The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-26
ORR GREAT COUNTRY.


II is worthy OF note that Immediately
upon the beginning Of hostilities between
the United States and Spain. Spanish
bonds dropped in price. while there was
a sharp rise in the price OF American
securities and the stock market assumed
at once a firm tone.
mis- is significant. There can be but one
result in a war between this great and
rich nation and Spain. II will be dis
astrous to Spain and will not seriously
hurt the United states.
The only thing that could hurt this
country would be a lack Of confidence in
ourselves. and, as indicated above, our
confidence in ourselves IS supreme
There was a large element in the United
States thirty days ago in opposition to
war but without changing their opinion
about the unnecessary character OF the
war that element is to-day the strong
est support of the government.
The volatile and inhammable people
VINO cry out for war are rarely the ones
who bear any part Of the brunt OF the
war.
Leaving out the question Of patriotism
and viewing the war from business
standpoint. those business interests which
were opposed TO war are now equally
interested in vigorously pushing the war
70 a speedy conclusion. II will not be
half-friendly bout with Spain, but 1t will
be vigorous war.
II will take time for the government
10 mature its plans and 10 get ready
for the fray. but when the troops have
been modified and every preparation
made for action the war will be waged
with an aggressivenoss and dash that
Win challenge the admiration of the
world and carry CONSERVATION into the
camp Of the enemy.
Americans are not afraid OF foreign
foes. We know our strength and we can
defy the world in any conflict of this
character. And the outside world has
the same confidence in us that we have
I'm ourselves. as evidenced by the fact
that American securities have not been
materially affected by the war.
The only thing that can hurt the bust
ness interests Of this great country is
the agitation that threatens the exist
epce of our institutions-that threatens
TO destroy our financial system.
The New York Journal Of Commerce,
in discussing this phase Of the question
says;
The lesson that no form Of national
folly is so costly as that Of losing faith
i'm ourselves has been brought home TO
us on several trying occasions In the
thirty-seven years that have elapsed
since the beginning OF that war. but has
never been more strkingly illustrated
than during the presidential campaign
OF 1896 Under the fear of Organism the
depreciation Of values was greater than
10 has been during the period OF appre-
hensi0n of approaching war with spain.
AS we showed the other day, the shrink
ago in prices Of the leading railroad
stocks between February lst and April
2lst was, comparatively. slight. For eN-
ample ST. Paul common, which was
o. IA ON the former date was SO 0-S on
the latter: Northwest dropped from
1g6 IL 10 49, Rock Island from 80 IS TO
81: Chicago. Burlington and quincy from
90 rs 90 So IL is instructive 10 compare
these quotations with those Of April and
of August 1896. On April 2Sth 81. Paul
common was ~ 1-2 and on August 10Th
80 rs: Northwest touched lS "a In April
and So is I'm August; Rock Island, 20 in
April and ~ ii in August Chicago, Bur
lington and quincy was u on the gin or
April and Sc on the I'm Of August Up
to the eve OF election the desire 10 hoard
gold was a constantly increasing one
and on November "a as high as l per
cent. premium was paid for IL, though
two DAYS later the yellow metal was
drug I'm the market. On the Stock Tx
change 9 per cent. was paid for call
loans on November ID. and before the
close of business on November Attn the
rate had dropped 10 per cent. Govern
ment 4 per cent bonds Of 1925 advanced
from llG 10 before the election TO l2O
after il. and municipal bonds which had
been quite unsuitable before November
were taken mp with avidity after the re-
suit Of the presidential struggle was an
nounced.
There Is food for reflection in this il
II not war with foreign power that
causes alarm and drives capital into
hiding so much as IT is internal strife.
So long As we have confidence in our
selves so long as the people of the United
states 90 nothing to shake that conf
dence. all will be well and the country
will prosper.