Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1907-11-21
THERE MUST BE A BETTER WAY.
Milwaukee Free Press.


The volume of money in circulation
in the United States is so large as to
average 1923 per capita. IL goes
without saying that this is the largest
in the world. And it is the largest, we
believe, that we ever had in this coun-
try. Still there is scarcity of money,
as there would be scarcity if the av-
erage circulation were ten times what
it is, other conditions being as they are
at present.
So long as the financial system of the
country lacks the only prop that VIII
ever make it absolutely solid and safe,
there will come scares and squeezes !;
the banks will be called on to give up
the money they have ON deposit belong
ing to frightened people, who intend to
take it away and hide it, and keep 1t
out of use. And the banks will always
meet this disposition, if it is too strong,
by the same means they have met II
this year the only means that saved
the country from such smashup as has
not been seen in twenty years.
There is money enough or if there is
not, more can be supplied. The bust
ness of the country has been3 right up
to the present time, as good as ever 1t
was or ever need be. Manufacturers
have crowded order books. The rail
roads are unable to handle all OF the
business that comes to them. The
worst shortage of the year has been the
shortage in freight cars. Roads have
been blocked with produce-laden cars
unable to get to market. No man with
disposition to work need be idle, even
now; and until within the month there
have always been two jobs awaiting
every willing worker. That wages
have been good there is no question.
Wages are always good when there are
more jobs than workers.
And with the country and it's indus
tries, and its business, and its people,
as prosperous as they have been, there
comes upon us suddenly, without warn
ing and without any apparent cause, a
shock of breaking banks, and of trust
companies and great manufacturing
corporations, employing thousands OF
people and millions of capital, passing
into the hands of receiversl
People were frightened. and their
| fright extended to the banks, and con
Germs doing vast business on which they
had to give credit were also compelled
to get credit. Their paper matured
they were not able to make collections
or to make loans on any kind of good
security. Then came the end.
The spectacle of manufacturing
concern having millions of capital, able
to give gilt-edged security, going into
bankruptcy or into receivers hands,
because it is unable to get as many
hundreds thousands dollars as il has
millions worth of property, is far from
inspiring.
If this is the best that United States
craftsmanship is capable of they are in
! bad way, and likely to remain so.
What is needed is such legislation as
will enable the country to use and real
ize on what it has got If we were a
pauper nation, without developed indus
tries, and with a poor soil and bad
climate, and a poorer population, it
would not be a question of statesman
ship, probably; although wise statesmen
might do much to help such conditions
as those, and give people encourage
ment to better their condition.
But we are we make frequent
boast, the most favored nation on earth
We have it because God made it the
best. We boast that we are the most
intelligent people in the world, take us
on an average. We claim to be able to
turn out more work man for man than
any other nation. We are the richest
nation on earth.
And still, we have been scared stiff
within the month because of financial
distress for which there never was the
least excuse although there was suifi-
cient cause.
Who is the American statesman that
will grapple with the difficulty and of
fer a remedy for future troubles like it?
Other matters may well wait on this.
Appropriations, enlargement of the
powers of the interstate commerce
commission, mending political fences,
getting appointments to office, chang
ing the tariff, establishing parcels post
and postal savings, attending to the
recommendation of the executive mes
sage on any other matter than this.
can well wait until the something that
congress ought TO do has been done.
Who is the statesman who will point
the way?
Oshkosh Northwestern: Former Con-
gressman Babcock of this state is mot