The Herald. (Carbon, Tex.), Vol. 7, No. 15, Ed. 1 Friday, November 29, 1907 Page: 4 of 4
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--"1
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Hi- ’ ■ . ■ ' ■_'
• MMM
tWMtt—MMM—M
CARBON LUMBER COMPANY
J ’ 4, r ' f >...-■ •
" ‘ * * ' . I* / •
We have a Complete Stock Of GOOD, NICE
Lumber - Post - Lime - Cement, in fact anything in the
Building Line, and would appreciate your business.
FINANCIAL CONLITION
A Retired Ter.; '.') Banker
Talks on the Money Ques-
tion in aft Intelligent and
Interesting Manner.
- . vs
By request, of J. E. Spencer.
Man, as an animal, is full of
doubts and fears. Dangers lurk
in the shadows and his supersti-
tions see evil in some signs and
good in others. His days are
full of panic. He can be herded
like sheep and lured to destruc-
tion by some bait that tick-
les one or all of his senses. He
is the most reasonable and at the
same time the most lunseasonable
of all the animals., He has
arisen out of the darkness, and
in his struggle to the light he is
in constant conflict with the
bugaboos of superstition, panic
and imaginary evils. You can
convince him that it is neither
reasonable nor right to do certain
things, and yet he will forth-
with do them. You can convince
him that certain things should be
done today in the instant, and
yet; he will linger ip Yhe doing
and jeopardize both life and for-
tune. Take the present panic
for instance. You may convince
depositors that # everyone
make a run on his bank and de-
mands his money that it. cannot
be had, and that no bank in the
world keeps its depositora’ mon-
ey lacked up in its vaults. You
can hardly convince him that
there is no such thing as‘ ‘mopey, ’
and that it is, all “a promise to
pay,” whether issued by the
goverment or a national bank.
The goverment equip, put its
stamp of $20 value easily on
a cow as on a piece of paper or
a piece of gpld. The only trouble
would be that any number of
cows would be hard to handle in
trade. Now if these credits are
withdrawn from the, bank and
buried, all banking must cease,
ail state, interstate and inter-
national commerce be inter-,
rUpted, and every railroad and
factory come to a stop. What
makes “the world go round” is
credit. The actual amount of
gold and silver in circulation is
very small. What we handle
everyday is the goverment’s or
the national banks’ “promise to
in the great industries of our
country, and when you knock out
the props from under these you
do as Samson did when he pulled
down the pillars that up held the
temple. ,
The man who withdraws his
money and hordes it during a
panic is like the man who yells
“fire” in a crowded school, thea-
ter or church. People are by
nature irrational and panicky,
and a town or nation can be led
to destruction by foolish leaders
This great American nation is
now threatened to its very heart
by one of the most unreasonable
panics that ever started in the
storm center’Wall street. Every
industry, every mill and factory,
every laboring man is threaten-
ed with ruin if the rush of the
teror-striken is not stopped.
Many people have only a vague
idea of what a bank is, and say
that if they left their money
there yesterday or last year, why
should they not get it on demand?
The money was left at the bank
because it was unsafe to leave ifc
at home, and it w as more con-
venient to pay in checks than to
carry $500 around in one’s pocket.
The bank took care of the money
replaced it if stolen, and paid it
back when actually needed. The
bank acted as a clearing house
for the town. The bank owes
the depositor a debt and the de-
positor also owes a debt to the
bank. The depositor has trusted
the bank and in leaving his mon-
ey has consented, according to
universal custom and usage to
let the bank lend but a part of
his money. This is to remuner-
ate the bank for its expenses as
guardian of the mohey. No sen-
sible depositor will deny this.
All states recognize the deposi-
tors’ liability to the bank, and
the require him to give savings
banks two and three months
, y • ■ f t i
notice of a desire to withdraw.
