The daily morning journal and courier., 1907-10-24
"STEADY THARp'


 faithful mate off the banks to hurl | the harpoon with care at the spouting whale. It is an expression that may be used with like effect at this time when the nerves of men are overstrung | at the depressed and feverish condi- ton of the market, and when appre- 1 hension is overtaking the most re- served of men. It would be ridiculous to assert that the situation is not a | trying one. It is, but all the more on that account should men struggle to l keep their heads level and their sense ce leadership intact.
 There is a silver lining to even this black cloud, and it is well that men should be reminded of 1t. Dark though things may be 1t is folly to paint them in heavier colors than the facts tusti- fy, and it Is of the greatest possible moment that sober-minded men are barring their faces to the storm as the heroes of the deep have to when the hurricane overtakes their ship. First of all no credence should be given the thoughtless assertion that the fed- eral administration is responsible for this fearful liquidation of false val ues. It would be pity if in an angry attempt to hold President Roosevelt eli fnw L..
 pening the actual truth should be ob- scured. The Journal and Courier has more than once had occasion to ques- tion the judgment of his methods in assailing corporate misdoing and has felt bored with his everlasting preach ing of the otherwise sound gospel of righteousness; 1t has shrank with mis- givings from the changes he would in- troduce into the supervision of inter- state corporations and from his more or less general fiightiness in consider ing subjects of economic concern, but it has never credited him with the power to disturb 8 market controlled by conscientious f1nanciers. He ad- mits that he may have turned on the light, but denies that he is responsi- ble for the disclosures made. That is as near statement of fact as could be made, in view of the now demon strated fact that the disclosures would have come sooner or later whether he had pitched in or not The beginning of the end was written in It's earlier chapters before he was thought of for President of the United States. So for one thing, careful thinkers should eliminate him from study of the phenomenon.
 In the second place 1t should be re- Eaembered that values are so low that a panic would be robbed of its ordinarily fearful consequences There is shorter distance to fall than would have been the case six months ago, which is of itself an as. surance of recovery sooner perhaps than might otherwise be expected. Fol a long time the investing public ha. fought shy of the market from an in stinctive belief that things are sel dom what they seem." There are thos, who think that Lawson did it, and i is quite possible that he contributed to the breaking down of popular con N fldence, but the more impressive fac is that ever since the insurance dis closures were made, followed as the were by revelations of corruption among public service corporations, tn belief has grown steadily that ther was something radically wrong wit the captains of finance, and that tn safer course to pursue would be t leave the market to those who ha played with it for their own selfls ends. There has been a steady SOW ing of the seeds of discomfort and sus picion until now that the whirlwin has come those who are the mos responsible for it turn like towards 1 others to bear the burden. No taint indulgence can be traced to the indus trial leaders of the country. They hay gone about their business supported l the conservatively managed banks their vicinity and encouraged by u trade, and If now a tightness in Il money market compels them to cu tail production. the reason need n be sought in their overconfidenco the stability of prosperous times.
 will be found in the conduct of u money gamblers and grabbers WI have sought to increase their own fo tunes and power by using other pc ple's money. The fault should placed exactly where it belongs. ill u council room of speculative f1nancie } who have in one way and anoth gained access to vaults piled high wi she savlngs of the community, on!v
 make the innocent suffer with t
 suilty. The great heart of the nati
 s as sound as it ever was, and the a