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Show .the most Benscless act f an ordinary Bane people. tj cf the strc-est passions of hurnanitj imd fear of financial loj s is second to fear of torture o.rdeath.: ; ' .'. vV ,' ' ; .An, circulating rejiort3 that are bound to lessen confldence in the banks,..whethef the reports are designed de-signed ivith that purpose or not, is dangerous. By being the author, of such reports Lawson becomes a menace. By hia sensational -writings-he has succeeded suc-ceeded In obtaining the'public ear for the moment' and now that he begins to pour into it attacks upon .institutions th4t are really rital there it no limit-tQ limit-tQ the'amount bf harm he may be able to do. v We want to believe that the. American people are too sensible to listen to what he says against the banks. The banks are safe and sound. The bnsinessof the country is on an excellent footing. The inflated concerns, the creatures of .frenzied financerare few compared with the Humbecqf legit-, imate concerns with tangible assets. But it is easy td start a panic eren in the best of times. We do not care' how much Lawson exposes the fichemes with which. he has been identified. In that he can do no harm and he may do some good. But when he begins to create distrust in the banks and in the financial, system generally it is time to call a halt . ' B 3 comics a Mtnaci. So long as Lawson of Boston confined his screeds to attacks upon the Standard Oil people and to confessions con-fessions of his share in financial immorality with them, no one suffered particularly. It didn't hurt : the Standard crowd very much, it pleased Lawson ; and it amused the' great American public ButJua, j philippics have recently takeh.-a' tone that makes : them a dangerous quantity.' " M ' Several weeks ago he attacked the great life in-' jsurance companies, but he failed to cause alarm.v i The holders of policies in the companies are persons ; of sense and they are not the sort to become panic .J stricken at a baseless cry of danger. 'Now, how-i how-i ever, Lawson is attempting to create a panic, or if 'he is not attempting it he is likely to cause one any- way. He is attacking the banks. ' His charges are of the same tenor as "Coin's Financial Fi-nancial School," which created something of a flurry in the campaign of 1896.' He places stress upon the . . fact that the actual money, specie and currency in the banks' is less than the volume of credits used In . . business transactions. : t - ' There is nothing new in that. The condition obtains in every civilized nation. The business of the world is done largely with 'credit instruments, snch as checks and drafts. It could not 'be .done otherwise. There is not enough actual, money in the world; but-there is' wealth that represents far more than the, volume of credits' ! It would.-be. impossible im-possible to transact business with actual .money ' even if the amount were sufficient ', It is too cumbersome cumber-some and the plan "would -entail too much de- lay. The credit system is a necessjty and it is used in" all business. It; is simple enough. Ther is nb danger in it nor can there.be unless the public takes fright and begins to withdraw spece to horde away. '"it is easy to "start a panic! Hundreds of thousands thou-sands of people who owh money do not know how to use 'it. . "Let ' them think th banks are unsafe and they will begin a - run. - Usually a rrun on' a bank is .... - '.- - |