The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-01-10
TIME TO GO SLOW
GRAVE DANGER STILL IN FiNAN.
ciAL SITUATION.
Unsound Republican Policies Have
Brought the Country to the Verge
Of Serious Crisis-WilI
the Voters Awake?

Horace Greeley, with his homcly
wisdom, advised the financiers and
politicians who feared to resume spe-
&c payments that the way to resume
Is to resume" Are the finances OF to-
day in worse case than when Greeley
gave that advice about 80 years ago?
Have unsound Republican financial
policies and economic heresies so
atrophled the tinanciers that they fear
20 trust the public with their own
money? The constant declaration
that the protective platform is panic
proof and the boast OF the Republic
an national platform that a Republic.
an tarifl always produces prosperity
is proved to be but idle talk to catch
the votes of those who knew no better
but are now enlightened by financial
panic and business depression.
How much longer must the people
wait before congress acts to stop tho
leaks and patch up the old Republican
| hulk that is rolling without rudder in
the financial sea OF distress? The
boast that the Republican party does
things may be OF advantage on
| campaign banner, but is useless in
times like these, when confidence In
the G. O. =. Is departed and banks
| and individuals are afraid to trust
each other, and, least Of all, to trust
! their political servants.
II you have a good largo bank de.
post in New York, Chicago st. Louis.
| Pittsburg or lesser towns. or in the
/ country banks, when you present
| your check all that is offered you is a
| clearing house certificate. good only
as between the banks in the place
where issued. This virtual bankrupt.
cy Of the banks-the Republican ma.
! tional hanks, mind you with nearly
S250,O000 600 of the money from the
! United States treasury on deposit,
| drawing no interests the result OF
financial sins of commission and omis-
sion Of long standing. The majority
| Of the people of the United States
| have brought themselves to this pass
! by their blind allegiance to the party
| Of boosters. but imbcciles, that have
/ failed to make good All the national
banks In New York had on December
, but $lS2. 900 900 of cash to pay their
| S,l20 900, 900 Of gross deposits, and
| their total liabilities are Si50.000. 900
| greater than that, or $l,5700 0O. 900 in
| all. Yet the banks must soon resume
cash payments, although the New
/ Iu 10. I.,,s 1. Q
| 900 on hand than the legal require
ment OF % per cent of their deposits.
To tide over the resumption Of cash
! payments will require the assistance
OF the public and the greatest con.
seryatism Of dcpositors in withdraw.
ing their deposits If % per cent. OF
| the money I'm the banks is called for
/ there will he trouble TO the banks,
| and that means loss to the dcpositors.
| Everyone should. therefore, be pru.
| dent until normal conditions prevail
/ The business depression that will now
| follow the panic will make money
more plentiful in a month or two, be.
/ cause the business of the country will
not require so much money to take
| care of It and speculation in Wall
| street securities and real estate will
be at the minimum for time While
the financial adjustment is taking
| place there may be trouble in spots,
but this can be overcome by economy
In spending and economy in borrow.
| Ing, and helping the banks to recover
their equilibrium Don't expect any
aid from congress; nothing congress
Is likely to do Will give present re.
lief. and the country will be lucky II
the panic.stricken Republican MAORI.
ty does anything that will be of aid
Tor the future.