The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-06
An Interesting Question.


The immense accumulation of money in
the banks, not only of New York. but also
OF nearly all the other cities. has caused
the question, whether the United States
have ceased to be a debtor and have be-
come a creditor nation to be asked. We
have called attention several times to the
frequently published statement that the
banks have great deal more money than
they know what to do with. This condi-
ton of affairs has existed for quite a time
so long, in fact, that bankers and other
financiers have begun TO wonder whether
1t is due to abnormal and vicious tenden-
cies or, as already stated, to a changed
position of the country from a debtor to
a creditor nation.
No doubt extraordinary efforts for
the employment of the surplus money in
the banks will soon be made. If it is used
in mining enterprises and railroad devel-
opment in the South American states the
position of those who believe that this is
now a creditor nation, like England. will
be sustained. If, however. the money Is
kept and used at home the opinion that
the United States are still debtor nation
viii be accepted.
One thing seems to be overlooked and
that is that very little money is now be-
ing used in Improvements and in the de-
velopment of the country's resources.
Only a few years ago thousands of miles
amount of money and a great many men
were employed in this work Now little
or nothing is being done in railroad build
ing. Other ways might be mentioned in
which money was employed, but in which
very little capital finds employment now.
All of these things together however. do
not account for the presence of such a
large amount of idle money in the banks
and other financial institutions.
Such state of affairs cannot last very
| long. Money can be had on acceptable
security at such a low rate of interest that
it is portable that a great variety of enter
prises will be started soon. 1t is not i'm
probable that there will be a period of
wild speculation, though the conditions
are hardly such as to encourage anything
/ of that kind. No doubt a good deal of
money will be used in gold mining In Col
orado and Alaska. In that event we NAV
see the gold product greatly increased
next year. But whatever new enterprises
may be undertaken it is certain that the
plethora of money is puzzling the bankers.
-S-e-o
The American navy must look to ats lau-
rels. The torpedo boat Porter, lately in
this harbor, was regarded as the
fastest steam craft in the world, until the
! little English steam turbine boat Turbinia
ran up and down before the fleet at the
| queens jubilee, and smashed records for
| speed. 1t is announced that the Russian
| government has placed orders for three
| torpedo boats, TO be constructed upon the
plan of the Turbinia, and that the con-
tract requires that they shall have more
speed than even the Turbinia developed. 1t
is estimated that the new boats will be ca
| pable of making thirty-eight knots an
! hour, or even forty knots, should the &C.
! Gasion require, That would be equal TO
approximately fifty land miles an hour.
Not many railway trains make such speed
-s-o-s
The Postmaster General has authorized
the engraving and issue of a special post
age stamp TO commemorate the Trans
Mississippi exposition, to be held at ON
aha next spring. The new stamps are
to he sold at Omaha only and may be
printed az the exposition grounds. The
stamp spectators win probably make a
|