The Worcester spy., 1898-11-06
COULDN'T HURT.
The War Could Not Touch
Our Credit at All.

Gen. Thomas l.. James, president of
the Lincoln National Bank, said at the
Downtown Club, in New York, Satur-
day:
Il congratulate you that the predic-
tions made by my predecessor a year
ago regarding the revival of CONNER
cial and industrial activity have been
more than realized. I also congratu-
late you that gold is now the yard
stick by which values are measured and
is also the standard money of the mer-
chant. The past year has furnished an
unprecedented record, both in domestic
and foreign commerce and progress.
That unfailing barometer of trade, the
clearings of our banks, has during the
same period revealed the high-water
mark of business advance. We have
imported, in payment of the balance
of the obligations the rest of the world
owes us, in round numbers, 100000 900
gold, and our exports of American mer-
chandise-to say nothing of the bread
stuffs-in excess of our imports, reach
the colossal figure of half a billion dol
lars. For the nine months Of the pres
ent calendar year our exports are
$100, 900, 900 in excess of those for the
corresponding period in any other year,
while the excess of exports over inn
ports is likely to be as great this year
as last.
Gas has been truthfully said by one
of the bankers of New York in his
financial circular Al new and eager
demand for our surplus wheat has re-
| Gently developed. This will bring out
q large amount of the cereal that has
been held back by our farmers and will
| further increase railway tonnage.
| Never before have the western agricul-
| tural districts been as comfortable and
| as prosperous as now. The fact that
crop has been held back forI higher
prices shows that the growers have not
| been forced to sell. For the first time
| they could hold back their grain and
/ yet have money on which to live, and
| also for the purchase of unWonted COM
| forts and luXuries. This means busi-
ness for the home merchants, the east
ern Jobbers and the manufacturers of
| the entire country, and it means large
return freights for our railroads.
Since our last meeting the country
! found itself suddenly plunged for the
| first time in its history into war with
a nation across the sea, that does not
speak the English language. You are
familiar with the unprecedented
| achievements; a single campaign on
land and between sunrise and noon the
entire destruction of two Spanish
| squadrons, with the loss of but a single
| American life and no material injury
| to our Warships-which shows the
scientific mastery of naval warfare and
modern armed warships by American
seamen. An English admiral has said
| that the fights at Manila and at San
tlago were, on the part of the United
states naval squadrons, simply target
firing-and target firing for Spain.
| But there is another feature-more
particularly of interest to us, perhaps
of which public mention has not been
| made L think for the first time in the
| history of International conflict a war
has been begun and ended without i'm
pairing the credit of both of the ma
tions engaged in it. The credit of the
United States was even higher after
the war was in progress than it was
| before the declaration of war was
made. and it placed its war loan
upon the market at a rate of interest
which establishes the credit of this
country on even rank with that of
| Great Britain, until now the foremost
financial nation of the world
THE war was conducted, notwith-
standing the vast expenditures, with
out any Generalization of business, or
/
cial management reflects the highest
| credit upon one of our own fraternity.
| the Hon. Lyman j. Gage, secretary Of
| the treasury.
| In the year in which we have driven
| Spain from the western hemisphere and
practically from the eastern as we'll
this country has done the largest bust
ness in its history, and has won in the
| markets of the world triumphs unsur-
l rata I,oet
self to the American people as stand
| ing upon the threshold of an era of
| trade with the rest of the world which
will soon rival the magnitude of that
which Great Britain has so long en-
| joyed These are features of a wear
| of war which especially appeal, with
their full Significance, to the bankers
of the United States.
Notwithstanding these happv. onens
we cannot look into the future without
seeing some alarming shadows. There
| IS, first, the unreasonable. opposition 10
| theN banking interests of the United
! States by that element which makes
possible the socialistic and populistic
agitation, and, second the fierce rival
ry that exists between banks and trust
companies, the latter of whom enjoy
all the privileges of national and state
banks, and others of far more profitable
character, without mourning any of
| +toi,. ,,,e-,,.o,,.;11;1f+.- -, - -
eiieiI " IestIalnes or ex-
pellses' i ms Is d l4atter OF serious
~ iliipols 70 .. US an anu l only reIer TO 1t
~. ~ " luei LiLal YOU may carefully con-
| this condition tendencies which here
aIteL may pe ol serious consequence
70 10 tle hatlolal ana state banking in
ledests.
beginning OF tendency toward the