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T1 rvrv "Vnv "This Argus o'er the people's rights No soothingstrains of Maia's son (T- AA . "r1,
tp.UU d XtJcil. Doth an eternal vigil keep ; Shall lull itshundred eyes to sleep." tpJL.UU 3, X GclT
VOL. XXlE GrOLDSBORO, K. C, THURSDAY, OCTOBER 3, 1907. NO. 58
-- , . - - - i . .. . . i. , . . . . , . , ,
PRESENT AND
FUTURE PROSPERITY.
Great Speech of M. E. In
galls This Morning.
Be Addresses The American Bankers'
Association In Convention In
Atlantic lity and Reviews
Much of the Country's
Financial History.
(Special Wire to the Argus)
Atlantic City, N. J., Sept. 27. Be
lore the American Bankers' Associa
tion, now holding their annual conven
tion in this city, Mr. E. M. Ingalls de
livered an address this morning, that
for scope of review and. concise diag
nosing of the financial policies and po
litical economies of American business
circles has not been surpassed.
The subject ot Mr. Ingalls' address
was "Present and Future Prosperity,"
and he spoke as follows;
"We can tell of the prosperity of to
day, but who of us can read the signs
of the future? I feel honored by this
assignment, for it is the thought that
is in everybody's mind today .whether
he be rich or poor, politician or busi
ness man. lias this liquidation, which
has been going on in ew York lor a
year, reduced the volume of business
and is it going to produce such a panic
and depression that we shall see again
the dull times of '73 to '78 and '93 to
'98. when the mills will be closed and
the streets filled with idle men?
"Some people affect to disregard the
liquidation in Wall Street, and say it is
only paper loss of speculators, and
that there has been no actual loss, and
that the eeneral business ol the coun
try and the future are not affected, and
that we mav so on without reference
to what happens in that realm of
finance known to the public as Wall
Street. As well might they say the
mariner on one of those large ocean
steamers need pay no attention to his
barometer, but keep on sailing his
ship regardless of what it may show.
We know that he might soon be wreck
ed and that the prudent mariner, when
he sees the barometer falling, always
trims his sails and puts his ship in
condition to meet the coming disturb
ance which the variation of that instru
ment shows is ooming. While the fall
in the price of securities in Wall Street
may not force everybody to sell, and
as some men say it is nothing but a
loss of paper profits, the fact is, wheth
er a man is obliged to sell or not if it
affeets his financial. ability to carry on
business and help others, and there is
no doubt butwhatl, the mechanism or
business and trade-ofour country is as
delicately adjusted to the conditions of
that financial center as the barometer
to the atmosphere. And the ups and
downs of Wall Street show to the pru
dent business man whether he should
put his business in order and limit his
commitments, or go on iregardless of
the signs of the times. The chances
are that if he folknvs the latter course
lie will soon be in trouble and find
himself and friends crowded to the
wall by disasters which, if he had taken
heed, he might have avoided.
"I had the honor one year ago to de
liver an address to the bankers of Ohio,
and when I warned them, even in such
good times as we were having then,
that there were signs of coming trouble,
they evidently thought I was unneces
sarily alarmed. We had then the
largest crops ever known, our mer
chants had more orders on their books
than ever before, our railroads were
earning more gross money than they
had ever done, labor was well employ
ed and getting high wages, yet it seem
ed to me the clouds in the financial
sky betokened trouble. Our expenses
were too great, and it seemed that no
nation could very long prosper that
was as extravagant in its daily life as
"were the people of this country not
the expenses of a few multi-millionaires,
but the ordinary people. I men
tioned as an illustration the fact that
there had been in the last one J or two
years four hundred million dollars
spent for automobiles, and I right now
add that the expense has gone on and
increased andit is only one of the as
tonishing extravagances oi our people.
At that time I said there was a politi
cal hysteria which was taking the form
of legislation against business interests
and it meant trouble. We were too
Anxious to eradicate in a day or a year
wrongs that have been going on for
years. I ventured then to make the
prediction that if the Sherman law was
continued and left on the statute books,
and enforced, it would produce finan
cial disaster to the business of our
country. That, gentlemen, was only
twelve months ago, and yet I might
say today, I think, without egotism,
that they were words of prophecy and
truth, as the times have demonstrated.
What is the condition in the country
today, and what has brought it about?
First of all, the great extravagance of
the people; next the reckless expendi
tures of corporations, especially the
railroads, some of which undertook to
rebuild and enlarge their lines without
any regard as to how the money was
to be provided.
