New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-02
CITY BANK, NEW
YORK.

The fundamental conditions which ere
ste and sustain good business rarely have
sen so sound in this country as they are
now There Is no imitation Of credit, no
overtrading. no signs anywhere of specu-
alton on a large scale or any apparent
SYMPTOMS Of weakness or unsoundness
Taking a view OF the whole country IL
would be difficult 10 imagine a healthier
or more assuring prospect. SO far as the
bounties of nature can and do assure pros
perity, we ought to be a happy and con-
tented people. Let US take as an iliustra-
ton the condition in one state when is
typical Of many others. II not of all. The
cotton crop Of Texas this year Will or'ns
to the people OF that state about $3Oo'Ooo'-
600 In cash, which is equivalent TO about
SIS q head for every man, woman ana
child in the state. This takes no account
of excellent crops Of corn, small grain
hay. fruits. vegetables and garden truck.
II does not include cattle, rice. sugar,
timber and vast mineral products, but
only the cash value Of this years crop OF
one commodity.
Probably this is rather more than typl-
cal of conditions elsewhere, but the coun-
try as a whole is not far behind IN the
general average of things which make for
prosperity.
There are unfortunately several large
and very important obstacles in the way
Of the establishment of permanent pros
perity In this country, even under such
favorable conditions. Until these obstacles
are recognized by the people and are re-
moved II is vain 10 hope for stability OF
business or for anything more than tenn
porary and ftful spurts Of activity. THESE
obstacles are:
First-Our unsafe banking and cur
rency system, which must of necessity fall
when strain is laid upon 1t. We must
have a sound banking system. No half
baked theoretical plan or scheme of any,
body's, but a real adequate and scientific
system, untainted by politics or prejudice
Look at the ridiculous farce OF system
which permits in normal times, and when
under no unusual strain such fluctuations
I'm call money day by day as we recently
have witnessed.
Second-The need Of scientific nom
partisan revision of the tariff. and the
necessity Of a determination Of this ques-
zion as a constant political issue, and
when once established. the fixing Of tarins
for long and definite periods. so that every
man of business may not be forever in
doubt as to the stability Of conditions in
his line. The anxiety suffered by the busi-
ness world concerning the possibilities or
Tariff revision by each succeeding Con-
sress is a wicked tyranny. 1t is destruc-
tive of trade. and is as unjust as IT is
unnecessary.
Third-The plight Of the railways
Herein lies probably the most serious I'M
mediate menace to prosperity. A way
must be found to afford relief to the rail-
roads. They must be given square deal
Ground as they are between constantly
increasing wages. operating expenses ana
taxes on the one hand and inability TO
raise freight rates proportonately on TIE
other the railways Of the United states
are confronted by a crisis. They VIII soon
be bereft of credit. and must face receiver
ships in order to finance themselves ana
10 repair or replace worn out rolling STOCK
and dilapldated physical conditions gener-
ally. Economies in operation have been
effected at frightful cost in these respects.
The situation with many roads Is deplor-
able. and becoming worse every day.
There are number OF other important
obstacles which might be mentioned, out
these three are enough to engage the at
tention of all thoughtful business men,
statesmen and politicians II we would en-
Joy permanent prosperity.
JOSEPH T. TALBERT,
President.