Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-27
SIGNS or PROSPERITY

ono of thc signs OF prosperity loo
lhs country during th. last few weeks
ha- been the activity % thc Wall street
stock market An eXch1nge notes that
for three weeks and more legitimate
business has been blcj white in order
tEut ready cash could hc provided t'
Keep tho Wall street gambling game
Do operation The other day after the
United States Treasury had again take
cr decisive steps to increase the vol
wne OF currency one of the earliest
proofs OF the new restoration OF cone
faeuce." came m the announcement
that stock Exchange brokers "took or
restrictions as to foreign trading"
This circumstance leads Represent
ativc Hepburn of Iowa to advocate
the taxation OF stock-muket trading,
BE thinks that as long AS there is
buying and selling on margins and
Without the intention " actual de-
livery Of the stouk. speculation viii
absorb the resources OF the banks ana
take money from legitimate enterpris-
eg which need IT, Stock spectators
pay high rates for money. and their
efforts are $50 attractive 20 the city
banks that the banks are induced 20
make loans outside ;he channels ~
legitimate business. This not only
tends 20 involve the banks In specula-
ton but 90 vithdraUs the money from
legitimate business enterprises.
O.
rect. then the wall street spectators
outbId. even 500 period OF great de-
precision. the efforts of legitimate CONF
mcrce TO secure ready money II the
suinecucy so caused makes Ct ueces-
ssrv for the government To- issue
bonds why should not the stock mar
ket transactions bc taxed sufficiently
to ult the interest ON the bonds 20
Issued?
The government has decided to issue
S50.o00.0o0 in Panama canal bonds
and 10 necessary 500 600. 600 I'm inter-
est bearing cert.ncotes os a basis for
increasing thr amount of money IN
circulation.
But So is not tn- government that
needs the money go ne paid Tor the
bonds. 1t is tho money marlsct--thc
borrowers and Lenders that need this
money Tho government is NOT out
or funds It ha4 $3.50. 100000 on d'-
posit Coz the national banks and 2f50.-
0no.o00 reserved in its own vaults 10
redeem It's own notes that have been
issued as paper money The surplus
receipts OF the government last year
were S75.00O.Oo0 and the monthly
income now exceeds the expenditure
by nearly $4,000 0O0 FOR the first half
of November
Ana now. not FOR its own needs but
ion helping the money market Of the
people. the government will add 10
it, own interest bearing debt perhaps
$3.50, 600 IN order 20 provide tho
country with the necessary currency.
The actual condition OF the gov
ernment's finances as shown by Its
surplus revenues Is another sign ot
general prosperity
The attendance az football gam r.
another indication Of the same gen-
oral condition. At the recent Prince
tou-Yalo game. $4,000 were present.
The Pennsylyauia-Michi game
urew 10000, as did also that between
Dartmouth and Harvard. Here ;he
recent game between the University
and the Agricultural College was Wit
messed bv perhaps 5000.
AN these facts and many others chat
might be- cited. show that tho depres-
sion IS not industrial hut commercial:
that is. that 30 is due 90 faults OF
failures OF the financial or banking
systems OF the country