The Birmingham age-herald., 1907-12-15
FREsHET OF ? PROSPERITY.
Rapid Clearing of Financial Sky At
 Columbus.

From the Industrial Index.
 The action last week of the banks com posing the Columbus, Ga, clearing house association in retiring one-fourth In amount of the certificates issued by them for use in lieu of United States currency Is one of the direct and gratifying results of the rapid clearing of the financial skies Unquestionably, it is matter or but few days when similar action will be taken in other cities, and in very brief time these evidences of the recent financial furry will have disappeared en- trely One. of the best proofs Of the utter lack of reason for the recent mone- tary disturbances is furnished by the readiness with which clearing house cer- tifcates have been accepted, wherever issled as a substitute for cash Not only have they been taken at face value, put in many instances merchants and other business men have offered to receive them at a premium even, in their efforts to stimulate confidence well as trade. The unquestioning acceptance of these certificates has demonstrated that the people have been cognizant of the fact that the conditions and necessities which precede and accompany panics nave peen, are and will continue for long time, at least, to be lacking entirely. Never before has the country enjoyed such widespread and substantial prosperity The south ern cotton grower is offered about two and-one-half times as much for his cot ton as he was able to get in panic years, yet he Is holding it, to a considerable ex- tent. for n still higher price, demonstrat- ing financial ability as well as determine tion He is out of debt, whereas In Tor mer times that produced panics he was bound hand and foot with mortgages. and frequently could hardly call his next crop his own. He has made his last two cotton crops with less expense than ever before in his whole experience and, as whole the condition of the cotton-grow- ing industry which is the cornerstone or the south's prosperity. was never bettes Fortunately, the souths industrial inter- ests have become potent factors In the south's progress and prosperity. Upon the south's industrial establishments the financial furry has had no enect, except In a very few isolated instances. Manu- factories have been operated upon run time. payrolls met promptly and in great many instances factories are rum ming overtime in an effort to keep up or catch up with orders. Very different Is this pIcture to that when panic conditions prevail Then the door of the factory Is the first to be closed and the whir of wheels the first noise of business to be hushed The investment of money both local and foreign, m HaHuidel"f"s eh- terprises in the south and in the develop n,ent of southern resources has not been checked in the slightest. Indeed. the rec ords show that during the past few weeks some of the largest investments of the year have been made in this section, These are conditions under which no financial furry could live. They are marked in the south, but they exist In every section of this great and prosperous country The furry has disappeared The effects are following 1t rapidly. But that is not all. Confidence Is being re- stored so entirely and completely that the capital which sought hiding places will quickly find its way again ihto the channels of commerce, and business which was frozen by fright will be melted by the again unclouded sun of confidence. so that this country is due in a shorS time-it may be counted now in days-to have a veritahlc freshet of prosperity.