Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1907-12-05

Employed at High Wages; That
Production and Consumption Were
at High Water Mark.
Nearly all the elements of fearfm
financial panic were present and oper-
ative in the week ending October %.
Originating in New York city, the
finance many people call 1.-THE dis
turbance spread somewhat to other
business centers, with the result that
larger number of banks suspended
payment and closed their doors than
at any time since the dismal free
trade period of 1S93'97. True, the
banks in difficulties were mostly solv-
ent, but that did not save them from
a whirlwind rush of depositors bent
upon drawing out their balances.
What with the support promptly rem
dered by the United States treasury
department in placing at the disposal
of the banks an additional $25,000.000
of government funds, and the valuable
cooperation of a few of the great
money kings. the severity of the panic
was restricted to five days. Short
lived, but tremendous while it lasted.
Why was this panic 80 shOrt-lived?
AS We have said, nearly all panic-pTo-
ducing elements We're present. Prac-
tically but one element was absent.
That was the element OF industrial de
preston. There was no industrial de-
preston to either cause or aggravate
the panic conditions.
All labor was at work, all industry
active, all production and consumption
at high water mark.
The country was in the midst of pro-
lection prosperity; not as in 1S93'97,
in the depths of free trade depression.
Bearing upon this question the fol
lowing is worth quoting from the New
York American of October 2G, a Demo
cratic newspaper:
"To the wise no word is necessary.
Men of knowledge understand fun
we'll that the country was never more
prosperous, and that a panic in the
midst Of such uneXampled industrial
and commercial activity as this nation
has recently enjoyed and still enjoys
is a grotesque absurdity."
And this, from the New York Press
zionist newspaper:
Consider the facts: There has been
panic Gambling stakes have been
swept from one hand TO another.
Money has gone from one pocket to
another; deposits from one vault to
another. Men who had plenty of cash
or big bank balances last week have
less or none now. But somebody else
has the wealth. 1t is in existence; it
is performing much the same function
as before.
Meanwhile, the railroads, whose
shares have been dropping, are haul
ing traffic to their fullest capacity,
making bigger earnings than ever be-
fore. The factories are turning out
their products in vast volume. Just
now the farmers alone are selling be-
tween $4,000 100000 and $1,000, ,OO0,-
900 of crops-new wealth! The wage
earners are getting their pay. They
are buying the new products; they are
living as they never lived before.
There is your wealth-from the
farm the forge and the factory More
than ever before. This country was
never so rich If every stock on the
market had touched zero yesterday
that natural, real increase of wealth
from the true source of wealth would
have been with us just the same, and
if, on the rebound, those stocks had
scared, there would have been no
more real wealth. Never anywhere in
the world was there anything like the
wealth of this country to-day-panic
or no panic. Therefore the future is
one of confidence. The American peo.
pie are going on to more prosperity"
This is substantially the tone of our
best newspapers, Democratic as well
as Republican. They all agree that
the industrial solvency of the country
and it's twin brother. the agricultural
solvency of the country, combine to
produce a prosperity that cannot be
wrecked by mere money panic
brought on by frightened bank de.
positors.
1t is absolutely true that protection
prosperity has once more shown itself
to be panic proof.
Should Study the Tariff.
The tariff will or should be lead
ing issue in the campaign next year,