The Jones County news., 1913-09-11

PUTTING AN END TO PANICS.


States are quietly undergoing o pro
found and u the same time, very
wholesome and constructive change
The legislation with which Congress.
is now concerned reflects persistent
demand ON the part OF the American
public that the countries business
affairs be placed upon freer and
safer basis. The tariff bin, which is
soon 10 become q law, win strike the
letters from individual enterprise
and normal competition, win lift a
crushing weight OF monopoly and
thereby release new commercial and
industrial energies The banking
and currency BILL which Is equally
hopeful of enactment, viii carry for
ward and consummate the wise work
thus begun; It win provide the definite
means and the material through
which this new freedom can be fully
utilized.
The new banking and currency
system willundoubtsdly remove those
artificial conditions from which dl-
stressing panics have arisen. IN
deed, we may hope with good reason
that when the elastic and responsive
system now proposed is well esta-
blished, financial panics will cease
to threaten this country and the in
Vulnerable losses anddiscourapements
which follow in panie's wake viii
be things Of the past
One Of the provisions Of the pend
ing bill which looks to this end IL
that whereby private control of The
nations monetary resources viii be
suppanted by government or public
control in order that currency and
banking machinery may operate for
the good OF the people as whole
-uith"s. '-~rss-U. centers. If there 10
one sphere Of public interest which
onghl to be under impartial and
trustworthy direction, it is that Of
finance. Yet as conditions now are
this IS Tar from true. The farmer
now leans on the country baujear ma
ne on the city banker, the CITY hank
en- leans on New York, while Now
YORK is accountable to no mower
higher than its own ungoverned viii
Hence the far-reaching and some
times perilous influences Of wal
street II particular group of men
decide from motives political ~
otherwise that money shall be nebt
ana credit rigid money straightwav
becomes tight and credit becomes
rigid regardless OF natural circum.
stances and needs the country over
Thus It is possible for few autocrats
of finance To create the conditions of
panic. II need scarcely ice said
that power SO vast cannot safely be
LETT in the hands OF any one circle of
men. The Wilson administration
purposes to take this power from
private control and vest II directly
IN the Government which is respon-
sible to all citizens alike, and which
IS OF its strength and constant
guardianship will inspire that uni
persal confidence on which business
security depends
There is another provision in the
pending bin which viii 90 far toward
preventing panics IL is that which
checks the concentration Of none
tary resources at one or two financi-
al centers. Heretofore the country
has depended almost entirely on
New York for means to meet special
demands of credit and enterprise.
The South for instance has looked to
New York for aid in moving crops;
its bankers and farmers have had to
to accept such terms as New York
chose to dictate, Each year as the
crop moving season approached,
money would become scarce, rates of
interest would rise, sometimes to
probibitive figure, and funds for car.
rying forward ordinary commercial
or Industrial projects could scarcely
be obtained on any terms II is such
conditions as these that impede bust
ness and engender a feeling Of pessi-
mism. BY forestalliug such condi-
lions, through a system that will /
make ample funds available in all
parts OF the country at an times, the /
new banking and curreuey plan viii
remove one the prime causes Of iinau.
cial panics.
For Weakness and Loss of Appetite
The Old Standard general STRENGTHENING TONIC.