Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1914-02-10
Currency Legislation Gives
Assurance of Years
Without Panics
FARMERS AS INVESTORS
Heretofore Scary Of Stocks
And Bonds, They are Like
ly to Enter This Field
(By ]. S. Bache & Coz

At last we move into a time of busi-
ness peace. The seven years, war is
over-the time of the seven lean years
and we may reasonably look for
ward to seven years of plenty.
We have only just gotten to the
bottom of the hill and are now piod-
ding upward.
The antagonism between business
and government is over. The saying
of words does not always make things
so, but the statement of the leader
of the Democratic party. who mildly,
but indisputably and absolutely, di-
rects that party's legislative acts, con-
stitutes guaranty. And business
has made up it's mind that it is true.
and confidence will now grow, and
the great and small industries of the
country will go about their purpose
with complete reliance upon business
peace.
The stabilizing effect of sound,
modern system of banking is one of
the encouraging developments. Out
side of the immediate workings of the
machinery and the beneficial infiu-
ence on active business, there will be
collateral results worth thinking about
Investment buying has never been q
widely distributed, steadily-going-on
operation in the United States. This
is because ours has been a country
of constantly recurring, periodic
panics.
Sure Course Of Panics
These panics have always cut Sc
curity values wide open and left the
market at the trembling point. BE-
tween panics, security values have
recovered but the swing has been too
fast, too high and low, to attract
sturdy wide spread buying by all the
people small and great financially
such, for instance as prevails in
France. Even the peasants there are
all investors.
vestors in the sense of buying divi-
dend and interest paying securities.
Their savings have universally gone
back into land, or-becoming very
well to do-into mortgages. Farmers
buy lot of shrewdly advertised
worthless securities every year, but
that is the speculation that is in
them coming to the surface. The
class among them that under other
circumstances might be investors in
stocks and bonds sees too much VIC
lent oscillating action in prices to be
attracted.
Farmer Avoids Stock Markets
Your farmer is a conservative char
acter on finances, as rule. He gets
his "pile" fighting wind and rain and
cold ,and sets too much store on his
hard-earned increment to risk it in
things that are, apparently to him,
so fiercely inflammable as stocks and
bonds. In panic and after-panic days,
when prices are ruinously low, he
avoids markets because he cannot tell
which are the things that are doomed
and which the things that may rise
again.
So he "allows" he won't fool with
them catamarans," and with his ex-
ira money he buys more land, because
he knows that the soil is full OF
wealth for him if he digs for it, in
season and out, as he has done before
and is willing to do again, with the
sun to help him and the rain to work
when he sleeps, and the gold of the
grain and the swelling white boil for
his reward. Sometimes the sun turns
against him and fights him through
long days Of withering heat, or the
rain becomes unfriendly and tries to
drown him out, but that is only once
in a while, and in the long run ne
would rather trust these two than
them fellers in Wall street." on whom
he blames all the woes that fall upor
IHe son OF man.
Coming to Years Without Panies
We are coming now to the days and
the years without panics; that is,
without the kind that has burned the
country up every few years in Ameri-
ca. Elastic currency and massed gold
reserves will stop all that and We will
grow into an investing country, be-
cause the absence Of these cataclysms
will steady and stabilize security
prices. We will not have the plethera
Of money in the summer to breed
speculation. followed BY the tight
money autums squeezing tho wind
out Of prices. Investments win be on
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