The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-02

and credit and In the reduction of surplus
stocks Of goods and the healthier relation
between supply and demand in the markets
at large. The year, however, has not been
without its additions to the accumulated
wealth of the nation. This is very evident
from the large amount of idle capital now
seeking employment and the prevailing low
rate or interest, as we'll as from the fact that
many millions of our floating capital are now
nnding temporary employment in Europa
state Of things almost new in the history
Of our foreign financial relations
These in brief, are the achievements of the
last six months of recuperation from the eff
!ects, mainly. Of the disturbance Of confidence
IN our monetary system which broke out In
1893. The results are less important as &C.
compl1shed facts than for what they fore
shadow. We see in them only the beginning
of an of great industritl revival and ex-
pansion. During the five years that our ma
terlal interests have been in a condition Of
to our population, most Of which must be re-
garded as going to the increase of our pro-
ductive capacity-to swell the production Of
our manufactures rather than of agricultural
produce Within this period we have been
subjected to a necessity for diminishing the
costs OF production, which, together with the
new productive inventions, has enabled US to
adapt ourselves to the constantly declining
tendency OF prices; and conspicuous facts
clearly demonstrate that, in certain important
industries. we have already reached a posi-
tlon where we can compete successfully in the
foreign markets with the foremost industrial
or an era OF great Industrial revival and ex-
NATIONS OF the world. This is transient
accident Of extraordinary times, no outcome Of
necessity to unload surplus stocks regardless
or price; 1t Is the consequence of our having
gained a position In advance of other nations
In those conditions which conduce to cheap
ness and excellence OF production. This is an
achievement OF stupendous Importance. For,
as already said, we have reached a point in
our national development at which nearly our
entire large increase of population must go
into industries other than agricultural; and
that makes 1t imperative that we be able to
compete with other countries in the all-con-
trolling factor Of price. 1t is in the highest
degree gratifying that we seem to be reaching
great industrial crash, which too easily might
have proved an inevitable step in the transit
ton. 1t now only remains that find a
breadth Of new markets sufficient for our en-
larging surplus of manufactures. Most OPP
portunely, the drift of political events is
reach. The events Of each successive day are
making it more certain that the 400 900, 600 Of
Chinese population to be placed within
reach of the industrial nations. This fact
means that 1898 is to be year distinguished
IN history as the opening of a great new
commercial era For US, it remains that we
see to 1t that no opportunities lost
through our SupineneSS for gaining our due
share in this prospective commerce.
Apart from these new prospects, the outlook
for 1898 is full of promise. 1t may be safely
expected to turn out to be a realization Of an
Of 1897 has but served to prepare the way. A
document just issued by the Merchants AS
ISOLATION of New York. which includes many
Of the foremost merchants Of this city, states
that 1893 promises to be one of the most
active business years in the history of this
city" which expresses the general expectation
Of men of business at this center.
Henry Clews.