The Topeka state journal., 1907-12-31
TAFT ON PANIC.
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Men continue to embark in new enter
prises, however; the capital fails them
and disaster comes.
1t would seem that our system of
currency is not arranged so as to per-
NIT its volume to be increased tenn
porarily to counteract the sudden
drain of money by the boarding in a
panic. 1t is probable that the strin-
gency which reached its height on that
dark day of October "a. might in part
have been alleviated, had we had a
currency which could automatically
enlarge itself to meet the tremendous
demand of day or week or month
while public confidence was being re-
stored. The national administration,
together with many of the large capi-
talists of New York and elsewhere,
put their shoulders under the load
and by various devises of an unusual
character have brought about the
present condition of gradually in
creasing confidence.
Must Blame Some One.
Gradually reason resumes it's sway,
but the injury to credit and the blow
which has been struck at the normal
business progress has more or less
permanence. Values have shrunk,
plans for new and increased business
enterprises must be abandoned, and
liquidation and housecleaning take
place. The business men who have
had to stand the strain who have seen
their fondest hopes crushed and have
only been able to come through the
crisis with the greatest effort and
must substantial financial loss, are
naturally sore and depressed. They
believe, and generally they are right,
that this disaster has come upon them
without fault of theirs. 1t is unjust to
them. No matter how many Symp-
toms of the coming trouble there may
have been, panics always come with a
shock and a tremendous surprise and |
And hardly is the |
panic over but a fierce discussion |
With various motives, editors and pub |
lie speakers rush to the front to fasten |
upon something or some one the |
responsibility for what has happened. |
1t Is entirely natural that in the con-
dition of mind in which the suffering
business men are left by the great |
strain and trial, such suggestions
should receive marked attention and
hat the more definitely the personal
ty of the scapegoat can be found, the
he catastrophe.
There has been a moral awakening
lmong the people, and the hands of
he administration were held UP in
he work which it was doing. On the
,ther hand. the men and the inter-
,sts which were the subject of at
ack were not idle. They had their
artisans-guilty and innocent. The
yuilty. of course, wished to defeat
he administration by any means. The
were those who had be-
ome involved with trust magnates in
egitimate business transactions and
o whom the attitude of the admins
ration seemed one general opposition
o the whole business community.
Railroad Rate Bill.
One of the great manifesto tions,
ne of the monuments in this moral
rogress was the passage of the rail-
DAD rate bill. 1t met the opposition
f many of the railroads, not because
hey were in sympathy with the trusts,
or 1 think they, in many respects, |
ad been more sinned against than
inning, but because they resented
hat close control, that rigid super !
fsion which the public demanded in i
lew of the possibilities which the 6
isclosure as to their past transac- 6
ons revealed. The fight made by the !
has been noteworthy {
me- And now, after a victory has t
cen won, after there has been in t
into the hearts of all men, t
nd especially of these leaders, these /
-ust managers and financial oppon- i
nts of the administration, the fear /
{ the law-the panic comes on. The r
.ust magnates, solidly intrenched /
18th great financial resources, are not
,e ones who suffer the most of it, 1t r
the men who have had no such un- s
.wful or fruitful methods of making a
loney. [
The agents and sympathizers and S