The Maryville times. (Maryville, Tenn.) 1884-1944, 1898-04-16
SOUND FINANCIALLY.
Republican Prosperity Makes That
Big War Appropriation
Possible.

When President Cleveland sent -ns
Venezuelan message to congress real
and most disastrous financial panic en-
sued. Stock brokers were overwhelmed
with selling orders, and values tumbled
so rapidly that fortunes were lost dur
ing single days trading. Yet the war
scare was certainly not 30 threatening
as that which exists ut present and has
existed for the past three weeks. II IL
true that since the Maine disaster the
stock market has displayed decided
weakness. but at no time has there been
any such panic as that which fell upon
the financial interests OF the country IN
December, 1895. The difference between
the situation at this time aud then u
| too marked to overlook. and IL is well 10
examine the reasons for the better con-
ditions now existing. Very likely the
fact that Spain is not first-rnte power
has much to do with IT, The issue Of a
conflict between the United States and
| Great Britain was looked upon as very
doubtful. and it was realized that In any
event a war between the two powers
would work enormous injury to the
commerce and trade Of both countries.
While Americans are not inclined to I'M
derrate Spain's fighting qualities, IT Is
nevertheless felt that such war as now
threatens could end only in American
victory. even though a fearful price
would have to be paid before that end
was reached.
But there is another and more appar-
ent reason for the absence Of paniclsy
feeling in the stock market to-day. Sell
dom if ever before was the country so
well prepared financially for any emer-
gency. For the past year Americans
have been piling up big balance in
Europe. which may be drawn upon at
any time. The gold supply is so secure
that practically no thought is given to
this matter. How different was the
case at the time of the Venezuelan in.
cident. Then the government had to re-
sort to bond issues to keep the gold re-
serve above the danger mark. and in
spite of the good offices of leading finan.
cial houses there was steady drain OF
gold from This country. The revenues
were insufficient for ordinary govern
ment expenses, and the nations credit
was as near to being seriously impaired
as it had been in many years. Business
depression had prevailed for severa
years and everyone felt poor. Under
n these circumstances it is no wonder that
the gloomiest views were popularity
held and the bottom dropped out of the
stock market.
For the past year we have been selling
Europe far more than we have bought
Our export records have been broken
and the balance which was against u'
in 1898 is very heavily in our favor now
The government revenues have been in
creased by the operation of the new
tariff law until they now exceed the eX
penditures, and the condition of thu
: treasury is such that even the $4,000,
900 appropriation will take only com
paratively small slice of the available
cash. Had so large an appropriation
) been provided for immediate use in 1s9!
bond issue would have been required
, but now Uncle Sam is so rich that he hal
astonished the entire world by tn,
readiness of his purse. Without ques
: ton the feeling and sentiment of thu
financial interests of the country arr
: strongly against war, yet nevertheless
it is felt that If war must come the ma
tional government and the people ar
both well prepared to resist the dir
misfortunes which would inevitably &C
company it.-Troy Times.