The mirror. (Stillwater, Minn.) 1894-1925, 1908-03-12

nERHAPS more appropriate ti-
- tie for this paper would be
"The Reason for Panic's
Cause" but follow me and let
as see. Did you ever sit among a
large audience. when, out of the hushed
stiffness of the impassioned orators
own creation, there pealed the fateful
words-Firel Fire!! Flrel!!? Someone
had discovered an incipient flame and
had unwisely called forth to every per-
son within his hearing to join slaugh-
tering stampede. Many of the aud
ience had read the conspicuously
posted instructions to be followed on
euch unfortunate occasions; but q
very small minority remembered that
the dread moment had arrived when
eternal display of common sense was
che price of ones life. Papers next
morning told the story in:graphic tone;
told of the conversion of nearby
carpet store into mOrgue, to receive
the bodies of the hundreds whose lives
the stampede had crushed out. The
0re tho was soon under control, but
frenzied people, crazed and fright
ened, forgot each other and lives were
thus needlessly sacrificed.
In the foregoing we have picture
of financial panic. A thoughtless
word had done its deadly work-and
the line of depositors stand day and
night in order to draw their balances.
But this paper is not intended to de-
scribe psnics, nor yet to spell out their
causes; for other able pens have done
both. [ hardly hope to win large
following to my theory of the great
reason for panic's cause. But I'm
going to try.
Earlier writer's of the 18th century
have given us an historic arrange
suent of the worlds great epoch-mak-
ing period or ages prehistoric, early
historic, medieval or middle, and
modern, each conveying true word
picture of its own times, and activities
AS q commercial classification, how
ever, I find them inadequate. True,
the Roman Triumvirate iourished for
generation, still it left no lasting
record of achievement. Other men
slngly or in companies wrought CON-
merclal fabrics during the middle and
subsequent periods, in ways suiting
their own conveniences and purposes;
bat as I recall recorded events, we
must seek some other and greater sub
division Of time to fit the moments
demand.
A recent magazine article gives me
clue which 1 follow and believe it to be
exactly correct. Let US therefore
name the earliest commercial era
The Mediterranean. This era, dates
from the earliest beginnings of sea
going craft-fr0m date go ancient al
to 6nd the great sea veritable ocean
covering entirely all of Central Europe
Italy, Turkey and part Of France
Englsnd at that exceedingly earl!
date was connected with the Scandi
navian peninsula, which with Russi'
{early peopled by true Mongolians-
the Chinaman of today extended un
broken to Arabia; all forming north
ern and eastern coast line for tn
Mediterranean Sea of that day. Afte
the lapse of countless centuries tn
Europe of today appeared above it
receding waters, and the period of thi
era known to written history become
. matter of record. With the Ph9n
clan, the Egyptian and the Moor "
begin to observe the handiwork of IN
telligent man shaping, building an
making empires. Rome is founde
and money to represent some fixe
value is in circulation Strange looi
ing coins Of gold, silver and iron pas
among the people. Gold is not plent
fal. yet what man buys costs but littl
The purchasing power Of dolls
1000 years ago was about the same {
twenty dollars today. That thirt
pieces of silver which Judas got *
betrsying Christ was ct that date q
independent fortune. The curtain
held mp for continuous drsms. an