The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1915-01-02

(lras.Sk ko29llLy The speaker held
that his text ap
piled to our day. that the removing OF
oil things shakable is now progressing
that the shaking heavens represent Ec
clesiasticism. and that the shaking
earth represents social financial and
political affairs Everything false. DO
gus. inequitable. will be shaken In
fnnnciai parance this Is equivalent to
saying that the water" win be squeez-
ed ont Ut stocks and bonds
The subject Of the decentralization of
silver WAS discussed at length. Forty
years ago financiers concluded that II
would be- to their interest TO have only
a gold standard The public. of course,
acquiesced. believing rhe bankers tale
that this was really the best thing for
the people. II In perhaps but fair to
suy that less than one-half of the
nnnkers understood the philosophy of
the matter. but were guided by the
more nstute. who fully understood. The
result has been great profits and pow
er to the bankers: for without them
railroad stocks and bonds could not be
handled successfully. BY what Is
Known as the underwriting process,
the bankers took over large issues Of
railroad stocks and bonds. for which
they were capable agents at a round
profit. advancing money on the bonds
aud holding them for sale to the public
The Day Of Settlement.
The great banks have their vaults
well filled with these stocks aud bonds.
on which they had hoped to make
large profits, but which they are now
unaiile to sell ut any price. Reckoned
Ii az part Of their assets. these stocks
aid bonds show the banks to be
wealtly. with immense surpluses; but
pow that the water" il to be taken
OUT Of these stocks and bonds. there
will be an Immense shlinkage In the
rs.sOurces Of these banks They will
suddenly become poor without actually
losing a cent. BY reason Of the falling
market value of their securities
= All hanks realize this fact II their
holdings are to be reckoned at actual
yalue. some of the richest banks will
become insolvent and will be called
upon by the Government either to
close their doors or to make good their
nbOrtnge Right there win be their
dificnlty: for the rich men of the
world hare their capital invested SINH
1arly. and the reaction win be bound
70 affect unfavorably all great COM
fnrrriaI enterprises
Ar all went amazingly well for the
bankers and the wealthy by reason Of
the decentralization OF silver. so when
the Day Of Reckoning shall have fully
dnwned. things will 20 especially hard
with them. Although the stoppage
and reconstruction will involve rich
and poor alike. In many respects the |
rich will feel the pressure more.
Liquidstins Process Begun.
Meantime. the war has brought the
dnancin. world to crisis. The nations
Of Europe are being shaken. Already |
the casualties Of the war amount to
nearly two millions Of human beings
ana hundreds Of millions Of dollars;
and 4 Is only begun The thing wanted |
b Eold: and. M In every war, this pre- |
cious u,etai hns practically disappeared /
b the wnFrine nations Their home
securities will not be salable for cash;
and a general attempt viii be made TO
cell American stocks and bonds. But
who viii buy these? America viii be
practically the only market; and Amer
lean bankers are loaded down heavily
Reliable financial authorities declare
that Europe has about Eve thousand
millions of dollars Invested In Ameri-
can securities. II but onefifth of these
Be sacrificed to realize gold. II will
mean financial deluge. American
banks already. overloaded. cannot pur
chase all: hence prices will tumble and
wrecks follow.
Is II any wonder that American
bankers fear to see Stock Exchanges
open for business? Had the Exchanges
not closed promptly when they did.
We would have had the most terrible
panic ever known. By their closing
The face value Of stocks and bonds
has been preserved. and thereby bank
ers have been permitted to continue to
roslnt these ut fictitious prices which
Nobody would pay for them today. (,
The Pastor then demonstrated that. I
& silver had not been demonetized.
makers would not be In the present {
|fNfre38: for the world would have had ;