The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-08-24
HmeriCa'S Growing
Financial Power.
Holland" in Philadelphia Press.


Beneath the excitement and energy
which are caused by the advancing wave
of prices in the exchanges and which
have been stimulating influence in
every mercantile house in this city and
in every city of the United States there
is sentiment which daily increases in
strength, and which becomes more and
more a conviction rather than a hope,
that this country is beginning a new era
which is to be characterized by a change
of financial relations with other ma
tions of supreme and final Importance.
In those places where men gather to
discuss with intelligence and informa-
ton the underlying causes and prospec-
tive results of this coming of material
activity and prosperity, it is becoming
more and more frequent to hear conser-
vative and wise men say that it ap-
pears now to be entirely probable that
the supreme achievement of the United
States at the close of the century is to
be the establishment of financial inde-
pendence and that after that there will
surely come financial supremacy.
o.
The immediate indication of temperate
financial independence and mastery
is the certainty that, strive as hard as
Europe and Great Britain may, those
nations will be unable to prevent the i'm
portations of gold into this country in
er swiftness than 1t was exported during
the perilous years of Mr.. Clevelands ad-
ministration. Some men estimate the
amount which must come to be as great
as 800, 100000. But whatever the amount
of gold may be, 1t will come in spite of
the desperate attempts of the financial
power of Europe to prevent it's exporta-
ton, or falling that, to delay it, Mean
while our own vast accumulaticns in
gold are to be increased by the rich re-
turns from our own mines many millions
of dollars, and in addition the timi1
gold so long boarded is to come into
use as capital, so that the impression
in those banking rooms whose chiefs are
recognized as the ablest of American
financicrs is that our more than $780,
100000 of gold is to be speedily employed
as capital.
For some days a careful and exhaustive
estimate has been attempted here in the
interest of those who deal in exchange
so that there may be a clear under
standing of our financial standings with
Europe. OF course it is impossible to
learn exactly how the accounts stand,
since no one can tell how many securities
are in the tin boxes of European invest
ors and since there is no record of pri-
vate purchases especially of bonds. But
the best estimate, believed to be conser-
vative and entirely safe, is that upon the
lst OF August, our accounts with Europe
were squared and that whatever we may
owe there is more than balanced by what
Europe on that day owed here. That
leaves a vast amount of staples export
ed since then and to be exported through
out the fall TO be paid for. Europe has
always eXacted the last farthing of in
debtedness from us in gold, and that
disposition will not be forgotten in the
settlement of balances here this fall
The gold must come or London and
Berlin must swallow their pride, and be-
come borrowers in the New York mar
ket. They must consent to be our debt
ors and yield the autocratic position of
creditors which they have so long held.
There is no escape from one of the two
alternatives.
The question of greater interest, per-
haps so far as the future of the coun-
try is concerned, is not as to these i'm
mediate settlements. but whether this
condition is likely to be permanently
continued, and we hear many reasons
given for the belief that II will be. In
the first place, 1t is just beginning to
be made apparent TO European capital
lists, and, 1t must be said to the peo-
pie of our country that, notwithstand-
Ing business depression OF the past four
or five years, this country has Increased
enormously in its resources and espec-
tally in its understanding and practice
of the true economies and best lines of
agricultural and industrial development
Our national debt is in comparison with