Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-07

back was a great disturber OF our fin,
aneial peace; that the continued pur-
chase of silver was most unwise, and
that the hen existing tariff laws were
vicious in the extreme. and he asked
congress to correct these numerous
evils at once, and in most drastic
fashion. Whether he was right or
wrong in his diagnosis is immateriaL
and the question of sincerity does not
enter into the question, the inevitable
erect was loss of confidence and the
loss of confidence is but another
name for panic.
No one Is Independent. and no bank
Is apart and a law until itself. The
~so-called Wall street furry as
every II present knows. has left its
imprint upon every section of the
country, and it is just as essential that
Albuquerque do its part towards re-
establishing confidence in the general
business conditions of the country. az
any one of the thousands of other
points that might be PANIED.
As regards the various ideas that
have been suggested for the relief of
the situation. they are too numerous
to attempt to mention them here. Con-
gresham Fowler, of New Jersey. who
has worked earnestly over the subject
for years, and who has spent days and
nights in research and study. and has
devised his own plan. favors Il credit
currency, and considers that cashiers
checks are perfectly safe. Another
gentleman favors the establishment of
"A central bank. such as Germany,
France and England have, the plan of
this party being to establish an insti-
tuition at Washington owned half by
the government and half by the ma
tional banks. with a management Of a
president appointed by a board Of di-
r%ectors, the directors to be composed
of delegates from the clearing houses
of New York, Chicago and st. Louis,
with a representative from the cham
Der of m Of New York, a rep
resentative from the supreme court,
with the secretary of the treasury and
the comptroller of the currency as ex-
officio members. ! mention these
two ideas out of possibly thousands
that congress will have placed be-
fore it.
We are too far west to appreciate
the condition as It exists, and | am
sufficiently familiar with the sit
to attempt to offer any sug-
gestion for its Improvement. but there
are two chief reasons why we may
look for less disastrous result from
this than from any previous disturb
anee. In 1898 There was a succession
Of failures and receiverships, involV-
ing the country's business interests to
such extent that it took years to re-
Farmers and planters were
poor. and while figures are dry and
uninteresting, it might interest YOU 10
know that in 1893 the cotton crop was
at $225.000 600; this year 1t is
at $675.000 zoe. In 1899 the
corn crop amounted to 5000, 600, GOO.
while this year it figures about s1,-
$50, 000. 600. The wheat crop of 1893
valued at $225, 0Q0, 000. while this
year 1t Is estimated at $500. 900, 600.
And so the record goes. Besides these
sources of new wealth. the farmers
rave been reducing their mortgages
and otherwise getting their indebted
ness into manageable shape. During
The present crisis failures rave been
insignificant except In New York City, |
where the trouble originated, n
where, we are reliably Informed. the
situation is now found to be
Considering the severity of
he panic In the extreme east, with
that have never bee matched
For persistence, the demonstration of
banking strength and cooperation has
scattered the pessimism which the
felt at the outbreak of the
In conclusion. | wish to say that in
10 far as my own opinion is concern
I'd. / believe that the situation Is
improved and that ii will con
niue 10 improve. Railroads i'm the
hat had laid off thousands OF
men are now calling for great num-
)ers Of workmen. Construction work
las been resumed all along the Har-
imam lines. and this step on the part
IF the Hartman system has had a
'e%assuring effect with the smaller
ines. 1t certainly seems paradoxical
hat in the face of a fifteen billion col
ar crop. every concern IN the corn
rom the steel trust. tho t'ggcr
corporation in the world. down 20 tNa
mall retailers, all reporting business
he best We nave eve had. th3t We
have a panic come uror Us.
Ny prediction Is that It can rot last.
that 1t will not last. and the uiti-
nate effects will be the lightest we
ave ever felt from a similar depres-
| have too much confidence In
he good. hard ommon sense of the
people to believe that they
viii let such a condition continue.
! wish to compliment the people Of
albuquerque upon the sensible man
er In which they nave accepted the
There has not been the
tendency upon lie part Of the
to withdraw money from circu-
ltion. and in so far as the banks Of
l~buquerque are concerned. they ,
not found u necessary To call :
pom a single reserve agent for ship
rents Of cash to meet the local de-
and they now have double the :
mount Of cash on hand that they or 1
inaTilV carry. ii