The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1907-11-29
The Nation in Labor.
(Goodwins Weekly

A great panic has swept over the
great commercial city of the United
States, and its effects are being felt
to the Republics utmost shore. 1t
was the most causeless of any finan-
cial upheaval that there is any ac-
count of in history. There were sew
eral causes to be sure, but never be-
fore was a nation Frustrated finan-
cially when every industry was ex-
ultant with prosperity, and when the
accumulated wealth of the land ex-
ceeded that of half a dozen foreign
empires. Many are blaming the Pres
ident and we believe he has made
grave mistakes, mistakes he never
would have made, had the steadying
hand of John Hay been spared him.
But some causes have been at work
which sooner or later would have pre-
cipitated the crisis. The insurance
frauds were one: permitting great
trusts to draw to them tens Of mil
lions of the peoples money and for
the few directors to use their accu-
mulated funds without restraint or
accounting for years, is another. We
think, too, that the work of q few
copper magnates, during the past
three years has been the greatest half
individual and half corporation steal
that has ever, by an equal number of
men, been perpetrated in the United
States. 1t seems to have been played
with loaded dice all the way through.
But all these things should have left
the eastern banks helpless when the
trial came. We suspect it would not
except that certain things happen
which men cannot account for. One
is that when a certain impression is
fastened upon good many people,
one so strong that it cannot be shak-
en- on; 1t is not long until It becomes
general. This impression began to in
cite the fears Of few people months |
ago, and while they could not give
even to themselves q reason for their |
fears; they began to lock up their |
surplus funds. This is the reason why
he banks Of New York could not
meet and ride the storm that was
,recipitated upon them.
There have been terrible losses, but
he weak spots have been uncovered
Ind the question now is whether
Congress is strong enough and great
enough to secure the future against
epetitions Of the sorrows and losses
II the past four months. OF course
Congress can no more suppress stock
rambling than any other form of
but 1t can do much to cir
umscribe that by drawing such re-
trictions around stock sales and the
noneyed institutions that support
hem; that more caution will have to
'e observed.
Then there must be more account
bility exacted from companies that
Iraw to them tens of millions OF the
money of the poor and the moderate
y rich. The situation suggests a
,reat many necessary safeguards to
'e exercised in justice to guard the
lights of the innocent and to pro-
ect the public at large, for when
'ad or indiscreet men precipitate a
,reat panic, its effects are not limited
o the few directly interested, but
he cyclone tears down the strong
With the rotten, for business is mex
ricably intertwined and panic has
10 more discretion than a fire that }
weeps over hut and palace anke.
The coming session Of Congress q
ught to be the most interesting of
ny since 1893, indeed In some re-
poets as important as were those
hat held their way when the great
ivil war threatened the very life of
he nation, and when the demands of
ternal justice were clouded by al
1ost overmastering fear. u