The morning journal-courier., 1908-01-01

in years when we have had nothing which could be called d pani. The banks have therefore stood Z strain Of the last few weeks lsxtt/than ever before and they are r6etter condi- ton on Jan. 1, 1908. than they ever Were after such a crisis The reports of condition of the national banks show that from August 9 to Dec. 3. individ- ual deposits decreased but S142.00O,O0O, or about 1-4 per cent. while the de- crease in cash on hand was but Si0,- dOO,00O and the increase in bills pay able and re-discounts was about S42,- OQGOOO
 Since Dec 3, the central reserves have steadily increased and the disap- pearance of any premium on currency in the last few days shows that the strain is relieved. Most of the reserve cities are up to their legal require ments many of them far above it, and the country banks as a whole are in the same condition. Considering what we have gone through, this is very satisfactory showing We have had a very severe bank panic. It might, how ever, have been worse and would have been much worse but for the aid given by the treasury department and some of the leading financial men of the country.
 Tt will probably never be known how much credit is due to q few men who furnished vast sums of money and supplied credit from their enormous re- sorrces, in the patriotic effort to stop the panic and relieve situations which might and would have led to far great er disasters if they had not been 50 promptly met and so sklllfully handled.
 From these facts in regard to the banking situation, 1t would seem but a fair conclusion that the acute bank l trouble Is past; that payments may be and in fact are being resumed so rapidly that normal conditions of pay ment and remittanees may be now as- sured. This does not mean. however, that business will at once revive, CT that We are yet over the danger line. The panic is over and the worst is past, but we have a long period of ie- adjustment and recuperation before Us. Values of all kinds will have to be re- arranged. We shall have more indus trial and commercial failures, and probably some more bank failures, Many people who have been implu- dent will have to suffer the penalty of It, but these will De individual cases, the result Of particular conditions. and not due to the general condition of panic, when even solvent concerns are unable 10 secure funds to meet their | payments We shall have to go through period of retrenchment and llquida l tion, but there Is reason to believe 1t will not be so long or trying as has been at other times. Economy and self denial are not pleasant, but they are most wholesome and salutary for a country as well as an individual.
 We have been going too fast, In bus mess, and all classes of people have been living too extravagantly It will be good for all of Us to check this as we shall now have to do The period for readjustment should, however, be shorter and less severe than has been after other panics. We have had a money panic as bas as 1893. but the
 fundamental strength of conditions | has enabled us to stand the curtail-
 ment of credits. and disarrangement | of domestic exchanges, with far less l disastrous results than in 1893. We | have imported one hundred millions of gold in commercial bills, without
 the aid of any finance bills which
 could not be sold at all, Our exports
 have paid for this great infusion of the life's blood into other arteries of commerce. The underlying suhstan- tial wealth of our industrial and agri- cultural classes has saved us from a
 worse panic and will bring us out of the industrial depression which will
 follow as soon as we have atoned for
 our financial, commercial and indus
 trial sins. In due time this will be
 brought about It will not come sud
 denly nor In the form of another spec
 ulative boom in stocks and securities
 but after we have paid our debts and
 reduced our expenses. the great re-
 sources of the land will revive oui
 business, let us hope, on more sound
 and enduring basis than ever before