Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1908-01-07

Way ss Resume Is to Resume.
Horace Greeley, with his honeiy
wisdom. advised the financiers and pol
iticians who feared to resume specie
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 thirty years ago.?
Have Ensound Republican financial
policies and economic heresies 50 afro
phied the financiers that they fear to
trust the public with their own money?
The constant declaration that the
protective tariff is panic proof and
the boast of the Republican National
platform that Republican tarin al
ways 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 does
things" may DE of advantage on a
campaign banner. bat is useless in
times like these when confidence in the
G. o. F. is departed and banks and
individuals are afraid to trust each
other, and least of all to trust their
political servants.
If you have Il good large bank de-
post In New York. Chicago. st. Louis,
Pittsburg OF lesser towns, or in the
country banks. when you present your
check all that is offered you is a clear
Ing house certificate. good only as be-
tween the banks in the place where
issued This virtual bankruptcy of the
banks-the Republican national banks
mind you. with nearly $2500o0,000 of
the money from the United States
Treasury on deposit, drawing no in
terest-is the result of financial sins
of commission and omission of long
standing. The minority of the people
Of the United States have brought
themselves to this pass by their blind
allegiance to the party of boosters but
imbeclles. that have failed to make
good. All the national banks in New
York had on Dec. but S1S2, 100000 of
cash to pay their S1.120O00.000 of
gross deposits, and their total liahili-
ties are S45o.o00,00o0 greater than
that, or S1,570,000,00O in ALL Yet the
banks must soon resume cash pay
ments, although the New York banks
have less by over S4O.00o.000 on hand
than the legal requirements of % per
cent of their deposits.
To tide over the resumption of cash
payments Will require the assistance
of the public and the greatest conserv-
atism of deposltors in withdrawing
from their deposits. If % per cent of
the money in the banks is called for.
there will be trouble to the banks and
that means loss to the depositors. Fv-
eryone should, therefore, be prudent
until normal conditions prevail. The
business depression that will now fol-
low the panic will make money more
plentiful in a month or two, because
the business of the country will not re-
quire so much money to take care of
1t, and speculation in Wall street Sc
curities and real estate will be at the
minimum for time. While the finan-
cial adjustment is taking place there
may be trouble in spots, but this can
be overcome by economy in spending
and economy in borrowing and helping
the banks to recover their equilibrium.
Don't expect any aid from Congress ;
nothing Congress is likely to do will
give present relief, and the country
will be lucky If the panic-strickeD Re
publican majority does anything that
Will be of aid for the future.