The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-03-25
How to Avoid Panic Urged 5;!':::. y S::'''i
'"'si.s.:$ 4 ]$:i:. :. Problem of Country
Indication of
All Banks
In America
lWater Welman u Chicago Record Herald

one Of the significant siens of the
fimes IS the deep interest felt every
where IN the financial problem. Wher
ever ] 60 I md intelligent men discus
sing that subject The prevalent feel
jng seems 70 be that something must
ho ne-something more than to
tinker with the currency something
more than TO provide an emergency IS.
sue Of money which may help some
after trouble has come The all-im
poftant thing, men are everywhere
urging. Is not how to relieve panic
after it has appeared but how to make
panic imposshle to lock the door
before the horse Is stolen, NOT after
be has disappeared
Many letters have reached me rom
readers OF The Record. Herald making
inquiries on financial subjects. par
ficularly with requests FOR further elu-
cidntion Of the ideas briefly expressed
by me IN o Chantauqua address az
Champaign a few DAYS ago. There is
this embarrassment. II were to
write at length. as the Importance
of the subject deserves, few would
have the patience to read IL all If
one writes with brevty il is impossi
BE to present the subject clearly and
comprehensiveiy.
one correspondent writes that II IS
apparent to him much lies behind
what T have already stated IN print,
md asks that The whole idea he devel-
oped II is true much lies behind, for
Il Is a study which runs deep. but Il
IS not my proper province to enter
npon extensive discussion and analy-
sis. II / were to do SO. only few
w0nd read 81 could write a book
upon this subiect--in fact. have al
read done so-bnt this is not the
place to priut books.
Eoweyer. since SO many questions
have been 'asked. showing that ~ lsast
part 81 the reading public Is study.
Ing the question. an effort viii here he
ma4e to answer Inquiries and 10 state
few Of the fundamental principles.
The writer. carefully watching the
national field. hes tried 70 discern the
dsreciion which the best thought Of the
country IS taking as the surest guide
10 the ultimata solution OF the problem
which We all feel Is sure TO come I'M
a few years and the sooner the better
Thus, he has found one good thinker
advocating this idea. another that.
each sound aud practical enough bat
wholly inadequate standing alone II
occurred TO me to make an effort to
take the good IDEAS OF many men. each
ineffective az an individual concept
and 10 see ii an could not be fitted to-
gether in harmonious, symmetrical,
sclentlnc whole--be welded into a
concrete system which. Il adopted,
would completely and permanently
solve the problem. Once begun, this
task was nnishel with relative ease
There seemed to be- logical sequence
10 al these concepts Of able men, and
each fell naturally into its place in the
structure The whols, representing
little originality on the part OF him
who made the combination. does new
erfhelcss stand for much Of the best
current thought OF America lf a sutiic.
lent number of persons ask for it, J
shall be glad 10 print the whole pri-
vatgfy and to mail copies on request
Thsre are nearly seven thousand
national banks IN the United States,
and about thirteen thousand state.
savings and private banks Their
combined banking pOwer-their capi-
fal, surplus, deposits and circulation
is about $4,000. .00e coo or twohfths
Of the banking power OF the whole
Worh
Virtually. with some qualifications,
these 10000 hanks ia our country
wielding this enormous power OF cash
s.td credit, are not united Ia a closely
knit system Each individual bank
stands alcue usually aud IN the most
important OK It's relations 10 the pub
lie
The FIRST and syeatest Indispensable
Is confldence--confiden Of the public
"a banks. confidence thrOugout thc
entire structure OF commerce. politl