Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-08-20
THE PROSPERITY TRAIN

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1t is the consensus of opinion of some
of the keenest and most far-sighted |
men that the United States is entering
on an era of prosperity that will COM
pletcly overshadow even the great per-
iods of business prosperity that have
come to this country since the civil war;
They assign many sound reasons for this
prediction,
The first and the one which is the
most significant to many of them-is
that we have gone through season of
business depression for the first time in
our history without panic. The old
time spectators who could always scent
a panic and make money out of it are
completely confused. They have seen
financial state of affairs never before
known. They have seen the banks full
of money during business depression
and no particular call for the money on
any side.
They have seen Europe throw back
into this country from $3.50, ,OOO, 900 to
$500, 600, 600 worth of securities and have
seen these securities absorbed and the
gold sent to Europe without any par
ticular fuss. That would have meant
panic in the stock market at least few
years ago.
They have seen tariff enacted lower
than the Wilson tariff and yet they have
seen raw wool, one of the best tariff
barometers there is, sell higher than
before.
They have seen delicate railroad sit
uation, that would have created a finan-
cial panic at any time in the past, stud
led and pondered over in way that has
simply taken the breath from specula-
tors. The people have refused to be-
come excited over it. They want it
settled everywhere, but they want it
settled right.
Why? Because the railroad industry
is not the one dominating industry of
the country any longer. While finan-
ciers have been juggling railroads the
past twenty-five years business men
have been building up other great indus
trial enterprises all over this land.
This is bigger country than it ever
was before. Its potential possibilities
are being more and more realized in
every direction. The farmers have be-
come scientists and the arid lands and
the swamp lands being made to yield in
such abundance as was never known be-
fore in the history Of farming.
In the south malaria has been con-
quered and rich swamp lands are no
longer the terror they were. Irrigation
and dry farming have brought new
prosperity to the west and southwest.
Water power is being 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 open
ed up vaster possibilities than ever be-
fore, and the inventive genius of the
American has never been idle.
Why then have we had business de-
preston in the face of these things?
Simply because great many people
thought we ought to have it; we should
have it; and must have it; twas due.
1t was largely mental state. There
was no real need of it, or for it. Busi-
ness men see that more clearly now.
But many of them are more 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 mon
ey"-Unless the reserve is tied up, as
it was for the past fifty years tied up
when it was most needed. This bust
! ness depression we have been through
has been valuable then in that it has
demonstrated to all the people the wis
dom of the present system of flexible
currency. The old conditions have dis
appeared forever.
AS Banker Douglas Of st. Louis said
| at the Economic club month ago, there
has been curious psychological phe-
nomenon during this business depression
| T. the people - the common people
have been optimistic through it all.
They left their money in the banks.
The common people had more confidence
than the so-called financiers and when
the common people have confidence you
won't have panics.
So now that the lesson has been
learned and that the greatest crops in
the history of the country are in sight,
it is up to everybody to forget the mem
tai depression, start in quickly and get
aboard the prosperity train that has
been simply standing still on the tracks
waiting for the engineer to oilup for q
long run.
President Carbajal has surrender