The Vinita weekly chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1905, 1907-11-07

@ttN""tst - ttt% &ftN"M ttANt AfthfNN :
in the financial aud commercial
world have a habit on recurring
AZ such regular intervals that. Il
not prevented. we. here IN the
United States. are doomed 20 suf-
Ter another cataclysm IN thabusi'
ness world ia 1918 Il would
seem that, given six years warn
ing, We ought - be ahle q fore
stall such a catastrophe. Yes We
are ssan'd III the fase hS the fact
that during the last one hundred
years the United States has been
visited by periodical convulsions
.of the kind described, al inter
v1ls OF almost exactly twenty
years, with premonitory symp-
toms Of dcrangment At or about
midway intervals This first real
panic IN the domestic CONNER
cial world 10 the nineteenth cen.
tury was IN isi4-the outcome
OF The war Of 1912, the exclusion
laws and the embargo, the next
was IN ls37.3e. following the
United States bank convulsion,
wildcat banking and speculation
In land, with $1,000 resultant
failures, more than three times
the average annual total today
after that came the big reversal
OF 1857, consequent on rex
panded banking credits and tariff
Legislation aud next, the dis
turbance OF i~T8, caused by over
speculation following the civil
war aud tnally, the most san-
Gus panic IN our history, 10 isas,
due 70 over extended credits 10
commercial and other lines.
Penetrating these I'VE planges
into the region of unreasonlns
fright iherc we're minor panies
those 81 Ills. i-aN ana of 1890,
due io tariff legislation npseiilng
business that 81 ISIS. which was
q reflection of toe disturbed con
dIlions in Europe one ia lsGs,
which was lost sight Of by the
turmoil incident 10 the closing
year Of the war of the rebellion
the Eastern commercial and bank
ing credit arrangement IN i-si,
the echo Of The BarinRs failure
10 1850, aud last. bat not least.
among these disturbances Of a
50 called minor class, the wrench.
ing liquidation OF deferred panic
Of 1903 This brief review laakcs
Il plain that some not well Indes.
stood psychological or sociolog
ical law has. for a century past,
exercised an aueSring influence
70 produce the cycles Of pros
perity, panic and liquidation
which have scared the domestic
business world. II likewise em
phasizes, 10 q way thai should
come home % every banker and
business man, that In 1913 Il Is
certain that The twenty year va.
riety or major panic viii be due.
"There was not much in the
Mississippi or south Sea bubble
enterprises which was not dupli.
Gated 10 kind 81 least IN that
which underlay the violenl liqai.
dalton IN prices Of securities that
50 marred The fortunes Of mil.
lions in the year just elapsed.
The theory has grown apace. in
view Of the liquidation without
panic IN 1908. that with stronger
and bigger banks, chains Of bank
ing houses, clearing houses, com
binaliona Of industries and ner.
camille enterprises, panics may
De prevented. Just as civilization
has found panaceaa for various
Ills 70 which the flesh Is heir.
But fright. which n the basis Of
panic, IA like : thief in The night
Il may seldom be foreseen. ~
solvent bank Or merchant co1.d
meet al iis or his obligations II
asked for perempiorIly, Il the
instant. The undue expansion
Of credits, by either, in prCpor