Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-11-05
aMistellanrous Rsading.
TWO PANIcS.
Some Financial History Of an Inter-
esting Character.

Some Financial History Of an Inter.
esting Character.
Since the year 1900 two panics have
occurred in the United States. One was
the rich mans or silent panic, so call
ed, which followed the enormous pro-
motion of industrial corporation COM
binations and the termination Of the
mighty struggle between James ]. Hill
Mr.. Morgan at his right hand, and E
H. Hartman, in the spring of 1901
for the control Of the Northern Pacific
railroad company.
In the height of that panic the quo
tations for securities Of all kinds were
very low.
Then again, in 1907, another, due to
complete impairment Of confidence and
the fear lest our money supplies were
totally inadequate to sustain the credit
and the business Of the country, caus-
ed business Generalization which was
continued for more than year. There
was a spasmodic revival Of business in
the year 1909, but that was followed
by relative collapse. Yet in spite OF
these two serious disturbances the
material progress Of the United States
was not greatly impaired. This Is re-
garded by those whose judgments are
worth needing, both in this country
and in Europe, as furnishing unques-
tionable proof that the United States
has entered upon an era Of wise, high
ly economic and very great develop
ment of its prodigious natural re-
sources. Political agitations, the atti-
tude of the people toward the combi-
nations known as trusts and the rigid
enforcement Of the law which forbade
combinations of that kind have not
served appreciably to diminish the de-
velopment Of our natural resources.
This is really the important fact
lying behind the enormous aggregate
of statistics which have just been fur
nished by the bureau Of statistics in
Washington. The development Of our
great natural resources in the past
twelve years is chiefly the influence
which lies behind the unprecedented
increase in the money now in circula-
ton in the United States as compared
with the figures that tell Of that circu-
lation ten or twelve years ago. 1t Is
reasonably accurate to say that the
money in circulation In the United
States in the present year is almost
exactly $1,OO0,O00,000 in excess Of the
money in circulation ten or twelve
years ago. The increase Is much great
er than the increase in population,
measured by per centage figures, for
while the population increased by
about twenty per cent the money In
circulation increased a little under fif-
ty per cent. This increase in actual
money reflects new wealth created
since 1900. No small part Of 1t Is the
wealth which has come from the de-
velopment of our mines Of precious
metals.
The latest figures descriptive OF the
loans and discounts of national banks
in the present calendar year put the
aggregate at little under $4,000, 0,000,-
900. Ten or twelve years ago the ag-
gregate was little over $4,000, ,000, 900.
These figures tell the story Of the high
development of natural resources
which has been secured since 1900.
That development has made possible
an increase in the deposits Of savings
banks in the past ten years, approx
mately, Of about billion and a half.
The total deposits in the year 1911
were s4,212, 100000.
There can be no escape from the in
ference that these stupendous figures
which report savings bank deposits,
tell of fairly reasonable distribution
among the wage earners Of the United
States of the new wealth which has
been created through the development
of our natural resources. Almost all
of these deposits Of $4,000, 900 have
been utilized in industry, commerce,
and especially in real estate improve
ment in the United States.-Holland In
the Wall Street Journal