St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-15

dence that this is purely industrial and
not financial is seen in the fact that
| the Threatened free coinage movement
exercises no practical influence in
| checking the revival any more than
the repeal Of the Sherman act checked
the depression.
1.-The depression has lasted long
enough to use up the entire stocks Oh
hand in nearly all lines of industry,
and throw capital out of use, so thai
all that was necessary to move the
wheels of industry along the lines
| preparatory to an actual increase Of
| production was the restoration of con-
| fidence and the knowledge that havoc
creating legislation was at an end. This
the election of 1894 assured, not only to
America, but to all mankind. OF course
multitudeS of other influences are con-
tributing now to the revival as they
did to the panic, but the main and gov
erning influence is the change of adj
ministra ton, and the assurance that
misunderstanding legislation is at AN
| epd."
John H. Inman has spoken most IA
vorably of the situation, particularly
of the outlook in the South, where, he
said, all branches of business had q
healthier look than for many a long
year.
Coils P. Huntington is another man
who has not been afraid to go on rec
ord as a believer in immediate pros
DeT1Iy, ana the absolute u0dlu OI the
depression of the last few years.
The views of j. Pierpont Morgan
who recently returned from European
trip, are pretty well known in business
circles throughout the land. Mr.. Nor
gan never says anything for publica-
ton unless he is absolutely certain of
his facts, and when he said that the
nation was on the eve of good times
it did more to solidify Wall street mat
ters than anything that has happened
in years.
II. o. Armour, another practical
business man. has predicted a near
change in the commercial affairs of the
nation, likewise Chauncey NJ. Depew,
who is in a position to know whereof
he speaks.
DIPLOMATIC MR.. COUDERT.
Hon. Frederic R. Coudert, who repre-
sents many foreign syndicates, notably
the French government in American
matters, wrote as follows:
Il proceed to answer your questions,
but without the slightest claim that my
opinions upon the subjects named by
you can be of any value whatever to
the public. Still, such as they are, you
are welcome to them.
LAS to the prospect of better times
OF course, the prospect is there, and
the whole country is beginning to feel
the benefit and the eXhilaration that
grow out of general hopefulness. We
have emerged, apparently, from the
slough Of despOnd, and are looking at
the future with an optimistic eye. This
only proves that great country like
ours cannot be kept down for an in
definite period, but will reassert her
self and will administer in one season
the needed tonics to its own body.
But it is only just and prudent to add
that we have not yet laid any deep
foundation for improV ement in bust
ness. We want good crops in the South
and in the West, and we want them
gathered into our barns. So far they
exist only in faith, but alas! Faith is
the evidence of things unseen, and
those you cannot sell to foreign mar
kets. Still, the wheat crop ought to
be fairly secure, providential rains
nave made whole states emerge from
dependency, and our people as a
Whole are throwing care to the winds.
We shall have better times because
we are bound to have them, and be-
cause We feel satisfied that sullen for
tune has Wearied herself out and is
tired of prosecuting us with drouths
and storms and tornadoeS, Sultry winds
and mischievous strill IS.
The policy of the West to make better
times should he to encourage Eastern
and foreign capital. Now, capital is
not to be bullied or scared into submits
sion. 1t is as bashful and timid as a
pushing girl in her teens, and a coarse
treatment will scare it away at rate
of speed that no bird in its flight can
ever equal. The West seems to forget
at times that it is closely welded to the
East; that each needs the other, and
that jealousy of the bloated bondhold-
erS OF the East has become an anach-
ronism. The men who, when boys
have gone to public schools, know that
one member of the body cannot suffer
without involving the whole and that
to dam up the enriching fountains of
gold that flow from the East is simply
suicide. AND, above all, the West should
remember that capital thrives on con-
hdence and stability. 1t must have per-
feet faith in the integrity of those that
handle it, and if it believes that any
large class of our people is ready to
tamper with its promise or connive at
evasion or suffer the sacred obligation
of a promise to be frittered away then
capital will make its exit and prosper
ity with it.
I'VE cannot afford to disregard Eu-
ropean opinion in treating affairs,
whether that opinion meets with our
views or not. As individuals dealing In
great communities to their mutual sat
lsfaction must be tolerant of each 9th
er's opinions, so must it be with ma
lions. OF course, we know more than
all Europe combined-that goes with
out saying-but until we have had an
opportunity by gentle treatment and
confidence to dispel European errors.
whatever they may be, we must humor
them to the best of our ability There
are many dealers in the great centers
of the European continent who fear
that we may some day break faith with
them. We should be careful that no
slipshod expression of petulaRt irrita-
ton shall encourage such a heresy.. Let
us keep our name untarnished even by
suspicion, and the rest will follow"