The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-05-22
THE GOVERNMENT
IS RESPONSIBLE
FOR CONDITIONS WHICH MAKE
PANiCS POSSIBLE SAYS
GOV. JOHNSON.
FINANCIAL LEGISLATION
Banks and Regulate Railroads
Greatness of Country
Assured.

! Richmond, Va, May 21.--Governc!
/ Johnson, Of Minnesota, as the CUES
: of the American Cotton Manufac
turcrs Association, spoke at the city
auditorium tonight Mr.. Johns saio
| in Fart:
With all the conditions of fertile
soil, cheap raw materials, vast
home market, and free institute ms
there are conditions which need radi
cal Improvement.
One of the needed improvements is
Industrial education
Another great need is adequate and
cheap capital for the development of
our Industries.
The bank deposits and banking
capital of American people are IN
value the greatest financial force in
the modern world. The danger is
concentration in congested centars of
speculation, instead of proper distri,
button of the circulating medium for
the prosecution of legitimate industry
and the handling of crops at the lC-
cal points of production We have
the greatest stock of gold and cir
culating medium In the world but
its congestion in few reserve cen
ters Is such that when the South and
West desire to use part of their
surplus to move their crops, their
just demand produces a panic in Wal
street. For this unnatural and dan
gerous condition the government is
responsible in two particulars: First,
in establishing a national banking sys
TEN which concentrates the banking
reserves of the country in few cen
tors the second, in depositing the
government funds ia those cong sst te |,
instead of at the industrial
points where the money is needed
for the legitimate necessities of pro
duction and transportation. Thesa
are in the power. as it is
the duty, OF the government to rem
edy, and thereby provide banking
system for the whole people, instead
Of for the bulls and bears of the
stock exchange.
Improved routes and strengthened
public control of the means of trans
Dortation constitute the third great
necessity of your highest industrial
development, and your interest in this |
'egard is that of the nation.
You need the development of the
Internal waterways of America, now
or century almost neglected.
Control of Railways. e
The necessity for a rrm control of !!
he private railway is so thoroughly |
in the American mind
hat agitation is now less needed
han a practicable working plan for
'ffectuating that control States and
lations are alike aroused. The largest |
present problem is to avoid conflict
between states and nations in de-
lning boundaries of control; and the |
'reatest danger now apparent is the
of the federal government
o attempt Capitalization of all rail
way control in itself to the exclusion
# the rights and powers or the ma
ion.
The right solution of these prob
ems and the right establishment Of
.ese reforms-and they never will
c settled until they are settled right
are national questions in which the
forth and South. the East aud West,
re alike interested ana must engage
houldcr to shoulder.
To Make Nation Great
West and SoUth. North and East.
70 are bound together not only byI
ldustrial and commercial ties of in
ernal development. and by the
atriotic ties of common union. but
e are united in the cause of making
lis nation the greatest world power
,r peace and commerce and freedom
\ the high seas. And the true spirit
nd policy of American conquest. as
DICED by the rank and file of the
merican people in the fields and
hops and homes. regardless of po- !
tical parties. is not that of the ba'- ,
eship or the club of might. not that {
bristling tariffs and hostile tasei I
enalties upon the pursuits of peace I
I'D the rights of trade: but that OF :
seady and determined progress in
'ducing, ameliorating and elm nat I
e these Instruments and agencies z
ancient custom and still mere an =
ent barbarism. and thereby extend :
< and expanding the guarantees of (
merican freedom. the influence of $
merican world power. and the pre- \
icts of American industry, as far +
III wide as the sails of the sea NAV n