The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-04
Views of Henry CIews.

Banker Clews, of New York, in review
ing operations in Wall street last week
says: There is one good feature in the
otherwise threatening situation. The con-
dition of the foreign exchanges abundantly
fortifies US for the possible contingencies
of war finance. The importations of gold
still continue, and up to date the consign-
mentS to this port via Atlantic and Pacific
ports aggregate about $45 100000. Although
there has been during the week some send
ing forward of foreign bills held here for
temporary investment, it is estimated that
some $50000,0 900 more are still so held, repre-
Senting so much resource of early maturing
obligations either to be hquidated in gold
or extended or settled for by the return of
securities in the event of an acute war
scare. This constitutes a resource amply
sufficient to protect our financial position
in the event of the Cuban question develop
ing into actual war. This fact alone shields
us against the international financial de-
rangements which usually occur as one of
the immediate effects of the outbreak of
foreign hostilities. Instead of being exposed
to the remittance of balances due to foreign
countries we are in the position OF a largely
creditor nation and able to call home
heavy amount of loans extended to other
countries. 1t is not easy to overestimate
the value of this situation Should the gov
eminent be driven to the last resort of war
the banks would be strongly protected, and
so the whole structure of commercial credit
would be safe. Whatever other dangers or
losses we might have to face we should be
safe at the point where our internal sys-
tenn of finance is most dependent. This fact
would greatly contribute towards aVerting
the interruption of industry which ordinar-
lily sets in with the occurrence of foreign
hostilities and therefore should tend to pre-
vent any apprehension of really serious
business disturbance. Moreover, war, not
withStanding its deStructlVeneSS, is attenoed
with its own sources of demand, which are
by no means inconSiderable. The effectS or
that demand Immediately appear IN quick
eneG markets., while the effects or the de-
StructiOn do not show until a much later
period. The nrst effects of the war of
lS61-65 were apparent in great lnf1atlon or
prices and an abnormal activity or tradei
the reactionary arrangements were delayed
until the panic of 1873. AT the beginning of
that struggle we had only $l5O,UOO,0J0 OF goid
i'm the country; to-day we have $75O.00O 900.
War always becomes a serious question or
gold resource, and this difference between
now and then is an advantage of the utmost
value the more so as the threatened war
would be of far inferior magnitude TO that
of thrty-tive years ago. Stlil alCnouSn we
might safely count upon tneSe amelora-
lions Of war when it had fairly got under
vyav its immediate effect would be sharp
shock TO all the markers, put as ILL result SUI
has already been anticipated, Its seVefer 1ea-
lures would soon disappear ana specula-
tion would become conspicuous feature
of business at large, SSpSSAoAly IL S-OSNN','
''The most serious danger of the moment
Is from the impatient members or congress,
who seem to prefer warlike method Tor
freeing Cuba These negotiations must be
allowed time and patience II they are 10
succeed and the President must be aDso-
lutelv trusted and exempt from ponucal
meddling If he is to have a fair chance Tor
his plans. For Spain to sell CUBA Tor $lOV,-
600 900 would not appear TO be sacr1nce
considering what various sections OF TINS
country were obtained at. In 1870 we pur-
chased Florida from Spain for $5,OO,VJ0;
i'm 1904 we purchased Louisiana from france,
when Napoleon I was Emperor and at the
600 600 Texas was acquired from Mexico in
1SS5 The inhabitants rebelled under Sam
Houston and secured their independence II
came into the Union as a State about 1916.
Through the war with Mexico we acquired
California. but we had to whip them to
get it, Our most recent purchase was
Alaska, from Russia, for which we paid
president Mckinley is not only the chief
executive Of the 5000 COO population OF the
limited States but is commander-in-chiefo or
the army and pavy of the Nation. he is
vested with more power than any monarch
I'm the world and when, at this trying peri
hands, he has the confidence of the people
that lie will continue 20 lead the Nation IN
the right direction and carry ii safely
through TO the end. The people of this
country must continue TO back him with
their entire faith, and the hope that he viii
do all things well. and charity Tor mistakes:
should there be any. ard believe that II
there are any they are Of the head and not
Of the heart. We have had ample evidence
already that President Mckinley Is wise
and conservative chief official, and he has
lieutenant in General Woodford. the min