Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-11-26
THE COUNTRY is SOLVENT.

THE COUNTRY is SOLVENT.
That the recent Or the present. ac-
cording to the varying views fnan-
cial stringency has differed from all
previous ones in revealing, not the
country's bankruptcy, tut its solven-
cy, is the opinion EXPRESSED editor
tally by the National Tribune, 4 Wash
ington, D. c.. publication which has
a wide circulation among civil war
veterans. The Tribune takes the po-
sition that none of the causes that
operated to bring about former bust
ness disturbances obtained in this
case. In the panic of 1851. it is pointed
out, wildcat banking had cursed the
country and it was impossible to DO
any sound. healthful business, where
every bank note was liable to de-
probation of from Is per cent to utter
worthlessness. The panic of 1878 Is
laid to the door of the crsghtful disor-
ganization occasioned by the grentest
war the world had ever seen. Cunpar-
ing the causes leading up to the panic
OF 1892 with the present situation the
Tribune says:
The panic Of 1899 was precipttated
and aggravated by causes which are
still fresh In the memories Of those
upon the stage of action. Our manu-
factories had had an unprecedented de.
velopment. favored by wise protective
legislation. but crowd of men who
were in violent protest against this
healthful encouragement succeeded In
getting a majority in congress. which
proclaimed firm intention of wiping
out this protection. Naturally every
one Of our manufacturers at onco
ceased operations or decreased his nc
tivities until he could see what was
going to be done. 1t was the part of
prudence. Every merchant stopped
giving advance orders for goods Until
he could see whether he would be able
to buy them cheaper from Europe.
With this came the slump in wheat
Owing to the great development Of
our means Of transportation and the
perfection of the Irvine binder, which
immensely reduced the cost Of wheat
growing, the production of wheat had
been one of the most profitable indus
tries in the country for many years.
1t has been said with great truth that
the Irvine binder enabled us to resume
specie payments. By 1890, however,
the rest of the world had begun to
have Irvine binders and swift steam
ships, so that they could raise and
market wheat in competition with us.
Thus while in 1866 wheat had sold in
New York at from $3.50 to $3.45 a
bushel and as late as 1873 had
brought from $1.55 to s2.25, the price
sank in January. 1895, to 4Ss4 cents.
This could not help spelling ruin to
thousands of farmers who had bought
land. built houses. purchased agricul-
tural implements and made financial
engagements of all kinds upon a ba-
sis of two or three times the then
price for wheat. AS matters began to
be readjusted to the new condition
and the skies lightened with prom
Use of hope, they were clouded again
by the fatuous advocacy Of free silver
as a cure for the evils. Nothing could
be done until this new fear was dis
posed of by the decisive majorities
obtained when Mckinley was elected.
The instant that 1t was known that
Mckinley had swept the country ev-
erybody took on fresh hope and the
panic was at an end.
The substantial difference today and
one which will make the stringency
of short duration. is that the frost
has shown our whole business to be
remarkably sound at core. There have
been relatively few excrescenses grown
up on the business system. On the
other hand our currency is remark
ably sound; it is the best in the
world; everybody fully believes that
o,, 20 ,c}a "A fr, -
cents on the dollar. without discrimin-
currency and another. A man
would just as soon have a
silver note as a gold dollar. Finally
and fundamentally, while our crops
have not been so abundant
as in some years, they are
everywhere above the average
OF ten years, and owing to the
failure or the great diminntion Of
crops abroad they will each of them
bring much more money than the bum
per crops of any previous year. The
stringencey reveals all this remark
able wealth and soundness, and in an
unmistakable manner shows that no
where is there the slightest reason for
a lack of confidence in the future The
people are realizing this, and going
about the affairs of life hopefully and
more sanguine than they have felt
for months while everybody saw that
a storm was brewing
This is a healthy view of the stu
alton. Let those that will blame the
president for the financial stringency
of the present year, let others blame
the failure of the copper corner and
the methods of the Heinze-M Morse in
terests; but the fact remains that the
Of the country goes on un-
diminished Business is good, the
farmers have big crops and are realiz-
ing on them and the money market is
Fighting itself