Show FINANCIAL Mr Dawes Comptroller of tile Currency Cur-rency thinks jhc hurry which was almost al-most panic In New York two weelcs ago was due not It a scarcity of money but to too much money Ills theory Is I that so much money has accumulated In New York that It had stimulated Illegitimate stock speculation and these bubbles bursting the monoy market was disturbed Mr Eckles who preceded pre-ceded Air Dawes thinks the trouble came through a lock of money caused by the locking up of funds In tit sub treasury and points out that when the country was most prosperous more and mom money was taken out of general circulation and put In the bubtrcas ury Director of the Mint Roberts takes the ground that it Is Impossible to satisfy sat-isfy a speculative demand for more money un demand which giows by I I what It feeds on and thinks It is absurd ab-surd to point to the tight money market mar-ket In Wall street as proof of an in I sulllclent supply of money throughout i the country Dawes seems to havo I the best support for his theory At the beginning of tho year there were 909 000000 In the juanks of New York city There arc now 5716000000 That withdrawal with-drawal of 1SO000000 was not much con sidering1 the enterprises undertaken i during the year but It was enough to I set going 100 stocl gambling operations They would probably have run all right but when the Transvaal war broke out there was 1100000000 In the form of mining stocks floating around I London as collateral for mon borrowed bor-rowed There had been advanced on those stocks cram I0 to 75 per cent of I tluir market value Two or three disasters dis-asters came to British arms The war I of course = stopped the outflow of gold from the Transvaal The stocks began II be-gan to fall und then the men who had advanced money on them wanted It In a single day there were millions and tens of millions demanded Tho next result was that the expected money from Europe In payment of tho laugu trade balinee which our country holds against the Old World did not come but on tho other hand the export of gold began All those tiling combined were enough to make the timid ones who had during the summer unlocked 1 I their vaults and put out some of their money want to get it back So everyman every-man that was short on stocks was caught and there was a howl for money mon-ey from all directions It was all right because it was confined simply to the gamblers The danger was that It I would extent to legitimate business I of the country and that Secretary Gaga gives ns his reason for relieving the market by putting out gold to buy j some Government securities The whole lesson proves nothing except the dan I gel of gambling in stocks on margins I It must not he forgotten either that some very Strong hen so soon as the I I Transvaal war was declared began to short stocks All their Influence went to break th marltot because upon the t depredation 1 tboy cra tQ majce their I money If at all That influence was I added to the others to make a temporary tem-porary panic In the stockgambling I market It would have come 1C there had been twice as much money In the I banks The only danger was that It I would extend beyond the stock board I Into tho regular business of the country i coun-try that Is the danger which still I hangs over the whole business and It U Intensified by the fact that It is hard I to tell sometimes where legitimate I business leaves off and gambling bl I gIns and a great many men in legitimate I I J legiti-mate business arc always gambling to a greater or less extent So that if a I thousand men were to fall on the stock I board In New York it would be found I I that at least 500 business men had also I I gone down The original trouble was I over In South Africa and that Is the I 1 I point which the financial world Is Just now watching and it Is the danger I I point to all tho finances of civilization I I I I |