The Colville examiner. [volume], November 16, 1907, Image 5

About The Colville examiner. [volume] (Colville, Wash.) 1907-1948

Image provided by: Washington State Library; Olympia, WA

                
Finances of the Country Unimpaired
/ The Absence of Ready Cash Is Simply the Result of V
•M Republican Methods to Insure a Continuation to the wh
\ Moneyed Interests of Our Republican Prosperity /
Some of the banks of the west are now loosening
their pursestrings a trifle and handing out cash in
reasonable amounts for business use. Clearing
house certificates are being accepted in general
business transaction, and the money on which
they are based is being hoarded until such time as
the immense banking interests of the east shall
conclude to let loose. When this will be is not just
now apparent at this office, nor does it seem to be
a matter of knowledge to any one in this vicinity.
Everything possible seems to have been done to
relieve the financial pressure that has been squeez
ing the financial world for the past month, and as
soon as the lever can be withdrawn from the
squeeze being applied to the commercial depart
ment of our body politic, we may expect a tempor
ary relief from the crisis that has been hovering
over us. What more we may expect will be dis
closed by circumstances. Conditions may develop
which have never been dreamed of, but figuring
upon common experiences it will be some time be
fore normal feelings are restored. The general
shaking up, however, that has disturbed every
institution both commercial and financial will be
felt for a long time. The banks have received
great encouragement from nearly $50,000,000 of
gold imports from Europe, and money is loosening
up somewhat, and commerce is shaping to renew
activity on a generous scale in the immediate fu
ture. But every uncertain sound will renew alarm
in all quarters for some time to come.
The country has been so drained for money that
this sudden rush of blood from Europe might
make us dizzy, and while the country is in a state
of frenzy our foreign creditors may make demands
upon us in exchange for the gold they have been
forced to part with that we will be simply whirled
off our feet.
The people should be continually warned, and it
shall not be the policy of the Examiner to withold
any information that will keep them on their
guard. Money hoarded ceases to be of value eith
er to the individual or to the community or coun
try, and therefore it should be invested. If it is
not desirable to place it in the banks either for
safe or unsafe keeping, it should be invested in
land. Land will hold its value. Other things may
be cheaper—they must be lessened in price, but
land will hold its value for the reason it is the best
and only investment worthy of mention and the
shrewdest men are verifying this statement by
taking their money from bondage and making a
safe investment in the purchase of farm lands.
One general cause of the panic which has been
obscured by the smoke from the rapid fire of cur
rent events is the gradual rise of the prices of all
commodities and wages for the past 12 years. We
all enjoy a good price, whether for labor or the pro
ducts of toil, because it brings a greater volume of
money to spend, but we doubt not that there is a
limit which must inevitably be reached. We get
more for our labor, but cost of trade and traffic has
correspondingly increased, if not kept ahead of the
wage pace. This is especially true with respect to
railway freight rates. Our living costs us nearly
double what it did ten years ago. We know this
without having to stop and figure it out. But high
prices cannot be maintained against the cheaper
markets and wages of all other countries of the
world. If we cannot sell Europe our wheat, our
flour, our machinery and our manufactured or raw
material of all other kinds, as cheaply as it can be
bought in other lands, the money of Europe will
go to those other countries, and as strange as it may
seem, Europe gets our money with which to make
the purchase of her necessities, thereby impover
ishing us of our money and making it harder and
harder for us all the time to meet our obligations
with her when the demand is made. With all, how
ever, it is not so necessary that wages should be re
duced as it is that commodities should be lowered
in cost.
For all effects there are causes. For the present
condition there may be several reasons. But one
is plain and not to be controverted. New York by
its financial manipulations started it.
The encouraging statement from many sources
that the resources and finances of the country are
unimpaired is tended to offer solace to those who
are ' 'scared for fear." But the encouraging an-
nouncement that the people will not long be
compelled to reap what republican control has sown
would be much more gladly received up in this
section of Uncle Sam's protectorate.
Some of the republican boosters of a month ago
are not saying much now. They have met a seri
ous phase of financial administration which has
been brought home to them with such force as to
cause deep reflection. For in sooth the power of
wealth ' 'doth bestride the narrow world like a co
lossus" and we petty men, not unlike Shakes
peare's version, do creep about beneath its huge
legs and seek dishonorable graves—which may
also be paid for with clearing house certificates.
Some who yet have confidence in the fallacious
dogma of republican omniscience are awaiting the
time when the clouds shall roll by—clouds of paper
money—and conditions shall become normal. Well,
we can all help them wait. But there be some
who will have learned somewhat the effect of giv
ing over the making and enforcing of economic
laws to a subsidized body politic. These with the
party which has long called for reform will be
heard from soon. And the longer this condition
continues, the sooner will protest become active.