The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-10-23
WITH THE EDITORS
THE PRESIDENT AND THE PANIC

L v,
The present condition of business in
the United States is without parallel or
precedent in the last hundred years.
The country has more stored-up
wealth than ever before in It's history.
The money savings of the people are
larger. They are more widely diffused.
Not only the fixed capital Of business
but the fluid capital that should be
available for enterprise is more album
dant than at any previous time in the
nations history.
The farmers, on whose broad founda-
ton the prosperity of the nation is sup
posed to rest. have fewer debts and
larger bank deposits than are regis
tered in the books Of any past year.
Moreover, even with their smaller
crops. they will receive greater sums
from sales in Europe than any that
heretofore have come to their hands.
Yet for a year or more the country
has seemed under a blight Enterprise
has paused; confidence has wavered;
the money once placed In the bank has
been left to lie instead of being put
forth to fructify
Those securities which constitute the
umbilieal cord between money and in
dustry have withered till they no
longer serve their purpose. Not only
on the larger exchange in New York
but on the little exchanges from Ro-
chester to Denver, values have shrlfnk
until and 10 per cent investments
have become plentiful. y and per
cent investments common, and and
per cent investments absolutely multi
tudinous. regardless of who promoted
pr operated the business in question or
where it's securities were listed
Securities that represent no trust,
that are not listed In Wall street, that
never felt the hand of a Rockefeller or
Hartman. have plunged down. down,
and ever down, simply because the peo-
pie at large would not draw their
money from the banks to buy them at
any price.
In a word, with all material circum-
stances for prosperity, enterprise, and
hope. this country has ceased to be
or even per cent country, and has
gone back TO the s and 9 per cent con
-itions OF thirty years ago.
And today, with a garden OF oppor-
tunity around them and with the whole
paraphernalia of prosperity at hand,
the American people read from day to
day the telegraphed reports of finan-
eial stress and struggle. which seems
as homogeneous in the surroundings as
the moon at midday.
Why is this? Why does enterprise
sieken in the midst of plenty? why
do we halt on the way though the sun
of prosperity still lights US? Why are
we faint-hearted, with all the material
means of industry and commercial
achievement in our hands?
Why do we pause in the fight as If
victory were not for us? Why do we
let ourselves be pushed back into con-
ditions that seemed forever passed a
quarter of a century ago?
The answer IS plain. All these things
have come to pass because the presi-
dent of the United States has seen fit
TO bring them to pass for purposes
which he has declared to be adequate
and to be worth, in hfs opinion. the
price which the rest of US are being
called on to pay,
For a year or more before last Jan
/ the president saw fit. for his own
purposes. to assail and denounce GER
tain American citizens who were pos
sessed Of large properties Since the
beginning Of this year he has gone fur
Their. His assaults and denunciations
have been far more vehement. Their
scope has been widened until they
cover the continent
Beginning with Messrs. Hartman
and Rockefeller and five or six other
men Of great wealth in New York. he
has gradually included within the rad
ius Of his denunciatons practically all
men Of large property IN the United
states, and even large accommodations
Of property themselves
At first content with the program
which would bring the regulation ana
control Of the railroads 81 the United
states into the hands of the United
States government. he has gone on IN
til in his St. Louis speech he has de-
manded the regulation and control 81
practically three-fourths OF the indus
trial concerns in the United states be
assumed by a bureau at Washington
With the progress of this astonish-
ing program. moreover, the president
has become even more violent in his
language Andrew Johnson. on his
celebrated swing around the circle. was
really q model Of moderation II judged
by his speeches. in comparison with
President Roosevelt on his recent tours.
'Nalefactors.a predatory classes
predatory wealth. ''wreekers," gam
blers.". .bribers' -eorruptionists, -un-
desirable citizens" swollen fortunes,