisdom all will b
well and nobody hurt.
These remarks are not made b.
cause there has b9en unwise actio
but purely as q word of counsel.
people begin tohoard money, to hol
y on to all they get and neither pa
: bills nor deposit it in banks, or wit
II draw deposits. every dollar so hoara
. ed adds that much to the stringenc
and the recovery will be that mue
retarded. But if they go on in I'll
|. usual way, with confidence in the f
ture, it which there is every reason
have confidence, the indications a
= that the trouble will soon pass.
" One great trouble is that in tim
like these irresponsible and thougl
less people do much mischief |
talking. The desire to spread bs
news is almost irresistible, all sor
of rumors get started which have /
foundation, and people who real
20 know little or nothing indulge in 6
q sorts of evil predictions. All the
~ things do harm and it would be wi
- to refrain from talking when there
no occasion furit.