St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-07
for their rights, and the day Of their
deliverance is not distant.
AN EYE OPENER.

ana ABROAD. 1t is, In the first place,
such disclosure Of our own wealth
and ability to conduct our domestic
finances without assistance from the
moneyed capitals as makes 1t a rev.
elation to American fnanciers. From
the time when this government first
went into the market to raise money to
carry on the War of the Rebellion I'M
til the present day, it has been assumed
that when we were in need Of actual
cash we would have to obtain it from
abroad. This was true a generation
ago. 1t is not true today. While the
older countries have great financial
resources in the accommodations of CEN
turtles that are behind them the United
States has been the place where in
the last thirty years wealth has grown
more rapidly than anywhere else on the
face of the globe. The increase of pop
ulation and Of production here, free
from the restraints and eXactions Of
despotic rule, has made the United
States not only the greatest and most
powerful, but the richest nation in the
world. We have need, it is true, of all
our capital for the future DEVELOPMENT
Of the country. But it is not necessary
any longer for US to depend for the
success Of a loan upon the money lend
ers Of Europe
This has already been demonstrated
In the success of popular loans in
some Of cur large cities. The people
Of Philadelphia absorbed two large is
sues Of popular bonds during the last
year, which it would have been thought
ridiculous ten, or even five years ago,
to attempt to float except through the
agency Of banking houses and syndi-
Gates. There was enough accumulated
wealth among the people of that city
to take care of municipal needs and to
prosecute municipal improvements. The
same is true Of every other city Of
considerable size in the country In a
much larger sense it is true of the
nation as a whole. A single offer Of
hundred million dollars of bonds brings
to light 100000 of capital that is
ready for such investment. Only a
small part Of the aggregate bid came
from representatives of European bank
ing houses. 1t is shown that there are
at least $400,0000OO of capital in the
United States willing to be put at the
disposal of the government at about 3
per cent interest.
The striking fact of this is the meas
ure that it affords Of national wealth
Not of that wealth which we knew al
ready that we possessed, in the shape
Of broad fields and great railroad sys-
TENS and factories and mines, which
do not constitute free capital, but in
the shape Of actual money free to seek
any attractive Investment. 1t Is prac-
tical declaration of independence of the
foreign financier and his American rep
resentative. We do not need to de-
abroad; but we are not, and never can
be again, the bondmen of the European
money lender. This nation has within
itself all the resources, financial as
well as material for it's perpetuity, and
for carrying out whatever projects it
may deem necessary for it's safety and
prosperity.
The second illumination of this bond
subscription will fall upon the minds
of the capitalists of Europe themselves.
They have held the current view Of
the American situation, strongly exag-
gerated. They have regarded the Unit
ed States, uniformly, as a country of
magnificent destiny" but of present
poverty. They have been of the opin-
ion that, while American manufactures
and railroads and commercial interests
offered good openings for the occupa-
ton of their idle capital, they could
not for a moment get along without it.
They have believed that they had only
to throw American securities on the
market to bring us to our knees. Hold
ing large blocks of government bonds
and railroad shares and bonds, they
have played with the market, and
forced it up and down at their pleas
ure because they thought, as a great
many Of our own people thought, that
could not furnish buyers.
This bond subscription is really an
act Of emancipation for the United
States from the control of the foreign
capitalist 1t serves notice upon him
that London and Paris and Berlin have
not monopoly of the worlds avail
able cash capital 1t tells him that in
New York and Chicago and Boston and
Philadelphia and in a hundred smaller
cities in this country, there are stored
the accumulated savings of an indus
trious and prosperous people, which
are now ready to come into competition
with his boards. From this day on, the
market for every kind of American Sc
curfty should exhibit firmer tone. 1t
ought not, and we believe it will not,
be possible for the capitalists Of Europe,
at any time in the future, to hammer
down the value of American securities,
to manipulate the exchanges and to
direct the export and import of the
precious metals at their pleasure by
restricting American investments,
or frightening the market out of
It's wits by liberal offers to sell.
A new confidence should pervade the
whole country from this time onward.
We are out Of leading strings. We
have capital of our own. Our people