Recognizing now that the bank nor bonds, nor sky-scrapers, no
has loaned out a part, of the, de- corner lots, no farms, no mills,
positor’s money', let us assume factories, ships, railroads, auto-
its capital to be $100,000 and its mobiles or trolleys; all they want-
deposits to be $200,000, Total ed was money, thinking that the
cas)i, $300,000. , ' ' government’s promise' to pay
The banka’ expenses are heavy was the real thing. They want-
ami it will probably take all the e(j jt j,y the hundreds of millions
interest that the capital earns or anfl they wanted mdre than all
$9,000, to pay the running ex-j the banks in the east had or
Penses, such as taxes, salaries, r could get> The New York bahki
pay." Read one or two of these donations, etc. , ! finally came to the point where
currency bills and see what it is | It now remains for our bank patience ceased to be a virtue,
that we call money. By hiding to make its money out of the e% They stopped paying. Thera
change business, collftctibns and1 wa3 no sense in failing or closing
interest derived from the loan of: up. No one would be benefited
the depositors’money. Our bank by this. They kept all the mon-
can safely lend out, say 50 per ey they had and have issued a
cent of its deposits,, or $100,000.
The other $100,000 of depositors’
m?ney can be disposed of as fol-
lows: $50,000 can be left in the
vault as cash and $50,000 can be
sent to New York and other
cities, where the large banks
pay 2 per cent interest on daily
balances. The cash m the vault
is ample for the general trade.
Now, if a run starts on our
bank, it first gathers in all the
money it has with other banks.
If the run increases it can bor-
row from New York or elsewhere
$50,000 or more. The bank
would either have to borrow
mo.e money, or would have to
call in the $100,000 of depositors
money which has been loaned
out. This cannot be done in a
day, or even six months, general-
out at the prevailing high rates
of interest, this would also stop
the panic. While the panic is
not yet over, it is quickiy becom-
ing history, and probably by
Christmas business will be run-
ning in its former channels.
—Alfred T. Moore, in Ft. Worth
Record.
Commissioner’s Court.
The resignation of J H W Bo-
ney, as constable of precinct No.
3, was accepted.
The following quarterly re-
ports were approved: Tax Collec-
tor, Jno. F Patterson; sheriff, G
E Bedford: county clerk, June
Kimble; district clerk, T L Over-
by; tax assesor, M L Davenport:
treasurer, C R Whittington; cou-
nty judge. E A Hill. I
The sum of $112 was allowed
G A Vannaman for716 tons of
coal, same to be paid out of the
Eastland court house and jail
fund.
It was ordered that taxes be
refunded to E J Stocton on ac-
count of incorrect assessment in
1902 and 1903.
The treasurers annual report
of school funds disbursed from
September first, 1906 to August
31st, 1907. was approved after
correction. i
The commissioner’s court lev-
ied a school tax in district No. 32
for the year 1907, there having
been no electio n held, the
order for assessment was cancel-
ed, and it was ordered that all
money paid as such taxes be re-
funded. |
______ ____________ The report of the Jury of Re-
against the visible and silent j view of the proposed Staff and
runs made on them. The word Kokomo road was rejocted and
went forth - ‘‘seuve-qui-peut. ” . the jury discharged.
The bankafinally all joined issues The following quarterly re-
and fought shoulder to shoulder ports were approved: A Mitchell,
for their lives. What the people justice of the peace precinct No.
demanded was money and only
money. They wanted no stocks
ly. To force a merchant, an oil
mill, a flour mill or some other
industry to pay up in a hurry is
impossible. Banks in the north
lend money “on call.” We in
Texas, however, cannot do this.
We do not lend to dealers in
stocks and bonds Our loans are
made to those who get close to
the soil. To the farmer for rais-
ing his crops, to the mill that
grinds his wheat and corn, that
spines his cotton and that makes
oil out of his cotton seed, and to
the man who buys his cotton and
cattle for export. It will take
all the way from three to twelve
months to call in these loans.
These are the safest loans in the
world, and for that reason the
slowest. , ,v
Now here is the trouble with
this panic. Everybody wants
his money, and New York has
shut up like a turtle in his shell.
