The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-25
FOREIGN CONFIDENCE IN AMERICAN
INVESTMENTS.

Two well-known Americans returning
from Europe We're interviewed just before
sailing regarding American interests
abroad. One was Mr.. Pierre Lorillard,
wealthy man of leisure who has been in Eu-
rope about two years, and the other was
Marshall Field, the well-known merchant
of Chicago, who though he had not been
abroad so long, had good opportunities of
studying the business situation. Mr.. Loril-
lard said:
European capitalists have so utterly lost
confidence in the United States that not
even McKinley's election treasures them.
The English, French and German investors
cannot be persuaded to invest a cent IN
United States railroads or other business IN
the United States, and have withdrawn all
their investments except from such indus
tries as breWeries. If it were not Tor the
Socialistic forces the United States would
command millions of money now idle in Eu-
rope.
Mr.. Field, who had seen the beginning
Of the revival of prosperity in the United
States before he went to Europe. said: 81
fail to find European confidence in the
United States returning with our improved
business and it never will until our cur
rency system is settled a firm, rational
basis" The Journal is inclined to think
that both Of these expressions are rather
strongly stated, and yet there is enough Of
truth in both to set intelligent Americans
thinking 1T is a mistake to say, as Mr..
Lorillard does, that European capitalists
have utterly lost confidence in the United
States, and that they have withdrawn all
oir- in This
from such industries as breweries.
There is large amount of Euro
pean capital still invested in Amer
lean securities, and mining and
other properties. But it must be re-
membered that there is great deal of cap
ital in the United States now, and large
loans can be effected here very nearly If not
quite advantageously as they can
abroad. Nevertheless, it is undoubtedly true
that the confidence of~European capitalists
in American Investments has been some
what shaken and that the growth of So
cialistic forces is largely responsible for it,
Debssm in all it's forms, anarchsm, the
open hostility to capital, unfriendly legis-
lation In many States, labor strikes and
TlOlS nave WOTk6Q together 10 IudkG lOI-
eign capital somewhat distrustful of Amer
lean investments. Turning to Mr.. Field, the
Journal is inclined to think that he, too
is mistaken in saying that there is no sign
of European confidence in the United States
returning with our improved business.
There was great deal of interest shown
in Great Britain in our lst presidential
election. The election of Mckinley was rec
ognized as a great victory for sound money
and an assurance that the public credit
would be maintained. Following the cleo
ton there was a distinct revival abroad of
confidence in the conservatism and honesty
of the American people, yet it is true, as
Mr.. Field says, that there will not be en-
tire confidence in our national finances until
our currency system is settled on firm,
rational basis. And we owe it even more
to ourselves to effect this reform than we
do to foreign opinion. 1t is of far more
consequence to the people of the United
States that their currency system should
be cured of its weak and dangerous fea-
lures and put upon right basis than it is
to the people of any other country. The
way to gain the confidence of foreign capt.
| taliStS and investors is to deserve it.