The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-02-19
No REVOLUTION
on THE HORIZON
NOR WILL ROOSEVELT BE ELECTED
PRESIDENT. SAYS MIR.
sHOTwELL.
PEOPLE ARE SATISFIED
IDLE MEN IN CITY COULD e:xcT
EMPLOYMENT IF THEY
WOULD GO TO THE
COUNTRY.
PEOPLE ARE SATISFIED
BY THOMAS c. sHoTWELL

ciers trying to alarm the public for
political purposes. 1t is good time
TO remember that there is solid ground
some where. even though in doing so
one Is forced to go into the business
OF being a prophet. There will be
Theodore Roosevelt will not be elect
ed President, the Aldrich banking bill
will not become a law. and business
in general will be on majestic up
swing by the time Germ is in tassel.
The obstacle to French revolution
is the fact that the great mass of
people are probably employed and
fairly we'll satisfied. The Ifroth of the
cities may be idle. but il these idle
men would be willing to get out OF
sight OF the street cars, they would
find the farmers eager to employ them
at good wages. While tens of thou
sands of men are out OF employment.
because they want to work within five
minutes of a moving picture show.
there Is need Of ten times that num-
Der on the farms.
Therefore security owners should not
be frightened at u French revolution.
Roosevelt Won't Be Nominated.
Security owners should also be calm
in the presence of the Roosevelt boom.
That boom is only considered in these
dispatches as it may affect the STOCK
market. All practical men knew ina.
n President in Office Ia more than hail
nominated. and that, In addition to the
N-s,h
in a country where the fate of Mexico
in known to every citizen, Roosevelt
would need the united financial sup
port of all Wall Street to be nomi-
mated Stockholders may rest assured
that the next President VIII be Tart
or Democrat.
AS TO the Aldrich bill II cannot he
made law for many reasons, the only
one of which that II Is neeessar! "
mention being that 1t was drawn UP
under the direction OF senator Al,
drich. His measure has many sood
points. but since II Is not going ="
become a law, II Is idle to discuss It's
good points. or its weak ones
Banking Reform.
In regard to banking reform the pup
lie must remember that the banks
are compelled TO control the money
market because the government re-
fuses To perform that service All
statute lava concerning business
merely confirm laws that nave been
formulated In trade. The American
people have been fooiing themselves
with belief that money in the United
States would so contrary to the an
Gent laws that govern it's movements
In other countries. They are finding
OUT their mistake. The only remarka-
,his thing about 4, Is that they are de-
nouncing the very men who. having
been compelled by public neglect, 10
fake care OF the money. nave peen
natrtotic enough to come forward and
asked to be relieved of that respon-
sibtlity. Politicians say that bankers
are frightened at the result or their
own past actions. They certainly are.
but they are in the position OF men
who. with bare hands. have captured
raging lion that was roaming at large.
and kept it from preying on the PEG.
pie. and who, having captured II. ana
felt it's strength. dare not let 60 out
call Justify for help.
Money Trust No Dream.
The Money Trust is no idle dream
II ia "A growth and a condition de-
liherateiy constructed. And whiie
waiting for the problem to he solved
the public should bear in mind that
the comparison OF actual money IN
the country with the deposits OF Ger
tain banks is unfair. Bank deposits
of the country are above $is.0oo,00o,-
600. while all the money there Is, in
Guiding bank notes. amounts to but
little more than s3,2o0,000.0 1000. 1t is
perfectly natural that the bulk OF
the deposits should be in n few great
banks One might with an much
Justice complain that the bulk or the
water of the world Is In few oceans.
The gold output and its influence
on prices Will have to receive more
attention in the near future II the re-
mort prove true that the new repub-
lie Of China will adopt gold as n
standard OF money In fact, gold
has always been the standard of
iff1pss~y sss "a fsesns Ssst siss. a. Il sssst
country like China the official adop-
ton of that standard would absorb
several hundred million OF the yellow
metal for purposes of reserves The
break OF Ia cents in the price Of
silver this last week will prove only
the beginning OF the decline In that
metal.
fscneralities Versus Facts.
Wall Street has been dealing with
generalities SO long that 1t leaps at
a definite fact. such as. for instance.
the announcement that Theodore
Roosevelt, Jr., Is to become a bond
salesman in Wall Street. Wall Street
III the one place in the world where
q great part Of the business IL done
by persons who know very little about
the wares In which they deal. The
only thing necessary to be qualified
to give advice to the public as to how
to invest money Is to be the son OF
4 great man or the accidental owner
OF 4 great fortune. Young Roosevelt
may develop into a good bond sales
man. but the mere fact that he 10 the
son of Theodore Roosevelt will lead
thousands of persons to ark his ad-
vice about Investments. regardless Of
any real ability he may have. He IL
not the only bond salesman OF the
kind in Wall Street.
Another fact sthat attracted Wall
street attention this week war that
Clarence Mackay. az head Of the
Mackay companies, criticised the
American Telephone and Telegraph
Company. but neglected to publish
the earnings Of his own companies.
Perhaps the practice OF the telephone
trust Of publishing earnings is one
OF the things Of which Mr.. Mackay
disapproves. Until Mr.. Mackay pub
fishes those figures he ID in no posi-
ton to criticise anybody.