The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1907-11-15
The Needed Panic.

Inc panic OIL lue PAST tel udyo
was absolutely needed, and it is to
be hoped that the apprehension of
panic will remain sufficiently long
for the American public to readjust
their living, both public and private.
After such a period of extravaganza
as we have been passing through,
in public and private expenditure,
in government expense, in CONNER
cial venture, in private luxury, and
not only in the large millionaire
class, but in the larger laboring
class, a panic is needed, if we are
to escape the deterioration which
has o%vertaken every people that has
built babylons.
America has lived the life of high
tension. This has been evident for
several years, resulting in the break
down of the individual. 1t has been
evident for a few years, resulting in
the breakdown of confidence in large
corporate trusts. But in spite Of
significant breakdowns, in spite of
much warning, extravaganza of liv-
ing and venture in speculation have
not halted, have increased during
the past year. The "get-rich-quick'
demand has been accompanied by a
reckless expenditure which has per-
meated every class Of people. Specu-
lation, eve in copper stock, has been
ventured by those to whom the pill
ing up of a hundred dollars is a
h%erculean task, effected through SO
stringent an economy that it might
have been supposed the economy
woul dhave defeated the speculation.
Extravaganza, even in the most friv-
olous superhuities of life, has been
INDUCED by. those whose incomes
could scarce meet the bills FOR high
priced necessities.
While speculation has been rife
in American life, extravaganza has
been of more vital influence on the
life of the people. There is not a
single class of people in this coun-
try-to be so undemocratic as to di-
vide the people into classes-but has
lived beyond it's means. Perhaps not
every class has gone into debt; there
is still that saving grace of a
thoughtful middle class few who in
dulge in plain living and high think
ing, but they have been difficult to
sift out of the great mass. 1t is ap-
proXimately correct, that where the
millionaire has INDUCED in yachts,
so that the Atlanta outrivals the
Hohenzollern, and Newport cottages
have outrivalled Fifth avenue man
sions, and dinners have been given
for dogs, and midnight suppers for
monkeys, the middle-rich have aped
the yellow-rich with auto cars and
Cunard liners for momentary pas
sages, and st. Regis hotels for mo-
mentary stoppings, with gowns that
were made on the Rue st. Honore
if not on the Rue de la Paix, while
unrespectable through an e%xtrava.
gance which makes them merely
hangers on, when they might be dis
tinct and influential toward sanel
conditions, and the working people
who have Commanded admiration fol
their fidelity to work, and for theil
e%agerness to better their conditions
by lettering their work, have like
wise fallen victims to the love o
glitter, with cheap substitutes fol
the lasting merits that were once
theirs.
There has been no rank of lif'
free from the spirit of extravaganza
as no business has been altogethe
free from the spirit of speculation
A panic was required to teach the
people not only what they are doing
!, at their financial peril, but wha
!, they can do without, to their gen
, uine advantage. 1t was perhaps in
) s%eparable from the great %opportuni
ties to amass fortunes that peoplt
: should seek fortune in speculation
J, just as it was inevitable that the.
, believe extravaganza in mode of liv
ing is a mark of culture instead o
being what it is, a mark of vulgarity
If the "panic" but corrects thes'
false ideas, false ideals, it will hav'
been most welcome. And if it doe
/ not, another lasting panic, with seri
Gus consequences, will be inevitable
st. Paul Dispatch.