The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-01-16
THROUGH ENGLISH GLASSES.


| THROUUH ENNLlSh GLASoES.
London Spectator.
Among the innumerable financial phe
nomena which have developed themselves
contrary to expectations during the course
OF the current year, none has deceived cal
culations more completely than the com
merclal temper of the American republic
| The extreme depression which ruled in the
United States between the dates of the
Chicago convention and the presidential
election was natural enough; the country
was threatened with the domination of a
new party supported by revolutionary
forces. and the trading community was
more than justified in going at half speed
under the circumstances, but it was the
general belief OF observers. both English
| and American, who were best qualified to
form an opinion. that the commercial posi-
ton Of the country was satisfactory enough
| apart from political complications, and
| that If these were once cleared out Of the
way. the path would be smooth and open
toward a revival of buoyant prosperity
These expectations have been disappont-
ed in almost every respect The political
DOGGY was laid amid a deafening fanfare
OF trumpets, and for days and weeks the
| American people and press seemed to de-
| vote their whole energies to patting them
! selves on the back and yowing that they
had won great victory. These congratu-
lations at last became so tedious that one
of the London financial papers curtly sug-
gested that 1t was time for the United
! States TO 'cut the cackle and get to bust.
ness. but SO far there is no sign OF their
intention OF doing so.
| Rumor spoke loudly, during the first few
days after Mr.. McKinleys election had
been announced. of the large orders for
British goods which had been received from
| America, large enough to turn the balance
| of trade again and bring some of our gold
back again from London and yet the board
| of trade returns for November told the
same tale as those of previous months
the low level Of the sales OF our staples to
| the United States had had a serious effect
| on the sum of our export trade. Aud not
| only are the Americans buying little
! abroad, but all the most trustworthy in
dications show that their internal trade is
equally stagnant and unsatisfactory. The
! railroad traffic receipts. sure a test of
! trade as can be found, show decrease after
/ decrease every week, and the figures of
bankers clearings furnish another proof
OF the inaction that still paralyzes Amer
! lean commerce As the result of their sales
OF wheat and cottsn. the United States. or
AT least their monetary centers are
Hooded with gold, and money is so plentl-
fui that drafts on London are not forward
ed for collection. but are held back by
| spectators in exchange. who can borrow
money on their security.
| And yet this monetary plethora has nut
no heart into American commerce. which
SIM languishes Just as doorously as 1t
| ala before the election. AS far as puz-
zied observers on this side of the water
can judge, the reasons for this continued
dependency are chiefly political.
Mr. Mckinley and his advisers seem to
hp II hat
was needed in the interests Of sound money
by defeating free silver, and that the cur
| rency system, which has been the cause of
so many and such disastrous crises and
pahics during the last few years, presents
| no opportunities for the exercise of reform.
Ing ingenuity. MIR. Hanna has publicly
stated that, IN his opinion. There is moth
1ng alarming IN the currency position ="
| rms statement from the lieutenant should
be inscribed and framed side ny side with
that of his chief, to the effect hat trusts
and corners are fostered by free trade"
They are an instructive pair of o1lter
dicta from the lips OF the two men who
are helieved to hold the chief ContIo for
the present, of the political d, stinies of tho
! united States, There is nothing alarming
| says Tho chief wire puler. but tho peools
are justified in their conviction hat ths
magnificent natural resources Gf the coun-
try and the untiring energy and versatile
/ N.'''i W lSS VI lh VltiItns ought, II rightly
! directed. TO he blest with steady rroSne-ity
( instead of being harassed by constant
I kaleidoscoplc changes from spasms OF III
ful welfare 10 paroNysms of crisis and de-
preston.
The persistence with which MIR CIove.
land and his able financial secretary have
exposed in repeated messages nnd stnte.
ments the drawbacks of the present sys-
| teih-whlch makes the government the
! Keeper OF tho gold reserve, and vet leaves
II heIpiess without any power To il fluerce
the money market or the foreign exchanges
has had some effect on the b. siuess ON
mutlny, and II may he inferred from tina
continuance OF commercial lassitude that
/ public opinion was better informed than
| Messrs. Mckinley and Wanna. AMI was
waiting to see whether be'iins the defeat
OF FREQ silver a genuine effort in the direc.
ton Of currency reform mi,ht be u, MGR
ed. Instead OF any such measure. "tariif
! flrst is the order OF the lay. ana trade IA
once more to be crippled and irt,rfered
| with to suit tho whims II the politlcal
| bosses; no man knows what preclr, shnns
the next measure of fiscal reaction will
take, whether It will pass the senaro ar
how long. II II docs. II will spend In do,n,
so; everything is uncertain, except thai the
| commercial sky is anything but clear and
that there are equally good reasons ,,oYv
| as before the election. for traders TO 20 nj
| half speed.
Demands of JuurnnIsSm
| There is no more royal roadHn Jour