New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-19
SOURCES or FINANCIAL STRENGTH.

In sixteen days OF March, with fifteen re-
naming. the Treasury receipts were $lI,242-
OF. SO that receipts for the month may not i'm
probably reach S34O00000 against about $50
100000 monthly required for ordinary expenses
of the Government. In this state of facts the
remarkably heavy imports Of gold serve only
to supply the outside money markets or posi-
bic demands. aud the position Of the Treasury
remains undIsturbcd. The recent yielding in
prices Of domestic clothing wool, notwitnstAnd
Ing strong bidding Mt London sales, indicates
that imports Of that product may not bring IN
large revenue for some time, but on other ar
tcles the duties are developing much as was
expected. While prospects of war diminish, II
grows clearer that the country has been and IS
in wonderfully strong position to stand any
strain Of that nature, and somewhat free pur-
chases Of American securities on foreign ac-
count within the last few days gave express
sion to that belief
Some of the blunders which are made in COM
pairing the decline in prices Of United States
and Spanish bonds are far from creditabe. One
paper calculates a fall of about seven points in
Spanish bond, and about six points In United
States tours, and imagines that the credit of the
two nations is about equally affected. On the
figures it uses Spanish bonds fell about II
per cent OF their previous value, while United
States bonds. which were worth about twice as
much, fell about per cent. The main point Ia
that Spain cannot sell per cent bonds 1T 60.
while the United States could sell such bonds
at 120 In large amounts. Spain cannot borrow,
ms the reported answer by the Rothschds
states, while the borrowing power of this coun-
try in case of need IS for practical purposes I'M
limited
The state Of National finances has put out
Of mind the rcnl or assumed anxiety about
currency and the maintenance of gold pay
mcnts. Really, tho Republican policy has been
subjected to test far more severe than any
body expected, and has borne 1t triumphantly.
1t was claimed by Republicans In Congress that
n sound revenue law would so insure National
prosperity as 10 remove anxiety about the cur
rency But II was not then suspected that
possibilities Of foreign war might come to af-
feet the public credit. and any such disturb
arce Of credit would obviously Increase I'm
measurably any distrust in regard 10 the main
tenancc of the gold standard by redemption Of
notes. Before the new revenue law has reached
its full efficiency the foreign disturbance has
come, and has produced ut least as much eff
feet on quotations Of bonds and the public
credit rs anybody could have anticipated. and
yet has not in the slightest degree disturbed
confidence In the ability of the Government to
maintain the soundness Of It's currency
1t IS common habit to assume that pres
ent conditions must be temporary, caused
by concurring bad crops elsewhere and good
crops here. But fact Of far greater impor-
lance in the long run is that the chief manu-
features are enabled, by the security which
ample protection affords, to enter foreign mar
kcts with much success No important estab-
lishmcnt produces one thing only, and all are
liable to be embarrassed If only part of their
production can be arrested by foreign competi-
ton. Dut when resolutcly and amply defended
they arc able to sell this week. for example,
1000 tons rails to Australia. 5000 tons rails
and 900 tons brldgework to South Africa 5000
deckplates TO English shpyards and other
products Of this single industry averaging about
So 900 n month. and at the snme time to
meet without any rise Of prices n far greater
demand for domestic uses than has ever been
known The key Of the whole business is that
Americans have stopped running into debt
In order TO buy from other countries products
which they can make at home by employment
Of labor otherwise idle.