Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-04-26
War and Prosperity.

sense of the word. 1t costs a nation
many men and much treasure. arouses
uuwholcsome excitement, and causes Il
dcmoralizing uncertainty to pcrvade
business. 1t stimulates activity IN
some lines, but causes depression in
others, especially commerce. But in
cause for uneasiness over the effects of
war on Americas material prosperity.
The confidence that pcivades banking
! circles and the attitude of the heavy
! foreign holders of our securities are
most eloquent features of the situation.
! In his weekly review Henry Clews, the
| banker. dwells at length upon this point
and finds much encouragement in it.
After speaking of the heavy ship
ments of gold to this country To settle
| the trade balances, and the confidence
| of our foreign creditors that their
American Investments are safe and
sound. at present prices. despite wars
uncertainties. he says that these for-
| eign estimates agree with the general
| view held in financial circles at home;
and at the same time they afford q
| most welcome confirmation of the pre-
! vailing sentiment on the stock rN-
! change. The effect of the struggle
upon the material interests of this vast
! country cannot be accounted as Il Ve1y
| GRITTY of our resources over those If
| Spain cannot permit the conflict to be q
| prolonged one And if short. its cost
whilst possibly ruinous to Spain, can
not be Of really serious moment when
distributed among our vast population.
With their wealth exceeding that of any
other nation. If the struggle should
cost us $500 geo 900, it will have its COM
pensations not only in indemnity from
| Spain. or Cuba, or both, but also in the
| restoration OF a valuable commerce
with the island which is now lost to Us.
| The success of our arms will give Us
status before the world in matters 20
| which we have hitherto little aspircd
| but in which We can no longer afford 70
permit our influence to remain unfclt.
| For many reasons, it will pay us to
| give an exhibition of our military ami
naval proWcss. There is more than
|
! tion i'll respect to which it may be well
| for tn" world to understand that tn"
| United States may have to be reckonci
| with; and it can do us no harm to give
this exhibition Of our fighting mcttIc.
| In such concerns. an outlay of $500 600
! Geo. though it may lee all loas.--is no
matter to brighten .o,ooo 600 of pro9~
! porous and productive people.
There is 30 reason why when
the war is in progress, our mines
should restrict their output or our mills
cease their running. The theatre of
the struggle Will not lie in the midst of
| our accumulated property. in this r.
| spect. war VIII differ greatly as TO it's
| destructiYcncss from one of invasion
| or Il civil conflict. In addition to our
| providing for the ordinary wants ii
consumption, war will create an entir,.-
! ly new set of wants; ana although
those wants may be connected with
waste, yet for the time being they viii
/ give a ncW stimulus TO trade.
There should be no check upon th
ordinary activity of our industries; hut
| there may too possibly be such inter-
| luptions if men of business indulge in
| narrow and pessimistic views of the
situation. If We fail to have an active
and fairly prosperous business through
out the war, it will be due either IL Al
/ business instead OF seeking or making
/ IL. "r TO a narrow conservatism in
credits which paralyzes business At it,
source. The extent to which business
may be ruined through excessive az
! prehension is Illustrated i'll the four
years of depression produced through
fears of a silver catastrophe which has
not Yet come and never will. The true
way for the country to bear itself under
these conditions is to face business
problems with the same courage and
resolution as we are facing the less IN
| Viting problems of war and foreign
politics. The difference between timil-
ity and confidence in this matter is the
difference between prosperity and de
preston.
We are getting good start on Spain
in the commerce destroying business,
anyway. Half score of vaua bic
Spanish merchantmen have been gath