Phoenix weekly herald. [volume] (Phoenix, Maricopa County, Ariz. Territory) 1896-1899, 1898-11-24
- stzkIT1.
The Four Great Eevents that Make Us
Solid.
New TURK. Nov. 10. Is

has continued subject to the upward
impulse impaired by the result of the
elections. At the middle. there was
brief reaction and a drop of - to
per cent. in prices; partly the result OF
desire Oh the part of cautious holders
4 to realize profit; and perhaps also in
conseoence of uneasiness in some
quarters about the possible failure OF
The peace negotiations and the reSump-
tion of host;lities by the United States.
for. Notwithstanding the hopefulness.
III Washington. there are some ppsSi-
| niistically disposed people who seem
to think it prudent to discoant that
| possibility. And, perhaps. that policy
may be prudent: but they who follow
| ii may very possibly find themselves
| without stocks IN the face of an ad-
vancing market
| 1t is now some seven years since a
series of unsettling circumstances
made their appearance in political leg
'islanion. The crisis began with the
silver act of July. 1890, providing NOT
! only for large issues of silver paper
but also authorizing an indefinite ex-
mansion of legal Tender notes. That
| laid the basis for Il distrust of cur legal
tenders which eliminated in the great
bank panic of 1898. Following that
| l,anic came continuous drain uDon
the treasury gold and its export to
Europe The agony of the doubt whe-
Their the treasury could maintain gold
payments or it must descend to the
silver basis was continued for two or
three Years Meanwhile the distrlst
being intensified by the BRYAN silver
campaign. Bryan was defeated in
1896, but the margin of the an:f-silver
victory was so marrow and the silver
r. -
so strong that it was felt that much
ren,a ined to be won before the country
could be considered safe AGAINST thu,
dangers of Is to 1. Along with the dis
trust excited by the silver agitation
came other political issues, embittered
by sectional iea1oUsies, by class pre-
iudices. by impossible demands from
lai1or and by crusade against what
ever Savored of the influences of cant
ial. There was fever of popular dis
content which had never been e1ualled
in the history of the country, and con |
sentative men Trembled at the pros
rect of what might happen If this feel |
ing should proceed much further. The /
election of 1896 revived hope. but 1T /
did not wholly silence fear. The spec |
tacle of such discontents and such re
dictionary policies as were represented |
in the Bryan platform was such a rev.
clarion of the possibilities of liberty |
heine converted into ignorant license
and of republican government being
oveI1thrown by socialism that it needed
more than the results of one
election to reestablish public conf
dence. We have now lad another fed
eral election. which reaffifns the de-
cision of the country that gold and not
silver shall be the money of contracts
and the basis of our currency system
And beyond this. the vote has revealed
a wholly unexpected reaction against
socialStic tendencies
This distinct turn in the drift of pop
MAR opinion is an object lesson TO the
FOREIGN critics who are jealousy
the working of our political
Institutions and using every emporium
Ity to defend their own methods from
1ur apparent failures. And so far as
t encoura geS foreign confidence in our
methods of government. 1T encoura ges
'oreign confidence in our credit
md investments. IT is no small
hing for our financial status in
Europe. tlrat these four things should
happen cnncurrently: % that We have
hus signally indicated our ability
or wise and safe government; ~ thai
We have conducted an important war
o speedy and victorious issue with
,ut any financial derangement and
With no disturbance TO our trade; 81
hat, within the last two years, our ex
lorts of merchandise have exceeded
,ur imnorts by $685.. 100000; and az
hat the government ended the war
With $500. OG0. 900 of cash in the treas
lry This combna ton of achievements
ffords an exhibition of national |
trengtth which. it is safe to say, finds
10 parallel in the historoy of the pow
rs of Europe; and we have not yet
cen the full effects of this exhibition
lpon the worlds estimate of the ma
ional status of the United States. This
las more to do than is generally sup
,osed with the present indisposition O.
he great powers TO interfere in oul
with Spain. The great
of Europe have no inclination
o sanction rmfriendly acts towards
his country with such condition OF
financial relations as Our creditor trade
balances have crea ted.
The monthly report on our foreign |
rade shows Il moderate gain in the I'M
sol-ts and still extraordinary exports
The imports of the month. inclusive OF
;ilyer. show a total of S54.9O6,OOO |
gainst 500. 1862. 900 last month, the in
.rease being 81, GA 600, and as COM
Jared with 1896 the increase is 1881.
100. The exports amount to $123. 1885,
100. compared with $116,969,O0O in
-S97. showing an increase of $6.229.-
100. and compared with 1896 the in
.rease is 81. 1906
In view of the facts above presented.
cannot but regard the present situa-
ion of the stock market is more than
Usually bullish and as affording extra
ordinary inducements on the buying
tide HENRY CLEWS.