Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1914-06-26
GET OUT OF THE WAY OF PROS
PERITY TRAIN


entering on an era of prosperity that
Will completely oyershadow even the
great periods of business prosperity
that have already come to this coun-
try since the civil war. They assign
many sound reasons for this predic-
ton.
The first-and the one which is
the most significant to many of them
is that we have gone through a
season of business depression for the
llrst time in our history without a
panic. The old-time spectators who
could always scent a panic and make
money out of it are completely con-
fused. They have seen a financial
state of affairs never before known.
They have seen the banks full Of
money during a business depression
and no particular call for the money
on any side.
They have seen Europe throw back
into this country from $25O,0OO,O0O
to $3O0,000,00O worth of securities
and have seen these securities alb
sorbed and the gold sent to Europe
without any particular fuss. That
would have meant a panic in the
stock market at least few years ago.
They have seen a tariff enacted
lower than the Wilson tariff and vet
they have seen raw wool, one of the
best tariff barometers there is, sell
higher than before.
They have seen a delicate railroad
situation, that would have created a
financial panic at any time in the
past, studied and pondered over in a
way that has simply taken the breath
from spectators. The people have
refused to become excited over it,
They want it settled everywhere, but
they want it settled right.
Why? Because the railroad in
dustry is not the one dominating in
dustry of the country any longer.
| While financiers have been juggling
railroads the past 25 years business
men have been building up other
great industrial enterprises all over
this land.
This is a bigger country than it
ever was before. It's potential posi-
bilities are being more and more
realized in every direction. The
farmers have become scientists and
the arid lands and the swamp lands
are being reclaimed everywhere and
being made to yield in such abund-
ance as was never known before in
the history of farming.
| In the south malaria has been con
quered and the rich swamp lands are
no longer the terror they were. r.
rigation and dry farming have
brought new prosperity to the west
ling conducted over wires hundreds
of miles where formerly it was all
| but wasted. The oil lands and the
mineral wealth have burst the
| bounds of former monopOlies and
| opened up Vaster possibilities than
ever before, and the inventive genius
of the American has never been idle.
New miracles are daily being
wrought by invention.
Why then have we had business
depression in the face of these
things?
Simply because a great many peo-
| pie thought we ought to have it; we
should have it; and must have it; it
was due.
1t was largely a mental state.
There was no real need of it, or for
it. Business men see that more
clearly now. But many of them are
satisfied apparently because we have
had it. And they have learned
something.
They have learned that you can
not have panics unless there is
tight money"-unless the reserve is
tied up, as it was for the past so
year-tied up when it was needed
The business depression we have
been through has been valuable then
in that it has demonstrated to all
the people the wisdom of the present
system of a flexible currency. The
old conditions have disappeared for
ever.
AS A. w. Douglas of st. Louis said
at the Economic club a few nights
ago, there has been a curious psyche
logical phenomenon during this bust
ness depression-the people-the
common people-have been optimis-
tic through it all. They left their
money in the banks. The comm on
people had more confidence than the
so-called financiers and when the
common people have confidence you
can't have panics.
So now that the lesson has been
learned and that the greatest crops
! in the history of the country are in