The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1907-11-28

Z
oiiei ana 10 the point I'D
EpIToE OF MANCHESTER Journal. -
B,ar Nf;
II strikes me that the city papers
which are giving us so much news in
regard 10 the financial troubles in New
York are reticentsbout letting US in on
the ground floor 80 far as the prime
cause for the squeeze that our hnan.
ccs are experiencing. They speak of
the matter ms though depositors were
wholly 10 blame, censurlng them for
losing confidence in the banks, aud
some writers declare the banks are all
right and assume that there is no cause
for doubt or suspicion as 10 their in
tegrity,
Principles that apply to the manage
meDt OF large concerns are the same
that enable us of the poorer class TO
succeed in sense; that is, If by indus
try aud steady work we attain to cir
cumstanees SO that we are above actual
want. Crookedness in handling other
peoples money or property will be
found out and the consequence will be
loss Of confidence, and when bank,
corporation or individual loses the con
lidence of the public, they, or it, should
suffer. There is no other phrase that
will explain the condition so fairly as
that we are running wild" in many
ways.
When banks, corporations or indiyi-
duals go beyond their legitimate lines
of business trouble will come. The
list of banks and trust companies that
are published AS standing on sandy
foundations, represent millions of dol
lars; holding the deposits of large
numbers of people. The companies
have loaned these funds on such con
ditions that they are unable to realize
on them Oh short notice, or doubtless.
II 1.-THE truth was known, have been
Incorporated and general stirring
up is the result. Now the point comes
up. il those banks were solvent and
entitled to credit, why did not other
banks aid IN their distress rather than
call on the national government Has
like case ever before occurred when
the Secretary OF the United States
loaned money 10 banks' Doubtless
national banks may legally receive such
help in times of distress. but is that
what We keep surplus fort When
experts admit that unless the deposi-
tors leave their funds ia the banks
they, the banks. cannot do business.
can the patrons OF the banks be- blamed
for becoming distrustfuls One paper
stated that the banks whose affairs
seemed to be- sound were 10 receive aid
from the government, while others less
fortunate must teke careof themselves. /
Since ! commenced this article have
received n letter from my brother
Merritt who has been a resident in the /
West for thirty five years aud 30 fairly |
the feeling in that section /
among horse and cattle men. He IL
postmaster At TAylnyille. Wyoming. /
m Office established and named after
him, SO that he has good chance 10
earn how business Is affected. He
says that IN few minutes after the
news Of the break ia Wall Street was
received In South Omaha there was 4
fearful slump ia the cattle market. He
had jnst delivered carload each Of
iotses aud cattle himself and was
.eady 10 start for home. He gives me
wo instances ] quote him. As
,ame ont saw bunch Of cattle going
n to be- shipped, about IS head Of
hree aud four year-old steers aud
ous learned that some Of them
ibkt utNNE8A VII NhfAAfN uftf iHf HFft
aueh 10 the east Of us shipped ear
cad that they bought. and a. they say
dropped one thousand dollars ia the
heal" He says the government has
seen playing havoc all through THE
Nest this summer ~ that business men
10 not kBow what to expect. II does
loi seem likely that such trouble ia
money center would affect, a. we
a,ehi say. All other Interests. but Il is
.vsdenl al present that there il some
hung wrong. What is ii' Are We al
'aFiially 10 blame ID thai We are living
bore expensiyely than our eircamstan-
- viii ssuani and the reaction has
onset II 80, bad we not better "sii
~ aud take nol,ee" no other phrase
0ll quite express Ihe meaning. The ,
.asioF IL one church SAID few eve ,
ings since that be would give ihe con I
regaiion talks % g,raascsrl ssslrefs SAN !
AZ evenings Il seems 10 me that /,
ea1loal ~ eais should take our aiisn.
go altogether these tiues. The oui.
.ok il very discoaFaglng. il political
CITATION Is The cause, and = presiden. 1