The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-10-30
MEMBER ASSOCIATED PRESS.
THERE Is NO PANIC AND
THERE WILL BE NO PANIC

THERE WILL BE NO PANIC.
From the Denver News.
We are standing pat on the panic
question. There isn't going to be any
panic.
What? How can we say that? Don't
we know how
Good sirs, We do know. We know
about the three banks hat closed in
New York, and about the meeting of
financiers that went into Mysteries
when j. P. Morgan patted it on the
head and said nice things to it; and
about the difficulties of a Southern
steel plant that has been unwise
enough to stay outside the trust We
know all about these things; and, to
be quite frank, we've told you most
of what o know about them. And
we repeat that We are standing pat
on the assertion that there will be
40 panic at this time.
What is the central feature, the vi
tai thing in real panic? The ~stoppage
of trade, is it not? The division of Ia
Dor makes every man in the civilized
world dependent in some degree on
every other man. To make this divis-
ion of labor work, there must be free
and uninterrupted commerce, constant
swapping, ~unceasing exchange of
commodities. When thai exchange
stops you have a panic. You may say
thai the trouble is overproduction, as
some of the big wigs do; or you may
say that it is underconsumption,
which is our opinion; The fact re-
mains that while trade is moving
are snapped without let or hindrance,
there isn't any panic. And when this
trading stops, no matter what the
reason, there is a panic. 1t was so in
'93, and in '73, and in all the other
panics you ever cad about, wasn't
it? OF course. The trading slowed uI
and stopped, and the manufacturing
slowed up and stopped, and the wages
were cut down and stopped-wages
are Just one end of a mighty import
ant part of trading-and then there
was Hail Columbia to pay. The loss
of confidence, which you hear sc
much about, was only a symptom OF
the acute stage of the disorder. The
real disease came on long before, and
showed itself in lowered wages and
s~lackening trade.
You know those statements are
Hrr,a Nnuy frv tn At tnnm with the
present condition If the country and
see where you come out
You don't come out at all.
Trade is going on at a rate to make
your head swim.
The railroads are swamped with
the freight that is offered them. They
are so badly swamped, in fact, tina
for the first time in twenty-five years
they have dropped their efforts to
keep the waterways of the country
from being improved. They admit
now that there is more business in
the country than the railroads can
take care of, and they are mighty
glad of the prospect of help from the
good old Mississippi that carried Ted
dy down to the Teddy Bears.
Nothing panicky about that.
Manufacturing is keeping up to the
mark and going beyond it as fast as
the men and materials can be had.
They have laid off a number of men
in some Of the steel plants in the
East-and do you know why? Be
cause with the highest wages that
can be offered they can't get enough
skilled workmen to keep the unskill-
ed ones busy; that's why. Jim Hill
says it will take ten ear at least
for the railroads to build up their
equipment to the point demanded by
the trade of the country-and that
alone would keep the manufactures
pretty well occupied. They r. build
ing cotton mills in the South and
stripping the cotton on the fields Sc
fast the land catches cold-or would
if it were a bit tender. The West
is simply throbbing with industry in
every field. Every mandatory in
the country that can get materials
and skilled labor is running IS hard
A. II can. with orders enough to KeeI