The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-12-13

Philadelphia. Dec. 12~.-ConGrcssman A.
b. Capron. of Rhode Island, a member of
the congressional committee on banking
and currency, who was in Philadelphia to
attend the wooden manufacturers banquet,
thinks the financial furry only a thunder
shower after a long period of fair weather.
II am not a prophet" he said, in answer
to a request for his views on the business
situation. bat you can quote me as say
n that I believe after January l there
will not be an industrial institution or
enterprise throughout the country, with
any solidity behind 1t. which will not be
able to get all the money 1t needs.
"When I say that I regard the financial
situation which We have Just experienced
rs no more than a thundershower that has
clarified the financial atmosphere, I speak
not only my own sentiments, but that of
dozens OF members of congress with whom
I have talked, and other business men,
from various sections Of the country.
Failures Real Blessing.
Some banks have failed. yes. It is q
good time for a few banks to fail, which
ought to fail because of the dishonest
manner in which they have been man.
aged. 1t Is unfortunate for the depositors
in such institutions, but when the ben
eft to the great general public is taken
Into consideration that will accrue from
h example to other banke set by
these few m~alefactors. one cannot helm
FAAA9 a SAASS VI kAS RkANS llCy - DdlO i VI
none too costly for the public veal.
II, myself, think the little furry. for
this very reason, has been what a thun-
dershower ofttimes i. a very good thing.
During the last five or six years financial
and Industrial affairs In the United STATE Q.
have progressed in such an amazing man.
,ner that no account was taken of the sud,
den rise to management of trust institu1
lions by men without record, without ere,
dentials and without recognized business
acumen and established honor.
Dishonest Men Exposed.
THE furry We've just gone through has
either exposed such men. or has made the
public take n reckoning of whom they
were dealing with. Therefore, it has been
o happening of great benefit.
While the temporary panic is over.
congress will take some action at this
4 session looking toward a prevention of the
causes which made one part of the furry
possible. That is. the situation which per-
mits q shortage of currency when condi-
tons in all lines of industry are prosper
Gus. Just. what this legislation will be 1,
* as q member of the committee on banking
and currency. am not prepared to say. !
don't believe / am far wrong when / pre-
70 permit banks to issue circulating notes
IN something less rigid and less e~xacting
than government bonds.
.'There are certainly other securities,
such as state and municipal bonds, just
as safe as United States government
bonds concluded Mr.. Capron, signih.
cantly.
ROOSEVELT SENDS IN
MORE NOMINATIONS
Washington, Dec. 12.-The president
sent to the senate the following nom
nations:
Envoy extraordinary and ministe.
plenipotentiary to Nicaragua and Costa
Rica. William i. Merry, Of California.
Interstate m commissioner
Charles a. Prouty, of Vermont.
Assistant attorney general. John Q
ThompAon. of Kansas.
Attorney general of Porto Rico
Henr9 NJ. Hoyt. Of California.
Re9istef Of h land office at Van,
couver, Wash. Hugh c. Phillips. Of
washington