Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1912-02-15
WHAT'S THE MATTER WITH
BUSINESS THESE DAYss


Francis e. Leupp of the Outlook on
the subject whats the matter with
business?")
what the country Is suffering
from now" answered Mr.. Shedd; al
ter few minutes reverie. sis too
much politics and too little states
manship. Politics is always a de-
structive force. because the one
theme with which demagogue can
be sure of catching the ear OF the
multitude is the rottenness OF things
as they are and the need OF change
Craftsmanship is constructive, be-
cause It's object is to open road
out OF any slough into which the
nation may have fallen. and to build
bridges over the creyasses and cut
tunnels through the distractions
which lie in the way to safety.
"There is nothing the matter to-
day with the country itself. our
$4,000, OOO-bale cotton crop is only
typical of the way nature has raw
ored us. / have been forty-four years
in active business, and in all that
period there never was a time wnen
manufacturers and merchants were
carving SO little surplus stock as
now. The era of liquidation through
which we have lately passed has
brought us apparently to rock bot
tom, and every condition is ripe tor
a splendid forward and upward
movement. But this cannot come
while the present pail of uncertainty
Itoverhangs everything, and the WIS
nest Of prophets cannot look DAY
ahead.
at should be the aim OF govern
ment to encourage, not discourage
honest accumulation and investment
among the people
GAS an active promoter OF the cam
paign for a better banking system,
assume that you feel that the pres
emit situation in business is to some
extent connected with our lack OF
proper credit facilities?
cT do. The monetary and credit
svstem of our country is like the
house into which you put your ma
chinery; it makes no difference how
we'll adjusted the machines may De
If the house is so unstable that the
roof falls in or the walls topple down
as soon as the machinery is speeded
up.
"On every side we hear criticism
of the inelasticity, aof, our currency
system; a more forcible complaint
might be made of the inelasticlty
If our credit system, for it Is In MS
character as a borrower that the
businessman chiefly feels the pinch
of our insufficient banking laws
Goods are bought and sold on short
+ima credits, and banks are releo
unon to carry these credits for an
enormous volume of exchanges. a
stoppage of bank loans is therefore
q vital matter to business; yet wnen
IN lend. customers who have even
hest Of paper to offer find themselves
unable to get cash for 1t. Sucn
condition is intolerable. 1t is
crime against the merchant, the pro
raneated drafts on their reserves
have reduced the power of the banks
duoer. and the workingman.
"The morning of October 20, 1907
found my table strewn with teie
grams from merchants in smalle'
nlaces. and the morning shower wa
followed by personal visits from otn
ers all appealing for help in tn
crisis they were facing. They wer
not insolvent; indeed, one count
#r,archant have now in mind wa
worth perhaps 100000. But tina
made no difference. Financial
sound as they might be, and otfer
ing excellent commercial paper 10
discount, their home banks Woui
not advance them the money 70 NEE
their most pressing obligations.
took very brisk work and a sign
risk to fix up the affairs OF thes
men 40 that they could Worr
through in some way. If we had
national reserve association in exist
enoe then, the banks which had r.
fused loans on satisfactory securlt!
only because they dared not furtne
imperil their reserves, would nav
extended the credits of their goo
customers on good paper, and II
association would have discounte
this paper, and thus tided over
dangerous interval.
thoughtful businessmen are D
kAof ANNA nrQNniZ