The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-03
ERA IS NOT COMING, 1T IS
HERE.
PLENTY GREETs NEW YEAR
BALANCE SHEET HAS NEVER BE-
FORE BEEN so FAVORABLE
TO UNITED STATES.
NATION FINANCIALLY
GREAT.
Its Wealth Indicated by the Ease
With Which 1t Has Absorbed
Returned Securities.

NEW YORK, Jan. 2.-Under the
heading Secretary Gage Confidently
Hopeful" the Times will tomorrow pub
lish an extended interview with Secre-
tary Gage, in the course of which he is
quoted as saying: The coming of
good times to our country is not now
something Intangible, far off: our good
times are right at hand, dependent
merely, altogether, on our willingness
to worthily greet them and keep them
Throughout the length and breadth
Of our land blessings have been show
cred in bounteousness by 1897. Some of
US at the opening of this year Just
ended presumed to be hopeful-few Of
Us even, to be confident-that 1897
would blaze a pathway for prosperity
They who were most optimistic were
(bye the test Of results) still amply con-
servative And the accomplishment Of
1897 makes, indeed, glorious contrast
with the dreary record of wrecking
years preceding.
1.-THE international balance sheet Of
the world was never before so favor
able as now to the United Statesmen
er before approached SO favorable a
showing for us. 1t is no more the mere
longing of dream that our county
shall become the creditor nation Of
the world. That actually it is today.
"As 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 con-
tinually and largely unloading upon us
her holdings of American stocks and
bonds. Careful students of the situa-
ton are persuaded that the limit to
such liquidation must by this time be
we'll nigh reached but, however this
may be, there certainly is warrant for
the qualification in the demonstrated
fact that we are not only able to alb
serb what Europe forces back upon
US, but that we are able to do this read
lily, do it without any culver or en-
barrassment-eVen while doing it accu-
mulating millionaire cash credits to our
account in every quarter Of the globe.
Some people are disposed to be pes
simiStic because great sums of money
are accumulated in our banks. They
urge this as a sign Of national business
unhealthfulneSs. Merchants and man
ufacturers, they say, lack confidence,
are unwilling to assume normal respon-
sibilities, and thus the country's gen
eral trade has shrinkage threatening
it, This is a superficial view. After
years that have been practically panic
times, exceptional elements enter into
the business situation. And the I'M
paralleled volume of idle money in the
banks. signifies, I think, something very
different from what the pessimists
harp upon. More largely than yet can
be appreciated these great totals Of
bank deposits reflect the indications of
Western indebtedness, what the West
ern people have accomplished during
the year past as payers of debts will,
when we can come fully to coH.p1e-
bend it, seem fairly to be a chapter
from the days Of romance The good
prices for this years crops went not
to middle-men and spectators; dollar
wheat came when wheat was yet on
the farm, and for the first time in
many a harvest the markets profits
were the farmers own. What the
Western farmer did, what he is still
doing, accounts far beyond what yet
is understood for the money which
piles up in our banks. That money
largely is the crop money for 1897, and
1t has done magnificent service in the
extinguishing of liens upon home
steads in every state, in every commu-
nifty, Of our great West. And is this
unhealthful? Is there any reason for
repining in it? lq
1.-THE West has been paying back to
the East millions borrowed years ago
and during some recent times, regarded
as an exceedingly doubtful asset-faces
in 1898 the most inspiring situation
known to its history. 81 -
Another factor having much to do
In making the large sharing of funds
kept on deposit, rather than put active
ly into base use, reflects newly devel-
oped prudence among ouro people, East
as we'll as West. Since 1898 it has been
SO fashionable to be poor that economy
and caution have become fairly ma