Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1908-04-01
The Panic Of i9O7-S


NANhAtha
This subject has been discussed ex-
tensively-the present panic and its
cause: perhaps the most injurious aud
far-reaching financial disaster that this
country has hitherto known-and its
damaging influence viii likely be felt
throughout the present year There
have been many theories set forth as to
its cause. but vino can point with Ger
tainty TO this or any other preceding
event Of similar nature as 10 the real
source OF these National depressionsg
They are periodical, and are as sure to
come and go as the tides are 90 ebh and
How. We know that "a long period OF ex-
cessive over production will. OF neces-
sity, bring about commercial panic,
but the financial depressions are brought
about through acute striugency In the
Nations finances; bnt the cause Of this
stringency is the question We have
reason to- believe that the present panic
was brought about through wild specu-
lation on the part OF Wall street-that
national gambling bell which has SO
often absorbed The public moneys hv
means of waiercd stocks and spurious.
absolutely worthless securities Correct
and perfectly authentic statistics show
that during the fiscal Gear closing on
the dat of the beginning OF the present
panic, viz. October 2s. 1907, the shrink
age In securities. embracing the caiire
list On wall street. announced 10 more
than two AMI bali Liiiion dollars
(S2,500000 000)-a SUN so stupeudou-
that il was more th-u sufficient To have
wrecked Tie entire hIzncial wriidihirt
years ago. The failure oi Jay. Cook ~
Co (New York hanrersl fog less ,iisu
fopr million dollars (S4 600 O00) bgop sht
on lhe pauic OF 1873 and lyf, r5in IN i~
wake. - i the case in an such distances
The present depression. that cam with
out notice. like tie lirhtniuu's flash. ha,
not only brought g.eat disaster upon
the masses. but has made paupers ana
suicides of miliionaires. Wall street ha>
been a thorn IN the side of This Nation
for many years and may continue so for
an indefinite time, but our general bank
Ing system seems also out of joint since
they found "a necessary to virtually close
their doors against each other and their
own depositOrs when the panic came.
As though with one voice aud bv con
certed action the banks OF tho Nation
placed such restrictions upon their own
depositors "a To deny them sufficient
means with which 10 prosecute their
daily business-many banks refusing 90
pay out 10 any one dcposiior more ban
so per day. and banks OF one city re-
fused 10 receive cashiers tor certified
checks when drawn by banks of another
city. To speak more plainly. the bank
ing institutions of one city los, confidence
in these institutions OF another city and
refused TO extend them credit or rccoE-
nize their drafts. These extreme meas
ures were, no doubt. necessity of the
hour, but at the same time were the chief
cause Of that destruction of public con-
lidence from which the country has not
yet recovered. Those Wall street gam
blers who are, perhaps, the real cause Of
thepanic, have done their uttermost TO lay
the charge at the door Of President
Roosevelt, but he has had no more TO do
with ii than eN President Cleveland had
TO do with tie panic Of 1904 Wild.
mad, speculation, dating from lSS9-lS9l,
which found its birth in town building
and land booms, brought on the panic of
1898. What had Cleveland TO DO with
that, and what has Roosevelt had 10 do
with these stupendous, wild, dishonest
deals practiced i'm Wall street IN 1906. +,
except tO>poSsibly check them in their
mad career and restore the country at
last TO an honest SOUND footing? What
had Roosevelt TO do with Harrimans ;
sale 10 the unsuSpectins public of rail-
road for thirty million dollars ($30, 900
000) tina: existed only on paper? Our
ricn American women are dumping into
the lap of Europe about $50,000,000 an
nually througl the purchase of noble C:)
husbands, that their sons may be born
counts, dukes, earls, etc Oar American
tourists are scattering broadcast over
Europe every year abont 100000, 600
more. What has Roosevelt to do with
that? Summing up the whole, is il
marvellous that we should have hard
times now and then?
G.. WINSTON LINDSEY.