The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-10-27
CCNTINUEDP PROSPER
ITYl in WEST
THE FINANCIAL STRAITS or WALL
STREET GAMBLERS CANNOT AZ
Feet OUR GREAT PACIFIC
COAST.

commercial.
Most Of the blame for these predicted
hard times Is laid at the door Of the
western states. One eminent railroad
president even goes 90 far a. to state
that the calamity has arrived and that
the business Of. the northwest Ii one
half what II was q year ago.
believing that the statement Of the
distinguished gentleman was rather un-
warranted especially in our portion Of
the northwest, the Astorian made a
point Of interviewing many Of our mer.
chants with regard to whether their
|'business had improved or decreased In
the past year and in every expression Of
opinion was found an optimism that
precludes any possibility Of panic. or
even temporary depression in our bul.
wark Of prosperity.
In years gone by our development has
had to depend solely on eastern capital
and influence. but the time has now
come wnen our local capitalists. believ.
ing with enthusiasm, in the great re.
sources Of our west. are planning AMI
building, investing and re.investing
their means in the development Of our
resources.
1t makes no matter. therefore. as to
whether the gamblers in the east are In
Distress or not, our prosperity cannot be
eurtailed; far from being on the verge Of
a panic. win march forward In the pro-
eession Of prosperity.
Apropos Of the recent financial furry
in Wall Street, Manager Wayte Of theI
Chamber Of Commerce. had to say:
Il do not believe there win ever be
another financial panic in the United
States, making the word panic mean to.
day what II always has meant In the
past. es
There has not been anything very
closely resembling panic in the United
States since 1893, and at that time. and
at all times previous. Wall Street con-
trolled the financial condition and situa-
tion Of the entire United States, inas-
much as a majority Of all the circulat-
ing money Of the United States was in
the banks controlled by what has popu-
larly came to be designated as Wall
street AT the present time and not
more than one-tenth OF the money circu.
lating in the United States Is controlled
by these Wall Street banks. And tine
Wall Street people can II they wish, push
to the wall banks controlling one.tenth
Of our nations money. and yet there will
not result anything even remotely re-
sembling panic. And Of course no
one believes that Wall Street will bust
all Of the banks, or even any consider
able percentage OF the banks, under It's
control, although the decline in all kinds
Of stock during the past nine months has
approximated three thousand million
dollars.
But the decline in stocks, however
severe, does not cause poor crops, does
not take away one dollars worth Of
freight from the railroads or steamship
lines.
"While it 10 a fact that the amount Of
gold in circulation as money Is now SIX
times greater in d ratio to all other
money, than ii was In 1893, and there
fore some have held that its purchasing
lpower is less than 1t was then, and Ii
the Legitimate reason for the present
slump in the price Of all stock, yet such
Ipeople are only superficial reasoners
Last year there was raised in the
United States three times as much
|grain as in 1893, while the cotton crop
twas more than twice as great as it was
in that year. Yet 30 fast has the popu-
lation Of the world increased, and there.
fore all consumptive processes, that the
price Of all products Is now very nearly
as high as they ever have been. Although
in this connection it may be truthfully
said that the introduction of -four In
Japan and China must be taken into
consideration when considering the pres
lent high price Of wheat; while the In
| production Of American cotton goods in
4 China, Corea and Manchuria, has very
greatly accelerated the rise in the prics
Of cotton. Cotton this season has al
the time been lowering near the mark oj
Is cents per pound, although the croI
| for the past three seasons has been Gloss
to 100000 bales. In 1893 only about
100000 bales Of cotton were produced
and the price for long period ranged
from to Q cents per- pound.
"The country banks In all sections ol
i the United States In the cotton belt, ii
the wheat and corn states in the north
west, and in California, are filed Will
money. All Of this money Ii far from
the itching fingers of the Wall Stzee1