The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1908-01-11
TIME TO GO SLOW
GRAVE DANGER STILL IN FINAN-
CiAL SITUATION.
Unsound Republican Policies Have
Brought the Country to the Verge
Of q Serious Crisls-WlI
the Voters Awake?

Horace Greeley, with his homely
wisdom, advised the %financiers and
politicians who feared to resume spe-
ce 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
atrophied the %financiers that they fear
to 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 tariff 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 the
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 docs
things" may be Of advantage on a
campaign banner, but is useless in
times like these, when confidence in
the G. o. P. Is departed and banks
and individuals are afraid to trust
each other, and, least of all, to trust
their political servants.
If you have a good large 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 q
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 banks, mind you. with nearly
$3.50, 000, 900 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
have brought themselves to this pass
by their blind allegiance to the party
Of boosters, but imbeciles, that have
failed to make good. All the national
banks in New York had on December
8 but, 1882, 900, 600 Of cash to pay their
$1,120, 000, 900 of gross deposits, and
their total liabilities are $3.50, 600, 900
greater than that, or $3.50, 900, 600 in
all. Yet the banks must soon resume
cash payments, although the New
York banks have less by owe $40, 000,-
coo on hand than the legal require
ment of rs per cent. Of their deposits.
To tide over the resumption of cash
payments will require the assistance
Of the public and the greatest con-
servatism of depositors in withdraw
ing their deposits. If 25 per cent. of
tho money in the banks is called for
there will be trouble to the banks,
n that means loss to the depositors.
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 a time. While
the financial adjustment is taking
place there may be trouble in spots,
but this a 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 If
the panic-stricken Republican MAORI
ty does anything that will be of aid
for the future.
The PoMere That Re