The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-08-20
WHAT IMPAIRED CONFIDENCE
Ocbex THINGS Besides the Policy
Z Of che A mtnistra1on Toward
| $500 Rusiucss Combinations.

= Now there is a possibility Of other
causes for the situation that makes
money hagh and investors shy oesides
the policy of the Administration TO-
uard great business combinations
and there Is gross exaggeration in the
assumption that this Is directed against
combinations .'of all kinds and In the
talk about reports every i've minutes
n new actions and heavy fines. 1t
,,ooks as though the h oracle OF
S,rd Oil was intent upon bringing
lahr~,, he result that he pre-
ldicns- or at. least OF administering a
shock to confidence which VIII rrlgnt-
len rha administration into desisting
from the policy of bringing To account
great business combinations OF
lall kinds" but thpse which nav Violnt-
I'D the laws OF the lane n COMMIT
lied ourrages upon weaker ri~hls ana
,,nop I'm. public thaB call for deterrent
and preventive penalties. But II con
liz in a state Of fright anu -
shrinking from investment. Nhat. Is
the real cause of the situation lhdI
makes il so sensitive In shock Is II
dislav OF the Surgeons knne
the splints and bandages OF HIS oper-
u ,ior mr. is il the malady that has call
ed for his treatment.
There is nothing the administration
has vet done IN inducing legislation OF
i'm indicating law that has had any
q; her purpose than TO punish wrongs
and abuses in order TO pat n stop 10
them and the prevent their recurrence
No doubt there hav been ~closa
that caused agitation and prosecu'nhs
: that intensified t., and the tendency as
In all s~uch~eases, has been TO go 100
far here and there, and TO s9read dis
trust to a needless extent. But that
has been an unavoidable result OF the
which the deep-seated mai~
adv required, ami that maiady was
by long train OF evil pracllces
which. If allowed To III their course
nave caused much greater disas-
Ter to the country than n
aepression~ or financial chaos that
lis now threatened.
The ultimate canse of the lack OF
confidence that has developed ID TO %
in the conduct by which trusts
and m]onopolies have been brnlt up
the kind of firnnce by which un-
men have exploited the re-
sources and opportunities OF theacoun-
try and the powers and privileges o.
for tpeir own proht and
sacrifice of interest intrusted To Nhenl
II was necessary hat these things
should be exposed, and That
should be taken for their CORRECTION.
and to cover them ~ or to gloss them
lest alarm be created would be a
'more destructive policy in the end than
the most drastic treatment for heT
cure But there Is no occasion 10
that the treatr4nt is o be carried
TO extremes SO as to impair the consti-
hutton of the patient instead Oh
strengthening IL. The object ori the
treatment is curative. and as soon rs
the SYMPTOMS pass away and there are
evidences of normal action In the
strict observance III law and Of the
principle of prudent and honorable bus-
Iiness conduct, there. will be soothing
and II healthy confidence
may be restored. Ii depends more on
1.-THE behavior OF those whose habits
and practices nave given the occasion g.,
for remedial measures than upon these
Ewho have the duty and responsibility
sof administering them.
The lack of confidence, such aSs 10 Is,
has not been produced by admins
ltration, but by those whose deeds made
1.-THE policy of the administration neces-
lsary.
And yet, so far as the immediate
momentary situation is concerned, 1t
has developed from causes with which
these things haNe only an incidental
! e!atiOn. In the industrial and busi-
mess activity which began it's Develop
,ment some ten. years ago and quire
Iaccelerating speed. there a been an
enormous amount of OVERRIDING OF a
kind, not oveF-producing or over-trad-
ling. but over-organizing, ~oveT-expand-
ing. over-extension OF credit, absorb
Ition of capicrF as fast as IT. vas made
and borrowing OF the future by capital
Iizing hopes and anticipations. Accom-
lpanyinE this have bee nadvances OF
advances Of wages and increas-
ling cost ct.everything, until the finan-
Icial system become Gagged and
asted. and It's vital circulation
was impaired. 1t is not antitrust leg
Iislation,, hostility To corporations or
the policy Of the administrator that,
has exhausted capital, made interest
rates high, put the stock market To its
purgation and made II necessary to-
force a restraint up2n business VEN
lures.
There is need of a period Of rest and
IsObr!ety and ~ecovery Of equilibrium
and equanimity. People need to on
Etro their hysteriCal impulses n act
and talk with reason and sOberness.-
XnrI Innrnul If Com MERGE