Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-03
SECRETARY OF THE TREASURY
TALKS OF THE OUTLOOK.
NO CAUSE FOR PEssIMIsM.
IMMENSE BANK DEPOSITS PROVE NO
LACK OF CONFIDENCE.
Reflect the Liquidation of Western
Indebtedness and the Hard Earned
Lesson of EcOnOmy-United
States Becoming
Creditor Nation.

New YORK, Jan. e--tHher tnc HeduihS
Secretary Gage Confidently Hopeful the
Times will tomorrow publish an extended
interview with Secretary 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. depend
ent merely, altogether, on our Willingness
wOrthiiy to greet them and keep them.
Throughout the length and breadth of
our land, blessings have been showered in
bounteousness by 1897. Some of US, at the
opening of this year just ended, presumed
to be hopeful-a few of us even to be con-
fdent-that 1897 would blaze pathway
for prosperity. They who are most opti-
mistic We're (by the test OF results) still
amply conservative. And the accomplish
ment OF 1881 makes, indeed, glorious con-
trast with the dreary record OF wreckinS
years preceding.
The international balance sheet of the
world Was never before so favorable as
now TO the United States-never before ap
preached SO favorable Il showing for US.
IL Is no more the mere longing oil Il dream
that our country shall become the credi-
TOR nation OF the world. That actually 1t
is to-day.
"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 continually and largely
unloading upon us her holdings of AmerI-
the situation 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 graft
ffcation in the demonstrated fact that we
are not only able to absorb what Europe
forces back upon us, but that We are able
to do this readily, do 1t without any quiver
or embarrassment, and while doing it, ac-
cumulatinS millions in cash credits to our
account i'll every quarter OF the globe.
Some people are, l believe, disposed to
be pessimistic because great sums of
money accumulate in our banks. They urge
this as sign of national business un-
healthfulnesS. Merchants and manufacture
ers. they say. lack confidence, are unwill-
ing to assume normal responsibilities, and
shrinkage threatening it. This is a su-
periicial view. After years that have been
ments enter into the business situation. and
the unparalleled volume of idle money in
the banks signifies, think, something very
different from what the pessimists harp
upon; p!SIoro :, r.s,v than vst %, ns ,nnrecia,ed
these great totals OF bank depoSl,s renect
What Western people have accomplished
during the year past as payers OF debts
hend it, seem fairly to be a chapter from
the days of romance. The good prices for
this years crops went not TO middlemen
and Spectators; dollar wheat came while
wheat vas yet on the farm. and the first
time in many years the markets profits
were the farmers, own. What the West
counts 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 it has done magnificent service
in the eXtingushment of liens upon home-
steads In every state. In every community
of our great West. And is this unhealth-
ful? Is there any reason for repining in
1.-The West, which has been paying back
to the Last 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.
Another factor having much to do in
deposit. rather than put actively into base
use, reflects newly developed prudence
among our people, and the East as well
as West. Since 1898, it has been SO fashion-
have become fairly national character
istic. The man who made money before
1893 hurried. In nine cases out of ten, TO
put what he gained into quick circulation.
Change has been wrought. The average
inclined to hold tight, for the time, at
least, to his new surplus: it is not that he
doubts the safety of falling into step
with the progressing good times; it Is not
that he has become Il drone; a mere alb
ence he chooses for a while to wait.
Our great bank deposits are not q men,
ace. Tremendous accumuations show q
capacity to extend business lines: they
powerful.
The country waits now only to have 1t
certified that sound conditions underlie ma
tional finance. That made clear. shown to
be sure. incontrovertble. we shall witness
and profit In business prosperity beyond
parallel-for they who control capital will.
on such assurances, move forward prompt
ly and confidently