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

consideration, and for such a balancing
of events, commercial and Industrial,
as will place correct values upon past
events, and render more possible the
wise adjustment of what will become
factors in our Individual as well as
national life. Nineteen hundred and
seven will not easily be forgotten.
Prosperity in all that contributes to a
Nations strength and greatness, was a
predominatiDg feature. From the tiller
of the soil, to the men who handled the
cash resources of the nation, there came
a richer reward for their labors, than
men of this generation had ever before
witnessed. The accelerated speed of
the American people for wealth and
material improvements seemed TO have
outdistanced all restraining influences,
and a breathing place for even a
temporary rest was hardly taken into
consideration
The careful observer, however, who
saw in the past events, the shadow of
reproduction in the future, experienced
moments of doubt, and was not wholly
surprised or unprepared for the appear
ance in the financial sky of cloud dur
ing the CLOSING months of the year,
tDst seemed to threaten disaster harm
full to all of our interests.
That incident, which may well be de-
nominated "The Financial Cyclone OF
Wall Street." which has done much
towards making the latter part of 1907
historic, can now be said to be safely
folded away in the archives prepared
for the safe preservation of the records
of such financial disturbances. In
future years, the deliver into history
will doubtless find in the examination
of the event, sufficient material for
patriotic thesis on the strength of
the American nation to wi thstand any
manifestation of high finance of even
commercialized politics, as well as the
providential progress of this country,
by which the balance of money power
had been transferred from the metropo-
lis of the nation, to what is even now
the undeveloped, but already powerful
resources of the middle and western
parts of the continent, in time to pre-
vent any wide disaster coming to the
general public from money manipul.-
ton, regardless of whether it be a
purely commercial transaction, or
tinctured with the color of politics.
There can be little of real value in
specializing at this time as to the causes
which seemed to threaten a recurrence
of the events of 1878 and 1898. Finan-
ciers differ in their arguments regarding
this feature. The fact that is of far
more vital interest to the people of this
locality, is the present condition of the
institutions which have been great con-
tributors to our upbuilding, and which
LuuSb no iOOACQ uROA dS lCildDiO DdL
ometers in the way of our commercial
and material prosperity. Out of this
condition will necessarily arise fore
cast of the future, picture with logical
reasons for its coloring, and well
grounded faith, based upon precedent,
and the undisputed law of Cause and
Effect, for whatsoever that forecast or
picture shows. Such forecast will be
greatly aided, by something more than a
cursory review of the past three months
of our history, emphasizing here and
there, the facts which must necessarily
enter as a factor into whatever 1908
brings US.
Sunday, October 9th, 1907, witnessed
an unweleome elimination of events in
the financial world, and an action by
our moneyed institutions, that was well
calculated TO increase the gravity of the
situation from public standpoint, aud
emphasize the fact that the entire coun-
try was facing most serious problem
The leading bankers of the eastern cit.
les had studied the situation carefully,
ana after getting in touch with the
bankers throughout the country, had
determined to resort to the expectancy
of issuing clearing house certificates, in
order 10 conserve their currency. and
in crisis protect the interests they rep
resented. The first thought of the
masses seemed to be that a full fledged
panic was upon us, and the outlook was
not promising. The GOODNESS of those
whose accommodations had been eAtrust-
ed to the banks, will shine out as a fea-
ture when that period of history is
looked into, and is a tribute to their
faith il the strength of our institutions,
and in the ability and honesty of those
who manage them,
The Wausau banks met the situation
bravely, but without flourish of trump
cts So far as the public knew, they
werc not even disturbed. The man or
woman who timidly presented check,
certificate of deposit or any bank obi
CATION, large or small, was surprised to
receive the cash without question
Travelling men who became accustomed
to being refused the csshing of their
checks in banks throughout the coun-
try, were never refused in Wausau. and
went away with exalted and correct
views of the strength of our financial
institutions. No change whatever was
apparent, and as conditions became
more normal throughout the country,
they excited little comment in our own
city, There were no legitimate reasons
why wausau should have had any fear
regarding the strength of our moneyed
institutions. except, that in times of
general distrust, suspicion falls alike
upon the Just end the unjust.
Ills undoubtedly true that our manu-
featuring industries. as well IS our gen
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