The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-25
4 PLACE OF MASTERY.

The predictions made many months
ago by the G. l o b of the rapid rise
of this country to the place Of financial,
as well as industrial supremacy among
the nations of the world have been
realized with unexpected rapidity. Ev-
cry student of economic conditions and
all the great minds Of finance are ex-
ercised with the facts and almost star
tied today by the apparently sudden
cor quest which we have achieved in
the financial and Industrial world. 1t is
actually true that New York city is
in a stronger financial position today
than London; that we are able to die
tate terms to the rest Of the world;
that the United States has passed from
the position of debtor to that Of
creditor nation, and that nothing ex-
cept the chaotic condition of our mon
etary system and the efforts made to
still further unsettle and demoraliZe it
prevent US from enjoying the full adj
vantage of that mastery Of the world
which has long been London's preroga-
tive and boast.
This transfer of the scepter has come
about as important movements always
do, altogether independently of the
feeble attempts Of legislation to direct
or divert business, and as the result Of
our wonderful internal development.
We had struggled along for so many
years with borrowed capital; we had
of financial subserviency, and we were
SO saturated with the idea that our
natural resources, magnificent as they
are, could be developed only by the
assistance of the accumulated capital
of the old world that we forgot to no
tice and measure adequately the
change of conditions through which we
passed from the word Of obedience to
that of command. The capital placed
at our disposal has bcen used to pro-
duce, increase and multiply wealth I'M
til we have achieved our material in
dependence. We are today not only the
great source of food supply for other
nations but we have practically as
manufactured articles. With our de-
velopment along both lines, the annual
output of wealth in the United States
has been such as to pay off our debts
lnsensibly, and to concentrate here a
wealth of capital of our own that en-
Rbles US to regard with Indifference the
attitude of those upon whom we were
formerly dependent.
The trade balances of the country
show this in a wonderful way. The
rise of our exports over our imports
within the last few years has been not
ed generally, but it was supposed to
be merely symptom of the hard times.
The argument was that this country
was not really selling SO much or
achieving a new position as it was
engaged in canceling securities that
had been sent back to us by foreign
holders on account of their distrust of
our future. The records Of the last
year, coupled with the condition of
finances in New York show that the
facts go far beyond this. For the cal
endar year just closed our merchan-
disc exports reached the inconceivable
total Of more than 81, O00, 000, 0G0 in value
In the same time our imports, while
they increased SCI, OOO,O 600 in the twelve
months, still fell below the exports by
the enormous total of 1856, 49S, 664 The
permanence of such a balance of trade
as his, which is actually So, 900, GOT
greater than that Of the year before
means only one thing. The interpre-
tation of it is that we are now sup
plying the world with so much of ev-
erything that it needs that we are tht
capitalists and other people are the
debtors.
AS the markets show, we have taker
from Europe all the bonds and stocks
that she had to dispose of and re
deemed them. The securities that were
sent over here during and after thu
panic have mostly remained on thi.
side of the water. We have paid fo
them by our immense production O
commodities and are ready for more
This has made us measurably inde
pendent of foreign capital. 1t is NJ
longer within the power Of a few Lon