Graham guardian., 1907-12-13

moved.
If we have in our country mon
ey enough for trade-that is to
say, enough to move goods and
property from one owner to an
other-we have plenty. In fact
the greater part of business is
done through credit, an exchang-
ing of checks and notes, without
any exchange of money whatev er,
so that we do not need in cash
even the sum of our business trad
ing as long as credit exists and
people keep sane. But the credit
story is another and "a longer one.
This is about money, only,
If you have cars enough to move
your wheat and coal and pigs and
lumber all is well.
But suppose a lot of fools or
greedy men suddenly began to
hoard cars. Suppose they said TO
themselves, "Here cars are gcing
to be scarce and In great demand.
| won't let mine out. I'll keep
them, and AT the critical moment
I'll make great fortune by tax
ing advantage of the distressed
business men and consumers"
OF course, under such conditions
goods would stagnate and rot, and
every one would suffer.
Or suppose the owners Of the
ears got frightened. Suppose the
railroad tracks were infested with
robbers and dynamiters and the
car owners feared to let the cars
out. That would mean the same
thing-lack of cars. goods unable
to move, general distress,
SO it is with money. There
may be enough of 1t to do the
trading, the moving of property.
But if the owners cf the money
hoard it, if they keep it locked up,
saying TO themselves, Il can get
more for it later" then comes
temporary trouble. Those that
want to trade, to move properly,
cannot get the pecunlary vehicles
necessary. Times are bad, bust
ness stagnates, workers are dis
charged, just as coal miners would
have to be discharged if there
were no cars to carry thc coal.
The result is the same if men
that own the money get frightened,
as they have been frightened of
late.
They say to themselves: "Tbere
are big scoundrels of finance busy
wrecking honest investors with
their rotten companies and their
shameless looting There is II
President thrashing around with
all tho dangerous ignorance Of
conceit, injuring the investor and
letting the financial wreckers go
free. This is no time for me to
let my little dollars go out Of
doors"
Some cunning men have boarded
their money.
Some timid men have boarded
their money.
Some swindled, indignant in.
vestors have sold out and boarded
their money.
There has been, and is, and will
be for "a few weeks, lack Of dollars
to move the goods, to hire the
workers, to pay off the men Even
honest stocks offered for sale have
gone low in price-lack of money
to move them from one owner to
But it is not going to last, 1t
is not lack of money-only a
momentary hiding of money.
Tens of millions of gold have been
brought from abroad to carry our
goods, just rs we bought ships
II oui uulO Ouu III our "dI WIN
Spain to carry our soldiers.
The money hoarders are getting
over their scare. They realize
that prices for good securities are
at the bottom figure in this need
less panic, made up of Trust dis,
honesty and Washington ignorance
and cgotism. The money that has
been hiding will soon come rush.
ing out, The money from abroad
that is being rushed in here will
be added to it. There will be
plenty of commercial carriers" in
the shape Of dollars Wis lbIe soon,
and there will come Il financial
boom with them.
Don't be among the foolish
hoarders. Don't be frightened by
IN unreal thing. The wealth of
the country has not been dimin-
ished by one penny. The nation
is as rich as ever-and it has
learned some useful lessons about
'kings of finance" and also abou
giving unlimited power and fool
i'h hysterical praise to II Presi
dent that never earned living
and that knows nothing Of any
business problem beyond getting
his name on public payroll.
The Los Angeles Examiner is