"Years hence, when the history of
the financing of railroads in the years
of 19G6 and 1907 shall be written up
people will wonder if such things did
and could happen at this time the
millions and millions of expenditures
which were ordered without any visi
ble means of providing for them. All
at once the blow came, and the legisla
tion which I have alluded to was one of
the causes that aided in bringing the
collapse, and the first thing the gentle
men managing the great enterprises
knevv they had no means of paying tor
their expenditures. Their bonds were
not selling, their stock rights were not
taken, except at a great sacrifice. Then
it was that they woke from their
dreams and found large sums due and
no money in the treasury. A scheme
was devised which was possibly the
best and only one that could be taken
viz short-term notes were sold to the
public, mostly at one and two years
and paying iroin nve to twefve per
cent, interest. Thts large interest, of
course, tempted the public who might
have purchased bonds, and the result
has been so far in 1907 we have had no
bond market. The governmental hys
teria has been fanned into a flame by
people who thereby found a better ex
cuse than any other for their mistakes,
and the result was that when Wall
Street began to liquidate there was no
one to buy, and no matter how good
and valuable some of the securities
were they were thrown over at a great
sacrifice. Added to this was the fact
that there was some doubt as to the
amount of crops we were going to har
vest and the surplus we would have to
sell to foreign countries, and also the
fact that the world itself was short of
ready money, and the different fin an
cial centers of Europe were endeavor
ing to strengthen themselves, and this
militated against our own success in;
obtaining needed funds. Further, we
were already beginning tc discuss the
Presidential election whieh occurs next
fall, and this is apt to deter men from
embarking in new enterprises- All of
these things would make one feel that
present business was surely doubtful,
and that there was some alarm over
the future. On the other hand, I be
lieve that the business headache that
we have had and the pains that we
have been through have helped our
system and that we are so strong in
eur economic condition that we ekall
avoid further liquidation and further
depression of business, and that we
shall have four or five more years .of
good business where labor will be well
empleyed and our factories and indus
tries busy. Let us consider the condi
tions of business at the present time.
The railroad earnings look well, the
factories and other industries are well
employed. There is possibly no better
test of the business of the eountry than
its clearing-house reports. If you will
turn to the "Financial Chroniele, "
which always publishes on its first
page these financial clearings you will
find that for the month of Angust there
is a large decrease in clearings in New
York City. This is due undoubtedly
to the liquidation and lack of invest
ment and speculation in Wall Street,
but outside of New York City there is
a gain of nearly 8 per cent, over 1906,
and for the eight months of 1907 there
is a gain of nearly 10 per cent, over the
comparative months of 1906.
"If you will look at the clearings as
shown in the same seat for the years
1904, 1905, 1906 and 1907, for the last
week of August, you will find a con
stant progression and increase in all
the country outside of New York City.
This shows that business is still im
proving in the country at large, and
that the liquidation has not seriously
reached as yet the country outside of
its financial center, and while there
may be more of a depressiion it will
take a very large reduction to bring it
down to the business of three years
ago, or to the place where it will ser,
iously affect the mills, factories and la
bor. I think that we can safely say
that business so far has stood up under
various calamities,, such .as earth
quakes, fires, severe liquidation, and
excitement of the people, and that there
is as much doing in the country to-day
as it has facilities for.
The real question that troubles us
is, what of the future? And here I am
inclined to be optimistic; not that I
think for an instant that the rate of in
crease for the past five years can go on
for the next five years; neither should
we wish it. The railroads would be
swamped with business, the factories
would be forced to work overtime, and
the banks could not take care of their
demands: but there is a vast difference
between this wild, excited state of ever
increasing business and a steady con
tinued progression, where each and
every one has what his facilities enable
him to do comfortably, where labor is
well employed, and yet not so crowded
but what it can give good service and
fair results. Let us look at some of the
things that have happened lately which
would lend strength to this conclusion;
First of all we might consider the sale
of the New York City bonds as the
turning point in our finances. It is
true that they have sold at a high rate
of interest. Every one knew that with
the demands that are on the capital of
this country on such a large scale,even
with the credit of a city as good as
Now York, would demand high inter
est. One of the good things about the
high rate of interest for city bonds
which will spread all over this coun
try, is that it will tend to make our
city officers more careful in their ex
denditures. The people will watch and
criticize the same more, and thereby
the extravagance of municipal expen
ditures will be checked, and it is time
they were cheeked, fo-r they have out
run all reason. Then we must put in
force economies that will enable the '
people to save and invest their surplus
so as to absorb the large amount of
short-term notes that have been put
out. The Financial Editor of tho New
York Evening Post answers my in
quiry by saying that between the first
of January and the first July, 1907, the
railroads have issued of short-term
notes 586,000,000: industrial corpora
tion $138,000,000. Here are over $700,
000,00 that must be provided for, but
if the people will make up their minds
that we have passed the crises, 'the Sav
ings Banks, Insurance and Trust Com
panies and .investors will soon absorb
this large amount and relieve our
banks and individuals so that they can
take eare of the current business of the
country with their funds. We must re
member that they have all been sold
It is only a question of placing them
in the form of a permanentiinvestment
and .not providing new funds
"It has also been somewhat of a
question hitherto as to what the out
come of our crops would be; now it is
pretty well settled that while they may
not be equal to the bumper crop of last
year they are still above the average.
aad with the enormous amounts car
ried over there is a greater surplus
than ever before, -and prices for them
are so high thatiit makes the farming
community very .rich. Think of it.
