New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-10
finartial.
The Financial World.

Following our Civil War came an era OF IN.
dustrial and commercial expansion greater than
the country had ever known. 1t eliminated In
the great smash of 1873: out before the smash
came. the process Of widening trade and wild
sneculation as a concomitant, continued to run
with increasing force for nearly seven years. II
was not currency imitation which did It, for the
printing of greenbacks stopped with the war.
II was n remarkable outburst Of national
t,vi,ies which may be said TO have had their
snr,nps in war 1t will probably interest many
70 know that in the opinion some OF our ablest
bankers and financiers, the country Is now about
errer,nu on an era Of expansion commercial and
industrial greater than this generation has ever
soon The EXPANSIVE movement will continue
until II will according to all precedent culmi-
nate as the other did: but the elimination Is
wears ahead and the years intervening VIII %
record breakers In our industrial annals
n this seems rather Of the day dream order.
be II considered that 1t Is the deiiperate Juog'
ment of shrewd men. whose foresight ana sa'
gacity has been proved by their success III heiaS
where the competition Is keenest 1he'r Judg'
ment on such matter is therefore entiued 10 re-
snect They believe that the era is coming; that
we are entering on It. and that the beginning OF
II will be the close OF the present war.
Ii may be asked, what is there In this war to
give rise to such movement or ihdusulai
forces? The same question might have been
asked during the Civil War. and to the average
man 1t would certainly have looked then that
the country would have sunk into the ietharsy
OF exhaustion. rather than burst into an un-
precedented Industrial activity. That war was
one Of the bloodiest and most destructive in his
tory nearly one half the country had been laid
waste and its Industrial system destroyed. our
Ind h.on
enormous debt piled on the people. There were
no arguments for a movement Of industrial ex.
mansion Nevertheless we know that 1t came.
The man who in 1863. could predict that the
close of the war would see the country expand
ing as 1t never had before, would probably nave
found fewer believers than one who predicts the
same now. The unbelievers now would ASK ana
reasonably enough what there can be IN the
new and burdensome responsibilities which this
war will impose on the country, TO give rise I"
such an era Of expansion as our Leading bankers
and fnanciers predict. Probably il these latter
were called upon for details OF their BELIEF, they
might be unable to give such as would he salts
factory to the sceptica: but just as likely the
man who made a like prediction In lso3 might
have been considered wanting when he came
to specifying details. and 1t might have hap
pened that in some Of these he would have been
have been correct.
In general terms 1t may be said now that the
territorial expansion OF the country which must
Inevitably result from this war. VIII bring Win
It an equal expansion Of trade and commerce
This could only take place with an energetic
people. but there is no nation which has more
energy than our own. Our business men VIII
not consider the burdens which our new acquis'-
tons will impose; all they will seek will be the
new opportunities for trade and the possibilities
for its development. These will make the bur-
dens light Take Alaska an example. nder
Russian control 1t had simply been burden .
burden which that country was gladly ready 10
part with Under United States control ore
Alaska industry alone more than paid the Gov
eminent the interest on the money 1t expended
for the purchase OF the territory.
SO II will be with our new acquisitions. They
will pass under our control absolutely. To sup
pose that we shall spend the blood and treasure
we are spending now, merely TO turn these ter
ritories over to a set of half savage insurgents
whose rule would mean massacre and anarchy,
Is out Of the question. 1t will never be done
the country would not tolerate ii for an instant.
1t is very we'll to talk OF professions made before
the war; before the real conditions became mani
fest: they were sincere enough doubtless. So
were President Lincons professions al the out
break of the Civil War. that there was no intent
to interfere with slav cry. Nevertheless slavery
went, and by the act Of the same President as
a result OF the war; and Cuba Porto Rico, the
Philippines and other islands will surely become
territories OF the United States result OF
this war; and as such will afford opportunities
for industrial expansion which will play their
part. and no unimportant part in bringing about
that era OF industrial expansion which our
financiers predict.
The Pacific coast Will have a specially large
share In this. Various causes. too numerous 10
specify will contribute 10 this end As the
country west OF Chicago was the scene OF the
greatest development after the Civil War. so
will be the Pacific coast section after the close
OF the present war. CUTHBERT MILLS