The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1908-01-23

have readily been given that Tho
sOup-house and the bread-liDe were
almost forgotten memories Of the
past, and, In the language OF
famous man, we're liable to remain
In innocuous desuetude for a long
time to come. But one short yeai
has worked wonderful and iDexplic-
able changes. With demand unim'
paired and all the machinery Of pro-
duction at hand to meet 1t, with
bountiful crops that make US as
boastful as a sailor on shore leave,
/ we are suddenly stalled In the mat
ter OF money making, the work that
wants to be done is refused to the
men who want to do il, and In near
ly every large city, from the Atlantic
to the Pacific and from the Canadian
border to the gulf, we have the soup
uouse and the ead.liDe.
In the history OF all industrial col
| lapses there never was anything
like It. And we are told 1t Is all De-
cause we have not money enough
with which to transact business; or,
to state the case more correctly, we
may have enough money, but IT Is
not available. 1t has gone into hid
ing.
With q suddenness that Is surpris-
Ing people lost confidence and with
confidence lacking we are told there
Is great big ragged hole 10 the
bottom of the financial ship, which
renders 1t unseawortby for the time
being, and perhaps, necessitates Its
being hualed ON the ways for repairs.
The repairs, as we conceive, must
come through congressional legisla-
ton, and, not only that, but from
the same source there must be means
devised to prevent catastrophe In
the future.
Eliminating the strong suspicion
of the element Of politics and selfish
iinanciering which many people en-.
terrain as to the initiative Of this
bear movement, every one can APP
preciate the one certain fact, that
there was no..apparent lack OF conf
dence worthy Of note until gamb-
ler's squabble OIL Wall street had in
volved two of the leading financial
institutions OF tina city In threatened
ruin. Following fast upon the heels
Of that eveut-within 10 days, In
fact, the disturbance spread from the
nerve centers OF the country to every
section, north, east, south and west.
Banks In the different localities. as
we have reason to know here Ia
Portland, were unable to realize upon
What had been loaned to New York,
although the loans were returnable
on demand, and at this point shaken
con fidence became manifest. There
Is no doubt that great army OF
small depositors became nervous,
withdrew their money from the banks
and put 1t in hiding, so far as its
business availability was concerned,
but we may recall that, for the pur-
pose OF certain gigantic deals, among
which we can cite the requirement
of an Atlantic coast steamship syn.
dictate. there appeared to be money
enough In the hands of the kings OF
finance. Where 1t came from. how
they came by IL, and whether they
have more or not, " may be told
are impertinent inquiries. Yet this
fact, and the further fact that the
latter declaration Of dividends for
the year showed no falling of, arouse
the suspicion that the concerted re.
trenchment of large employers of la.
Dor is not so innocently unavoidable
as 1t appears.
At all events, the discharge Of men
who labored hard for their daily sup.
port has taken place. Hundreds OF
thousands, II not millions, Of them
have been held down to the margin
of subsistence by the high prices OF
the past few years. There follows
widespread impoverishment, and
responsibility for 1t Is to be traced to
the bank control Of money.
The soup-house and the bread line
should prove most valuable object
lessons to congressional financiers
who are about to reform the cur
rency. They point out the danger OF
the very thing that has brought
them into existence In the time OF
unparalleled prosperity. They en-
phasize the necessity for people s
currency under control OF the people S
governn ent. Portland Telegram.