Corn at their door bringing 50 cents
per bushel, :and a fair crop from this
year and a large amount last year to
sell. The result is the mortgages are
being paid off, new sieves tments are be
ing made, and altogether the agricul
tural community, which is the rea
foundation of our wealth and prosper
ity, is in such a fine condition that it
would be almost impossible to have a
long-continued depression in business
ii tnis country. Furthermore, you
must remember there is about $1,000,
000 per day of gold going into the cur
rency of the world, of which we get our
share, and this is like cheering the sick
man by giving him stimulating and
healthy food that he needs. Now what
is the duty ot the Bankers to-day?
"To furnish readily, and with cour
age, the currency necessary to move
these'erops, to transport tbeca to for
eign countries, ana thus enable our
merchants to pay their debts, and turn
the exchange in favor of this eountry,
charging therefor, a reasonable rate
so that money may at last have its
chance. It had ne chance when rates
wer going at 3 per cent, and 4 per cent.,
but with the standard rate of 6 per
cent, all over the country the banks
ought to make a fair return to their
stockholders, and at the same time
such a rate is not oppressive to busi
ness. Six per cent, money in this
country does not mean bad business.
v
but good business. No money ought
to be furnished for the enlargement of
plants in the shape of current loans; all
extensions should wait until the capi
tal of the country, seeking permanent
investments, could be used. The
banks of this country should set their
face against loans for speculation or
for promotion of enterprises. Let the
new developments wait a little, let the
business people learn that the extrava
gance and wild speculation of the last
year or two must stop arid economy
must be the rule. I was once told in
my younger days by an old banker
who had been very successful in the
West, that there was but one way for
an individual or corporation to get
rich, and that was "by doing without
things they wanted." Let the psople
of this country apply this rule and they
will see how little time it takes to
change business conditions from their
despondent and hopeless condition to
those of energy and promise.
I would ask our public men to cease
the talk which gives the inference that
everything in our corporation life is
rotten, which disturbs business men
and harms our fair reputations all
over the world. It is not true that our
business is generally being conducted
on unlawful lines. I can state here to
day, and defy contradiction, that the
railroads of this country, the great in
terests about which there is so much
talk and abuse, are being conducted in
accordance with the letter and spirit of
law. The officials are trying, as far as
in them lies, to manage the business
honestly and fairly and obtain the ne
cessary funds to pay their obligations
and their employes. This is true, I be
lieve, of individuals also, it may
be that this is on account of the retorm
measures instituted by the Govern
ment. Grant that this is so. It is all
the better for the country and shows
progress in the : right direction.
Why not meet the reform in the proper
spirit and aidiand'encourage it, instead
of always crying wolf and bringing our
affairs and business men into disgrace
ful repute?
'Why try to array class against
class by constantly harping upon the
wrongs of the past? We have gone on
in this country preaching a crusade
against' property and the accumula
tion of wealth without making any
distinction as to how or why or when
it was acquired, until we have so con
fused the minds of the ordinary people
that they think all wealth and prop
erty is their foe, when the fact is there
art scarcely any people in this coun
try but what, to some extent, are pos
sessors of property and accumulators
of wealth. The poor worthless class
the social reformer who hopes, with
out wrk, to get some of his neigbors
property, are very few. We should not
encourage this number or lead ou
people, who are nearly all compara
tively well off, to think that there is
any class in this eountry trying to op
press another. Above all, the Sherman
law, so called, should be changed.
have repeatedly stated, and I think
my construction of that law has been
agreed to by the highest in the land
that under its present terms, and if
strictly construed, no man can honest
ly engage in business without violat
ing it. Amy agreement almost between
two parties is a conspiracy. This spiri
has been enlarged and re-enacted in
State Legislatures until it has pro
dueedeven worse conditions, in ay
own State legislation is so strict that
if two butchers on opposite corners of
the street should agree upon the price
of beefsteak it would be a penitentiary
offense, and conspiracy can be proved
without the usual forms of evidence.
How can you expect men to risk the!
time in building up enterprises or con
tinuing in business if they are liable
to be punished under law like this?
