Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1920-12-05
40 CHANCr FOR pNNlC.

There Is always some poor So,ii
when prices begin 10 decline who
loses his head and wells panic ~
The rule OF reason is not IN his
possession. He cites YOU wildly
10 the depression at Ipo- and pre-
diets dire calamity FOR the future
lie won't take time 10 listen to q
sane discussion OF conditions; he
refuses Co learn that under
changed conditions real iinan.
cia. panic in this country j. nov
as impossible as is the financial
collapse OF the government, It
self.
Seldom mas the situation been
sized up more clearly than the
present decline by Governor W.
p. G. Harding Of the Federal Ra-
serve Board. His statements are
so clear and his illustrations SO
apt. that The News is happy TO
commend the following from his
pen 20 the careful consideration
Of its thoughtful readers:
"Nou can hken the business
arid financial world TO 4 crowd in
the theatcr. When the show i,
going along smoothly everyone
is hsppy. but let somebody yell
sire" and In an instant a part
of the audience is a surging mol
irving 10 get out the doors. Those
who lose their heads. of course,
make al the noise and take up
the most room; they block the
exits in their frenzy and keep
themselves and others from get.
ting ont. While the fire Itself
may be serious, the stampede is
usually more so. You can have
the panic without a fire: the mere
mention OF fire will start a SIAM
pede. Until within a few years,
fire and panic were inseparable.
"But nowadays we rarely have
theatcr panic the law compels
the provision OF a large number
of exits and also insists that they
be plainly marked. The theater
programmes contain warning o!
what 10 do in the case OF fire.
and when fire does come the
audience rs rule passes quietly
ont. There is seldom a panic.
at Is quite the same in bust
ness. Il used to be that we would
go 1long happily for about &c
years or so enjoying ourselves in
the theater OF prosperity when
all Of n sudden some great bank
or banking honse would fall,
somebody would ven "panic"
and everybody would. so 20 speak
rush for the same way out. The
people would all try to get their
money oft % The banks at once,
thus forcing many 60 suspend
payment. Excited men would
stop business and rush around
irving GO .o.ce debtors 70 pay up.
at The same time refusing 10 pay
their own bills. The factories
would close down. throwing their
people on the streets. The heart
OF business would stop beating
And just rs In the iheater there
may or may not have been any
firei
Continuing the comparison,
the number a. people injured By
the actual business fire Is as moth
ing 20 the people hurt in the mad
scramble 10 get out Even in the
old-time theaier there were usn
ally exists enough II the people
did not start TO push Hut few
ever stopped to think oi that
Panics OF any kind result from
emotion and oycrpowering
thought. There Is 20 reasoning
with them. bu, the basis OF tn
fear that promotes them may be
taken away. Making more exit
and marking them. as well as in
strciing the people wha, 70 do in
the case 81 fire has taken much
Of the danger Of panic gu, OF the
theater. Following the same
thought. the country established
the Federal Reserve banks, which
not only permit the people "a
get ont in the case OF a financial
fire. brt what is more important
show them beforehand that Their,
a-e silently 81 exits. whatever So