The record-union., 1898-01-03
SECRETARY GAGE HOPEFUL.
SAYS GOOD TIMES ARE RIGHT
AT HAND.
Surplus of Money in Banks Due to
the Vests Paying Its
Debts OFF.

F! NEW YORK, Jan. 2.-Under the
| heading, 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 oul
country is not now something intangi-
BILE, 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. A few
of US even, to be confident that 1891
would blaze pathway for prosperity
They who are most optimistic We're (by
the test of results) still amply conserv
ative. And the accomplishment of lS9l
makes, indeed, glorious contrast with
the dreary record of wrecking years
preceding.
'"The international balance sheet OF
the world was never before so favor
able as now to the United States
never before approached SO favorable
showing for US. 1t is no more the mere
longing of dream that our country
shall become the creditor nation of the
world. That actually it is to-day.
"As against tremendous purchase of
our commodities, foreigners have sent
us back more of our securities. Ever
since the Barring crash, over half doz-
en- years ago, Europe has been contin-
ually and largely unloading upon us
her holdings of American bonds and
stocks. 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 that
may be, there certainly is warrant for
the qualification in the demonstrated
fact that we are not only able to alb
sorb what Europe forces back upon
US, but that we are able to do this
readily, do it without any quiver or
rrassment-which, while doing it
accumulates millionaire cash credits to
our account in every quarter of the
globe.
"Some people are, I believe, disposed
to be pessimistfc because great sums
of money accumulate in our banks
They urge this as a sign of national
business
and manufacturers, they say, lack con-
fidence; are unwilling to assume nor
NAL responsibilities and thus the coun-
trys general trade has shrinkage
threatening it. This is superficial
view After years that have been
practically panic times. exceptional
elements enter into the business situa-
ton. And the unparalleled volume OF
idle money in the banks signlfles, L
think. something very different from
what the pessimists harp upon. More
largely than vet can be appreciated the
great totals of bank deposits reflect tins
liquidation Of Western indebtedness.
What the Western people have ac-
complished during the past year as
pay ars of debts will, when we can come
fully to comprehend it, seem fairly to
be a chapter from the days Of romance.
The good prices for this years crops
went. not to middlemen and specu-
lato-s. Dollar wheat came while wheat
was vet on the farm, and for the first
time in many a harvest the market 8
profits were the farmers own. what
the Western farmer did, what he is
still doing, accounts far beyond what
Is yet understood for the money which
piles W in our banks. That money
largely is the crop money for 1897 and
it has done magnificent service in the
extinguishment of liens upon home
steads in every State, in every commu-
nifty of our great West And is this
unhealthtul? Is there any reason for
repning in it?
THE West, which has been paying
back to the East millions borrowed
years ago-and during some recent
times regarded as an exceedingly doubt
full asset-faces in 1898 the most in
spring situation known in its history.
Another factor having much to do
in making the large sharing of funds
kept on deposit, rather than put ac-
lively into use, reflects the newly de-
yeloped prudence among our people in
the East as we'll as West Since 1893
it has been so fashionable to be poor
that economy and caution have be-
come fairly national characteristics
The man who made money before 1893
hurried, in nine cases out of ten, to
put what he gained into quick circula-
ton. Change has been wrought. The
average citizen who has prospered dur
ing 1897 Is inclined to hold tight for
the time, at least, to his new surplus;
1t is not that he doubts the safety of
the falling into step with the good
times: it is not that he has become a
drone. a mere absorber. but apprecia-
tive of recent experience, he chooses for
a while to wait