You may say that no such construc
tion has been applied, and yet is it
safe to have a law which can be so con
structed, and if strictly enforced the
liberty of individuals made dependent
upon the will of those who eontrol the
channels of prosecution? We have
created a great distrust of corporations
on account of wrong's undoubtedly
committed by some in the past, and we
have wroughi up sueh a popular feel
ing that today a combination, whether
in the form of a company or trust, seems
odious and criminal, when the fact is
that modern conditions are such that
combinations, whether in the form of
trusts, corporations, or partnerships,
are as necessary as life itself. We must
so change our laws that a fair agree
ment or organization for the conduct
of .business shall not be a conspiracy,
and that only the unfair and unjust
combinations, which shall be so found
after proper investigation and trial,
shall be deemed unlawful.
"Our President has recommended
this change, our National Civic Fed
eration has taken it up, and there is to
be a large meeting in Chicago the lat
ter part of October composed of dele
gates, from all the States to seriously
consider this reform. I hope, therefore,
that some change will be made. I
have given you in haste some of the
reasons for my belief that we are not
going to have a panic in which the
railways will go into the hands of re-
ceivers, as they have done in former
times, in which the fires in the fur
naces will go out, and the machine
shops be idle and the laborer go around
the streets searching: for work. All of
this could come, for the difference be
tween good times and poor times is
very slight, less than 10 per cent. As
bankers, we should use our influence
to restore confidence in this country,
and if our Government officials. Na
tional and State, our statesmen and
business men, instead of harping con
tinually upon what is bad, will uphold
the hands of the good and true men in
the country who are using their fcrtins
and their wealth to make better con
ditions, to keep our mines and bus
iness enterprises going, to keeD the
great army of laborers and workmen
employed, then, indeed, we will have
prosperity. Above all, we mustjhave
no hatred of property, no war of class
es. The efforts of all, high and low,
should be for conciliation. Above all.
we need a rest from the wild talk of
officials and politicians as to wrongs
that they imply are going on and
should be punished. Let us adopt the
spirit and words of one of the greatest
men of our country some years since,
sent out frm Mt. McGregor, when he
said: "Let us have peace." Today I
think I echo the hope and wish of near
ly all of our people who have the pros
perity of our country at heart when I
say give us industrial peace and good
fellowship among our people."
SLUGGISH LIVER
PROMPTLY BENEFITED
"THIS DAY IN HISTORY."
September 28.
1322 Bavarians defeated the Aus-
trians at Muhldorf.
1396 Turks defeated the Christians
at Nieopolis.
1565 Menendez, the Spanish con
queror of Florida, murdered 200 ship
wrecked French.
1774 Massachusetts legislature dis
solved by the royalist governor,
1779 John Jay chosen as the Ameri
can commissioner to Spain.
1781 Washington's army and the
French allies arrived at Yorktown and
began the siege.
1841 Georges Clemenceau, French
statesman, Born.
1847 Milton Nobles, American actor,
born.
1863
born.
1892
Charles I., King of Portugal,
Nancy Hanks trotted a mile in
R. F. SASS. J R.
RICHARD F. SASS, JR., room 415,
Burlington Bldg., 810 Olive street,
St. Louis, Mo., writes :
"loo not De
lieve there is a
person who
takes Peruna
he has been
Pe-ru-na a Godsend
to Working People.
but must admit that
benefited.
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NOT BETTER THAN THE BEST
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2:04 at Terre Haute, Ind.
SUFFERED WITH
ECZEMA 25 YEARS
Limb Peeled and Foot Was Like
Raw Flesh Had to Use Crutches,
and Doctors Thought Amputation
Necessary Montreal Woman
Writes of Cure Seven Years Ago.
BELIEVES LIFE SAVED
BY CUTICURA REMEDIES
"I have been treated by doctors for
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At this time mv
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Feb. 20, 1907."
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BELIEVES WHEN OTHERS FAIL.
ALAMO
GASOLINE
ENGINE.
It's the Boss. Beats a Hoss
and nine out of ten hired men.
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just the same on circus day.
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If you want to make things
go get a small sized "ALAMO"
steadiest help that ever was
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BOX 40
COLUMBIA 8. C.
Real Estate Offerings.
The undersigned has for snloVi. a.
very desirable Ileal Estate sitimnri
as follows:
In Fremont. N. C. two hnsirr
lots on Main street: one resident J
and one lot with resident, l
Wayne and Johnston Conntim
farming and timbered land
quantity to suit purchasers.
Parties having land to sell,
placed in my hands, will receive a
attention.
Addresss
Alex Aycock,
Fremont, IMC.
s
ft
In
in
if
Aycock & Daniel
Attorneys-at-Law.
Offices new Edgerton Building, Nor h
side Walnut Street. Second flom
front. Idltwlir. 9
EOIEYSKlBNEYCli
Slakes Kidneys and Bladder High