The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-01-29
GOOD RESULTS OF
THE RECENT CRISIS

That the financial panic and the
business depression that has followed
it Will have a COED effect in certain
directions Is the. conclusion of Major
Henry L. Hfgginson, the wellknown
Boston financier. His view of the sit
uation is set forth in an article ap-
pear1ng in the February number of
Appleton's magazine He regards the
depression itself as certain to be
snort lived and brings out a number
of facts to support this belief.
Several things are clear SAYS Ma
jor Migginson; our crops are good
and are needed at high prices, for
which they are now seeing. These
crops go, in large measure, to Eu-
rope, which pays US gold for them.
The men and women who have kept
their jobs VIII be more diligent and
more careful in their work. and we
shall find, as as already been proved,
that four men can do as much work
as did six last year. Presently the
farmers and work people will begin
70 buy more clothes and shoes, and. as
their money comes out and the cOun-
tiers of the shops are cleared, the man
ufacturers will replenish them and the
work will go on This will take some
time, but inasmuch as all classes have
prospered to a wonderful degree with
IN the past two or three years. not
only the corporations, but the farmers,
the traders, and especially the work
people, and inasmuch as they are all
in comfortable condition, we shall
md that the recovery will not be long
delayed.
1T would seem likely that the gran
ger roads, SO-cafled-that is. those
west OF Chicago and St Louis-win
nave enough work in bringing the
existing crops to market, and this an
plies to the railroads through the cot
Ton states AT the same time the en-
penses OF these roads will drop some
wnat, as all the work unnecessary for
sne moment will be put aside There
fofe, the results on those roads ought
not to differ much from the past wear
we have a right to expect fair
crops Tor this year for the farming Is
Detter done than it used to be. and
therefore, the results are better: the
FARMERS take more pains about filling
and manuring their lands. and are
using better seed; they diversity their
crops, and, by the planting of trees
they are working against drougbts-
lhe great enemy of the farmer.
IN the east no doubt the factories
VIII WORK on less time than during
me past three or four years. btu peo-
PIE VIII nave moderate employment:
anu meantime the manufacturers will
practlce various economies, will she d
the habit of waste. so destructive IN
this country, and the workmen VIII
follow suit. If man has NOT TOO
much money in his pocket. he will
drink and smoke less, and his wife
viii bny fewer clothes.
Our national bank system is oood
put II Is becoming antiuuated.. If ~
Daseo on government bonds which v,a
ought to be paying off more and more
AS we grow larger and need n,ore
banking facilities, the suppJv of the
government bonds falls off Tins cnr.
talllng the existing basis for the issue
vi bank currency. Our government
snouid have nothing to do with tbe
lhIniealate proceedings of the hanks
t; Hcepl 20 inspect and criticise the ac-
s.oo o tnese banks. In short. the
ho Stary OF the treasury should not
money market. The system Shouts
ne automatic and take care Of itsaIf
me government should not hoard
money or throw 1t out at the viii of
ANYBODY or everybody, but ALI tho
surplus or the government shoutd bo
hept IN the banks subject to tbe nso
OF the whole population of the Tinted
otates, and the government should re.
celve a return for its deposits. inst
as any manufacturing corporatie or
private individual receives it. This
money should nst be protected anv
more man the money of any private
lI,., In short, the government
out" anu stay