The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1907-12-02
WILL KEEP MONEY AT HOME

The recent excitement in the money
market and the consequent tightening
of financial affairs on the Pacific coast
naturally caused no small amount Of
thinking on the part of depositors and
the question was asked as to the cause
of the apparent stringency. They were
told that the money of the northwest
was tied up in New York where il
had been sent at the request of bank
ers OF that great metropolis, and that
the banks there would not return it
when called upon. Newspapers and
the general public have blamed the
bankers of New York, particularly of
Wall street, and it is frequently said
that the money which is gradually re-
turning to its owners will never be
sent there again in such quantities as
, to hamper the business of this coast.
With the issuance of clearing house
certificates and the necessary refusal
of banking institutions to pay cash
on exchange, and in many cases on
eschecks to any great amount, came the
question; what do the banks do with
all their money!" AS a matter of
good business should that question not
e have been answered before the depoS-
itors entrusted their money to the
banks? Are not the people who deposit
their money entitled to know what is
done with it? Would they have so
willingly entrusted their funds to the
banks had they known New York
would handle them?
II is an i'll wind that blows no one
good and the financial scare may be
p productive of great beneficial results
to the people of the Pacific. Not only
is it probably that more investiga-
ton will be made into the manner in
which the funds Of the depositors are
- handled, but bankers will be more
backward about sending their money
to the east. This will naturally re-
esult in more investments at home and
a consequent increase in the rapid de-
velopment of the country where the
money belongs In the future it is nat
ural to presume that the bank which
2 makes its loans and investments in
home enterprises will have the greatest
patronage.
Statements from the banks showing
that the money entrusted to them is
invested in good securities of home in
dustries. rather than in foreign enter
prises, will have the effect of demon
strating to the people that their money
is being used for their own benefit as
we'll as for the benefit of the banking
o institutions
While it has become we'll known th~
the northwest has plenty of money, It
is folly to say that it can not ad-
Santageously be used here and that it
is necessary to send it elsewhere for
profitable investment In no country
are there greater opportunities for the
proper investment of capital The pos
sibilities of this country are innumer-
able. Business enterprises of every
kind are safer in the northwest than
in any other country on the face of the
globe. True. we are producing a vast
amount of wealth. but that fact alone
is sufficient to guarantee more produc-
tiveness with more investment The
country has by no means been Develop
ed to its limit nor has development
even approached the limit In fact it is
only begun.
This applies to Walla Walla as well
, rs any other section of the northwest
and perhaps with more force With our
our money kept at home and invested
at home there need be no fear of a
financial stringency. Neither the fina.
ciers of Wall street, nor any other
bunch of manipulators could corral our
currency and their fiurries would eff
feet us only as we realized the correct
policy of making our investments
where they would be of the most bene-
fit to us.