The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-03
A SONG OF GOOD TIMES
SECRETARY GAGE FINDS MUCH TO
MAKE THE PEOPLE HAPPY.
PfIed-Up Deposits in Banks Indicate
the Financial strength of the Con-
servative Business Men.

NEW YORK, Jan. 2.-Under the heading
Secretary Gage Confidently Hopeful the
Times will tomorrow publish an extenueu
interview with Secretary Gage, in the course
of which he is quoted as saying: The COM
ing of good times to our country is not now
something intangible, far off; our good times
are right at hand, dependent merely al
together on our willingness to worthily greer
them and keep them.
Throughout the length and breadth OF our
land blessings have been showered in Doun-
teousness by 1897. Some of us at the opening
of this year just ended presumed to be
hopeful-a few of us even to be conndent-
that 1897 would blaze a pathway for prosper
ity. They who are most optimistic were
(by the test of results) still amply conserva-
tive. And the accomplishment OF 1897 makes
indeed, glorious contrast with the dreary
record of wrecking years preceding. The in
ternauonal balance sheet of the world was
never before so favorable as now to the
United States never before approached so
favorable showing for us. 1t is not the
mere longing of dream that our country
shall become the creditor Nation of the
world That actually it is to-day.
'As against tremendous purchases of our
commodities. foreigners have sent us back
more of our securities. Ever since the
Barring crash, over half dozen years ago.
Europe has been continually and largely UNI
loading on us her holding of American
stocks and bonds. Careful students OF the
situation are persuaded that the limit to
such liquidation must by this time be we'll
nigh reached, but, however this may be,
there certainly is warrant for the gratifica-
ton in the demonstrated fact that we are
not only able to absorb what Europe forces
back upon us, but that we are able TO do
this readily, do it without any culver OF en-
barraSSment-even while doing it accumulat-
ing millionaire cash credits TO our account
in every quarter of the globe.
Some people are, believe, disposed to
be peSsimstic because great sums or
money accumulate in our banks. They urge
this as a sign of national business I'M
healthfulness; merchants and manufactur-
ers, they say, lack confidence, are unWill-
ing to assume normal responsibilities, and
thus the COuntryS general trade has
shrinkage threatening 1t. This is a super
fetal view. After years that have been
practically panic times, exceptional ele-
ments enter into the business situation. And
the unparalleled volume of idle money in
the banks signifies, think, something very
different from what the pessimiSts harp
upon. More largely than yet can be appre-
clated these great totals OF bank deposits
reflect the liquidation of Western indebt-
edneSs. What the Western people have
complished during the year past as payers
of debts will, when we can come fully to
comprehend it, seem fairly to be a chap
ter from the days of romance. The good
pIH6Sl LOT lIllS year crops went uOI 10
middemen and spectators; dollar wheat
came while wheat was yet on the farm
and for the first time in many a harvest
the markets profits were the farmers own.
What the Western farmer did, what he is
still doing, accounts far beyond what is yet
understood for the money which piles
up in our banks. That money largely is
the crop money for 1897 and it has done
magnificent service in the eXtinguiShment
of liens on homesteads in every State, in
every community, of our great West. And
is this unhealthful? Is there any reason for
repning in it? The West paying back to
the East millions borrowed Years agn-and
during some recent times, regarded as an
exceedingly doubtful asset-faces 1898 the
most inspiring situation known to its his
tory.
Another factor having much to do in
making the large showing of funds kept on
deposit, rather than put actively into base
use, reflects newly developed prudence
among our people, East as well as West.
Since 1893 it has been so fashionable to be
poor that economy and caution have be-
come fairly national characteristic. The
man who made money before 1893 hurried,
in nine cases out of tcn to put what he
gained into quick circulation. Change has
been wrought. The average citizen who
has prOSpered during 1897 is inclined to hold
tight for the time at least, to his new sur
plus: it is not that he doubts the safety
of the falling into step with the progress
ing good times; 1t is not that he has become
a drone, mere abSorber. but, appreciative
of recent experience, he chooses for a while
to wait
"Our great bank deposits are not men
ace. Tremendous Accommodations show a ca
pacity to extend business lines; they show
that we are not poor but financially power
full. The country waits now only to have
it certified that sound conditions underlie
national finance. That made clear, shown
to be sure, incontrovertible, we shall wit
ness a profit in business prosperity beyond
parallel-for they who control capital will
ON such assurances move forward promptly
and confidently"