Amador ledger. (Jackson, Amador County, Calif.) 1875-19??, 1907-12-20
LETTER FROM
WASHINGTON

|
ceremonies. There were many new
faces in both houses, so that it was
noticeable that the present congress
has a new element. whose legislative
course will be watched with interest.
As to the organization of the house,
it was at no time doubtful that Mr
Cannon would be speaker. His emin-
ent abilities and the manner in which
he has guided the body over which he
has so long presided practically ex-
cluded any other choice His firm
ness ana conservatism will, it is be-
lieved, be specially needed during
the coming session.
The great questions which have
been discussed by members of CON
gress as they arrived in Washington
have been the financial situation and
the probable candidate of the repub-
lican party for the presidency
The monetary stringency being so
acute and affecting as it does practi-
calIy everybody, was naturally the
principal topic. 1t seemed to be the
universal opinion that the cause of
the existing difficulties was pri-
marily the loss of confidence by the
public in financial institutions and
the great business corporations.
Opinions differed somewhat as to the
cause of this loss of public confid-
ence. but it seemed to be conceded
that at least one very potent infiu-
ence has been the almost constant
hammering which has been given
vested capital during the past few
years by writer's of a sensational
character who have carried tn the
extreme the ideas underlying the
prosecution by the government of
corporations accused of having
violated the law.
Added to this was the pretty gen.
eral suspicion that the good times of
the past six years have so stimulated
business and encouraged speculation
that obligations had perhaps over
stepped the ability to meet them.
This still further weakened confid-
ence in the financial stability of the
country.
The effect of this lack of confidence
began to be seriously manifested
year ago, when great industries and
enterprises commenced to experience
difficulty in securing money for need
ell Improvements and extensions to
take care OF increasing business. Ex-
penditures of all kinds by these great
interests were i'll consequence curtaiI-
ed, which further Influenced the
public idea as to future prospects,
and there came to be developed a
pretty general loss of confidence i'm
pairing the general credit
The mass of the people were in this
state Of uncertainty and tension when
the failure of weak concern pre-
cipitated a panic, which would not
have occurred during what was one of
the most prosperous years of or his
tory had not the credit of nearly all
enterprises been weakened.
This loss of public confidence has
led to that boarding of money which
! still further aggravated the difficulty.
Without the prompt and vigorous
action of j. z. Morgan and his associ-
ates, to whom later the secretary of
the treasury loaned his aid, the dis
aster would have been appalling. AS
it is, the people have had time to see
that they themselves, through with
drawal of confidence in fundamental
| ly sound institutions and enterprises,
are for the most part to blame for the
present situation, and that renewal
of the old confidence is all that is
needed to bring about the old con-
dltion of prosperity.
The crisis is now we'll passed, and
| time will bring further relief.
BY many members of congress it is
held that some kind of legislation is
necessary to give US more flexible
currency, and it is certain that such
| legislation will be discussed in both
houses.
But the ideas as to what is needed
are, so varied and are held with such
tenacity that it will 6e difficult
matter to agree upon any plan. But
there can be no doubt that the dis
cussion will develop important data,
and that it will be serviceable to the
country at large. 1t is almost too
much to expect that bill of the
character indicated will be speedily
passed.