Graham guardian., 1907-11-15

vast stringency, or will it soon be
but a memory? Is some capitalist
or group of capitalists responsible
for its existence, or is it beyond
the cure of men? Is the tariff back
of it, as is openly charged by
many prominent financiers, or is it
the result of long continued ad.
vancement in prices? The theme
is one that warrants critical exam.
ination,
Locally not much trouble has
so far ensued, due to the fact that
the people generally have accepted
the situation gracefully, and have
decided to comply with the wishes
of the. Bank of Stafford as far as
practicable. The outlook seems
to grow brighter, as the days go
by, and whatever may be the re-
suit elsewhere, 1t is probable that
very little of present or future
hard times will be felt here.
There is one way in which our
citizens may further aid in the
good work of bringing about bet
ter conditions in the money mar
ket and that is by sending money
away 10 the form of bank drafts
instead of postoffice or other or
ders, When you buy any other
kind Of an order than a bank draft
you are sending the gold itself
clear out. of the country, and it is
as thoroughly lost TO the circuls-
ton center of Stafford as though
you had thrown it in the river.
On the other hand, when you buy
a bank draft, the money remains
here to help credit, and to circu.
late where necessary and where it
will do the most good. Further
more, the Bank of Stafford will is.
sue drafts on Western or Eastern
banks free of charge, so that you
will save the amount you usually
pay for exchange.
On the subject of the present
s,ringency, Dun's Review of last
week has the following sensible
remarks, and good advice to the
public:
1T is an anomalous business con-
dition that has been presented TO
us.
"With railroads earning more
than ever before, their facilities
unequal for business offered, with
mills and factories busy and usual
dividends ruling, and with coun-
try's crops worth at present prices
one-half billion more than any pre-.
vious year, we face financial co.,
lapse.
"Values of stock quoted on Wall |
street show q shrinkage for the
year of some billions, but it was
just the water being squeezed out.
There was no actual destruction of |
capital; after the imitation and over
production of securities, which
frenzied promotion era,
came liquidation. A few men are
not so rich, the nation is as rich as
ever. The newly created capital,
in the same period, from crops
alone, to say nothing of industries,
is much in excess of shrinkage in
listed securities, if that shrinkage
actual loss of country's
capital.
"The properties ofindustral and
companies are in
trinsically worth as much as year
ago; their earning powers as great.
Prices on Change have no relation
to actnal values and cannot affect
prices for commodities of life,
which follow laws of supply and
demand. The gambling interests
should be carefully segregated
from the industrial. A year ago
there was money enough for cur
rent needs; why should there be
insufficient money now to meet
business demands?
"What has become of the float
ing capital of year ago?
ut is in safe deposit vaults and
stockings, drawn out of circulation
by the timid and boarded by rea-
son of a growth of distrust and
fear.
"Gold imports of S25, 100000 re-
ieyed greatly the New York mon.
~ market stringency. Thirty