The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-03-12
SPECULATION WAS
CAUSE Of PANIC
BACK IN 1887
GOV. masoN's MESSAGE OF
YEARS AGO. PRINTED IN OLD
DETROIT SPECTATOR, HAS
VERY FAMILIAR RING.

The cause of the existing (finan.
ciaD pressure does not arise so much
from the want OF banking capital in
the country, as from an unnatural
state of trade. produced by the Wild
and reckless spirit OF speculation
which has overrun the land, and has
withdrawn capital from its usual chan
nels. This capital must return TO the
channels where II properly belongs be.
fore entire relief to the community
can be experienced"
Does not that quotation sound like
an up-to-date financial dietum from the
president criticising Wall-sL gamblers
or from financiers decrying the meth
DDS of their more, speculative
brethren?
is an excerpt from the message
of Gov. Stevens I. Mason to the leg
islature of Michigan, Jan. 2, 1887, as
printed In the Detroit Evening Spec
tator OF that date. That was just be-
fore the admission of the state, when
territorial and national governments
were wrangling over some details OF
admission. A financial depression such
as now affiicts the country, then held
sway, and the governor OF II years
ago made many observations on bank
ing that would At in well in this year
of grace. with the Aldrich bank cur
rency bill up for consideration.
Banks are rather the effect than
the cause OF prosperity of a state !;
they may AFFORD facilities In trade, but
they are not the foundation of the
Ifk sa fv-.,r
the governors message.
There were many problems in the
Michigan of that day that sound
strange TO us. Public ownership Of
roads was an issue then, as now.
Negotiations were on for the purchase
of all railroads in the state by the
Lansing government. The failure OF
that experiment is ancient history.
Plans were also on for canals to
connect Lake Michigan with Lake st.
Clair or Lake Erie. These canals were
started, but never finished. The gov.
crnor also laid stress on the neces-
sity OF a canal at Sault Ste. Marie,
believing that the wild and unex
plored northern peninsula held vast
treasures IL the channels of trade
were opened.
In this time of agitation for good
roads, 1t Is interesting to read the
warning of Gov Mason. Referring to
the growth Of railroads, he said:
80 The common roads OF the
country will become neglected, will
be rendered unfit for the ordinary pur-
poses OF travel. and the farmer must
ultimately be dependent on private
companies for the transportation OF
his produce upon such terms and at
such prices as individual interests
may dictate"
The message contains q recommend
alton that a site for the state uni
versity be at once chosen. Among
other important matters is recon-
ITendation that the Michigan Indians
he removed to some grounds north
west of the Falls of ST. Anthony
The Spectator, In which this mes
sage was printed, was one of the early
semi-weekly newspapers OF Detroit.
Ten years ago Joseph Abrahamson, Of
the Detroit Electric Co., while wiring
a storage house after a fire. found a
number OF copies Of this old and rare
paper. They were about to be thrown
away when he rescued them. As n
picture of the old DeHoit in the days
when II was just growing up after the
destruction by fire In 1905, the news
items and advertisements are very in
teresting.
Detroit was then a struggling town
with it's business center at Woodward
I and Jefferson-aves.. and reaching as
far north as Grand Circus park. The
advertisements show the frontier ma
ture of the place, merchants announc-
ing that they have received fresh con
signments OF various kinds OF goods
from Boston. New York and London.
The commerce of Detroit was then,
as now. n source OF pride. The edi-
tor of the Spectator points with salts
faction to the fact that IL steamboats,
OF an aggregate burden OF 1850 tons
are owned In Detroit, and that three
boats arrive and leave each day on
| the average.