The panic started in New York,
where hundreds of thousands of
frightened people, like lost sheep
got to running. They rushed to
every bank, national, private,
savings and trust company in a
senseless stampede. One gamb-
ler in copper started the agita-
tion by failing and pulling in a
bank after him. Distrust had
been settling ovei* Wall street
for several months. Its ways
are devious, with its booms to
valueless things and its “knock
out drops” given to things of
value. Distrust, which hovered
over Wall street values as the
storm cloud gathered, the news-
papers heralded it from one end
of the country to the other.
The banks were unprepared
ordered to pay out of the avail-
able school fund Exofficio due
Paul Chastain as county superit-
tenant of public instruction the
sum of $375, and the County
Clerk issue script on the general
fund for $25 for stamps, station-
ary, etc.
A new Jury of Review for the
Cisco and Moran road was ap-
pointed and is as follows: Joe
Wilson, John Gude, B. D. Smith
John Evans, Will Palmer.
After allowing each member
of the court $15 as per diem the
court adjourned Friday, Nov-
ember 15th.
and hoarding these the national
clock will be turned back several
centuries, bartar and wampum
will again come into vogue, and
the ox-cart will oust the engine,
the automobile and the flying
machine.
As soon as ,the credit goes the
whole financial fabric falls.
There was plenty of so-calt Con-
federrte money during the war.
but actual money in circulation
only represents a fractional part
of tee country’s credit. Our
Bell county farm was worth only
$20 an acre ten years ago; now it
is worth $75. Same land, same
houses, same crops.
Credits have increased 200 and
300 per cent all over the United
States, but the circulating' ‘prom-
ises to pay,” or money, have
not kept up in proportion. Cred-
it is what makes the financial
world go round. Rockefeller’s
great wealth is not in cash, but
clearing house certificate which
is a “jolly.” However, it is as
good as the cash and just as safe.
All the New York banks are
back of the clearing house and
its promise to pay for one or
fifty millions is as good as the
government’s or Rockefellers,
and should circulate temporarily
as currency. The New York
millionaire bankers are shipping
tons of gold from Europe, and
the national banks are also issue-
ing many millions of national
bank notes. Currency will soon
be a drug on the market,1 and
w hen once the people cap get
what they are calling for, then
they will npt want it, and the
panic will be over.
If the people would not hoard
their money, hut would lend it
3; W V Garrett, justice of the
peace precinct No. 5; H B Horn
justice of the peace precinct No.
1; B P Davenport, justice of the
peace precinct No, 2; R N Early,
justice of the peace precinct No,
4’
Austin Bros, were allowed $200
for the construction of a bridge
on Middle Creek, 8 miles south
of Strawn.
Taxes against W T Leveridge
on lot in Cisco was cancelled,
same having been erroneously
assessed.
The petition of W P Hamilton
and others asking for a change
in the Eastland and Brownwood
road was granted on the follow-
ing conditions: That the old road
be not fenced or discontinued
until all the new road be cut out
and clayed in first-class condition.
The resignation of John Kuy-
kendall as constable of precinct
No. 5, was accepted.
The Exofficio for officers was
allowed as follow’s: E A Hill cou-
nty judge, $300; T L Overby,
district clerk, $100; June Kimble,
county clerk, $75; G E Bedford,
sheriff, $120.
It was ordered that Austin
Bros, be allowed script in the sum
of $440 payable February 15th in
full payment for repairing bridge
on Sandy, contracted by Com-
missoner Eppler.
D. W, Phelps as indigent was
allowed $10, same to be collected
bv Will McElvane.
The County Treasurer was
Land Land
Land
We have any amount
you want, and prices
to suit
Brummel, Fowler fr Co.
mi
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Brummel, A. C. The Herald. (Carbon, Tex.), Vol. 7, No. 15, Ed. 1 Friday, November 29, 1907, newspaper, November 29, 1907; (https://texashistory.unt.edu/ark:/67531/metapth521703/m1/4/?q=%22%22~1%26list: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Eastland Centennial Memorial Library.