The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-03
GAGE SAYS TIMES ARE GOOD.
GOTHAM'S GIUT OF MONEY DUE no
PAYING OFF OF MORTGAGES.

international Balance sheet of the
World Never Before SO Favorable
10 the United states As NOw-Dem-
onStratiOn of This COuntry's AbiI-
ity to Take Back Its stocks and
BOnds From Europe IL Magnificent
Proof of Its Financial strength.
Pathway for Prosperity Blazed
During the Year just Closed.
New York, Jan. 2.-Under the heading,
Secretary Gage Confidently Hopeful,
the Times viii tomorrow publish an ex-
tended interview with Secretary Gage, i'm
the course of which he Is quoted as say
ing: THE coming OF good times 10 the
country is not now something intangible,
far off; our good times are right at hand
dependent merely on our willingness 10
greet them and accept them.
throughout the length ana breadth OF
our land blessings have been showered in
bountiousness in 1897. Some of us, at the
opening of the year just ended, presumed
to be hopeful few of us even TO be
confdent-that 1887 would blaze pathway
for prosperity They who are most opti-
mistic were (by the test Of results still
amply conservative. And the accomplish
ment of 1897 makes indeed glorious con-
trast with the dreary record OF the wreck
ing years preceding.
''The nterna tional balance sheet OF the
world was never before 50 favorable IS
now TO the United States-neVer approach
ed so favorable a showing for us II rs
no moro the mere longing of a dream that
our country shall become the creditor ma
ton of the world. That actually is to-day.
LAS against tremendous purchases of
our commodities foreigners have sent US
back more of our securities. Ever since
the Barring crash, over half dozen years
ago Europe has been continually and
largely unloading upon us her holdings or
American stocks and bonds. Careful stu
dents of the situation are pursuaded that
the limit to such liquidation must by this
time be well nigh reached, but, however
this may be- there certainly is warrant
for qualification in the demonstrated fdct
that we are not only able to absorb what
Europe offers back upon US, but that we
are able to do this without any culver or
embarrassment-eve while doing 1t accu-
mulating millionaire cash credits to our
account in every quarter of the globe.
Some people are / believe, disposed to
be pessnistic because great sums of mon
ey accumulate in our banks. They urge
this as sign of national business un-
healthfulness; merchants and manufactu-
ling to assume normal responsibilities and
thus the counlry's general trade has
shrinkage threatened it.
This is a superficial view After years
that have been practically panic times eX-
ceptional elements enter into the business
situation, and the unparalleled volume OF
idle money in the banks, signifies, think
something very different from what the
pessimists harp upon More largely than
tofgIa
of bank deposits reflect the liquidation of
western indebtedness. What the western
peoule have accomplished during the year
PASSED. as payers Of debts will when we
can come fully to comprehend 1t, seem
fairly to be a chapter from the days of ro-
nance"
Good prices for this years crops went,
not to the middle men and spectators;
dollar wheat came while wheat was yet
on the farm, and for the first time In many
a harvest, the markets profits were the
own What the western farmer
did. and what he is still doing accounts
far beyond what is yet understood, that the
money which piles up in our banks is the
crop money for 1897; 1t has done magnih-
cent service in the extinguishment OF liens
upon homesteads in every state, in every
community Of our great weast And is
this unhealthfui? Is there any reason for
ItDNlitlS III ~
iThe west. which has been paying back
10 the east millions borrowed years ago.
and during some recent times regarded as
am exceedingly doubtful asset faces, In
1898. the most inspiring situation known 70
It's business history.
"Another factor that has had much to
do in making the large share of funds
kent on deposit, rather than put actively
INTO business. reflects newly developed
nrpdeuce among our people, east as well
az west Since 1893 it has been so fashion
able 20 be poor that economy and caution
nave become fairly national characters
tic the man who made money before 1888
hurried in nine cases out of ten, to put
,vbat ne gained into quick circulation. A
cbange has been wrought. The average |
citizen who has prospered during 1897 is
inclined 10 hold tightly onto his money, |
~ least on 10 his new surplus, until as /
.ured of the pcrmanency of good times; |
IN is not that he has become drone [
mere absorber, but, appreciative Of re- |
.ent experience, he chooses for a while I
10 await
"Our great bank deposits are not a |
menace Their enormous Accommodations /
shows a capacity TO extend business line; |
hey show that they are not poor but /
powerful
"rhe country wants now only one thing |
10 have il certified that sound conditions |
dominate finance. That made clear and /
he situation shown to- be incontrOvertible, :
we shall have an era of,prosperity beyond