The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-12-10
TIE CHANGE IN FINANCE AND
COMMERCE.

tlJh VI EECL-
We have no desire whatever 80 rub
ia the results Of the last presidential!
election To infane the tender cuticle Of
the defeated, az We have been unjustly
accused BIZ hTpercritical friends; but
there il ar object lesson that we do
desire 20 call attention To in that con-
nection. Il Is well known fact that
lust before the election money in View
York ran up in interest To 100 per cent.
n was the very scarcest thing in that
great center Of wealth. The New York
HERALD, in a late edition, under 'he head
of New FORKS Position in Finance,
tells the story Of the rapid change n
conditions IN regard TO money and trade
in that city, brought about By the re-
suit Of the presidential election Inc
Herald says in substance that heretofore
the accumulated capita! in Europe ana
the scarcity Of its outlets has been ech-
trasted with the pIentitude Of enter
prises in this country and the scarcity
Of capital. and, az result, higher rates
of interest prevailed in this country ana
we were borrowers from their store.
Bat now almost as if by magic, the
Herald says, We have a gIGt of nnoAey
in this country, with lower rates ot
interest than in Europe, and the bankers
and capitalists Of the old world are no"
borrowing from US. The estimate Of
the treasury department, issued On the
h.
crease Of money in this country, outside
Of government holdings for the past
month, nearly s20,OCo,0oo, and the IN
crease from August !, sl3l-Oorpcp'
This enormous gain comes FROM the I'M
ports Of gold, the output Of our mines
the increase Of bank note circulation and
the expenditures Of the treasury over
the amount it has collected. That IA
not all. This vast amount Of boarded
money keeps coming. which strengthens
our financial position and makes us
lenders rather than borrowers. This Il
due to the richness Of our ninera! re-
sources, the fetility Of our fields and the
skill and enterprise Of our people.
The Herald also makes quite as
favorable a showing for our foreign
trade. In the last ten months We have
sold the rest Of the world SZiO,po'OcD
worth Of commodities more than W have
purchased. We had been until lately
living beyond our means and conse-
quently ran heavily in debt to the rest
Of the world and were hard put To pay it.
But while our expenditures have been
materially reduced, our exports have
been enormously increased, and in the
last ten months We have decreased our
imports s1OOODO,OOO compared with the
sarne months the year previous.
This is happy condition Of affairs
naturally felt first by our great money
center, New York City, and it only re-
1uircs short time for every part 81
this country to feel its stimulating ef-
fectg. The hard times, il would seem
from this, have done us good after all
bur complaints, changing us from
nation Of borrowers to nation OF
lenders, changing US from 'Xpendins
more than our income TO largely IN
crcasing our income over our eXpennl-
lures. changing the balance Of trade that
vas against US to largely in our favor
and, We trust. teaching us lessons by
which We will continue to be lenders
rather than borrowers. and with our ex-
ports always exceeding Our imports. 1t
is the Inauguration Of a general pros
perity that will be felt to the most re-
mote borders Of our country.