The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-08-17
NEW Workers. VIEWS
ON COMMERC|AL|SM
BUSINESS SPASNiS WILL CONF,
EVERY SO OFTEN, BUT ARE
OF SHORT DURATION.

The following conversation is re-
ported by the Wall Street New York
Journal as taking place recently be-
tween an Unconditional banker and a
visitor who thought highly of his
sagacity and wanted his opinions on
1.-The situation;
Visitor-Isnt it bit remarkab
that men should go on as they are,
building railroads and risking vast
amounts of capital, in the face of
all this anti-corporation clamor?
Banker guess some of the
things you mean were under way
and couldn't very we'll be stopped,
It's great country. It's got to go
on growing. Some of us are old
enough to know by experience that
these spasms do not last for long.
These problems the newspapers are
telling us all about are. old-very
old. | may say they are as old as
human nature. Every little while
the man who makes less makes a
noise in the world and talks of max
ing the man who has more to divide
with him. Since the last time these
problems were on political parade, a
new generation of newspaper editors
has come on the scene. They seem
to think the questions are new. It's
the same way in Wall street. We
have new generation of speculat-
ors, and the popular agitation on
wealth is new to them. So we shall
have to wait until people are tired
of the business and put the problems
away unsolved, as their forefathers
did. In the meantime, perhaps, they
will see a reaction in prosperity
may even see the pinch of hard times
That will make the workman more
willing to trade an honest day.
work for the pay he gets; it will
cause people generally to save more
wealth. The world has got to save
more and spend less. 1t will. 1t
extravaganza.
Visitor-But I am surprised the
corporations do nothing in a frank
concerted manner, to put their side
of the case before the people. There
is so much to be said on their side
but it isn't being said in convinc-
ing manner. | believe the people
are reasonable in the last analysis
1t is necessary only to appeal to theil
reason In the right way.
Banker-Yes, perhaps. Finley
has been doing that in the south
| don't know how effective it is. Did
you ever see cattle on a stampede?
Well, once they start, you've got to
let them go. When they've had theil
fill of running, you can go quietly
and round them up again. Wher
people get started one way they &C
too far. All you can do is to lei
them go. They come back in time
and perhaps go a little too far in the
| backward direction. Excesses au
tomatically correct themselves. It''
all in human nature. A tight none!
market brings an easy money marke
an easy money market brings tigh
money market, and so on forvere.
| Visitor-Do you suppose these up
heavals really do any good in the
end?
Banker-Undoubt Editors
spectators and reformers of this
generation would hardly believe it
but finance in the last twenty years
has been much cleaner than finance
was in the preceding twenty years
|
the next twenty years will be cleaner
than in the last twenty. The granger
movement of the 70's and the inyes
tigation of Gould and the Pacific il
the sos were very trying times
worse than these. No values were
destroyed, however, and it was all 81
soon forgotten that one might have
marveled that he should have takei
the clamor seriously.
Visitor-Then there is nothing tt
be done?
Banker-Nothing but to sit still
and be patient. If your house is IL
order it is possible to take a yer.
philosophical view of situation lik'
this. At the right time the aspec
of things will change abruptly. PEG
pie, with their accumulated saving
or wealth, will suddenly desire tt
invest in securities, and the stuff
with which we are loaded up here il
Wall street today will go so fast tina
it will all be cleaned up before thu
demand is satisfied.