The evening times., 1898-12-19
MONDAY, DECEMBER 1s, 1898.
Signs of the Times.

Several important achievements in the
history OF the country have just been re-
ported for the first time. The volume of
American business transactions was
greater during the year than in
any similar period preceding Our
exports for some time have been
increasing in a most remarkable de-
gree, while our imports show decline al
most marvellous in comparison. Money is
a drug in the market. 1t is more difficult
than ever before, except perhaps in times
of actual panic, for capitalists TO find in
-1estments in any sort of desirable inter-
est-bearing securities.
Such conditions ought TO be encourag-
ing, and are. They are significant when
considered I'm the light of dismal ante
beIlum predictions made by men like
H0ar and Hale, who saw nothing but
depression and national stagnatiOn as
possible to follow a war with Spain.
Whether or not the full measure of the
advantage now resting with this country
is to be reaped by it, is not yet 10 be de-
termined. Everything points TO an era OF
substantial commercial and Industrial ac
divity. and, il is to be hoped, 10 the gen
eral re-ertrance Of the investing class TO
the fed of material development in the
continent and in our island possessions.
II the cheapness OF money is anything
more than a temporary phase of
the situation. the day should be
close at hand when it woul1
pay better TO put ii in business ad-
ventures than to hoard it or lock It up
.p high-priced securities yielding hut the
smallest returns. But it is undoubtedly
more difficult to create a general move
ment in the direction of productive enter
prise than it used 10 be.
People with money have come to be
very chary OF everything but holdings
founded upon the security OF public tax
alton. or undoubted monopoly. II the
present conditions could be counted on
10 last for some time, this hesitation
would diminish America. temporarily at
least, Is once more the granary of the
world. The products of American coal
and iron mines have secured footing
in Europe which we do not think can be
adversely affected by anything except re-
taiiaJory tariff measures. For the first
time in human history the aggregate of
business in a month in the United States
has exceeded that in Great Britain. At
this rate We might become before long
the creditor nation, as, indeed, We could
not help becoming were we to adopt an
intelligent fiscal and maritime
policy and provide measures and
facilities for the development and con-
duct Of the imperial commerce that the
future promises. A tariff for revenue on
ly, allowing the freest trade conditions
possible: the encouragement of American
enterprise in our Pacific colonies. and
the speedy completion of the Nicaragua
Canal, would establish America as the
center Of the worlds trade and eX-
changes. as compared with its former
position as a commercial dependency Of
England.
But If the moncpolists who are deter
mined 10 kin the Nicaragua Canal at all
hazards and others Of the ilk who would
preserve the Chinese tariff at any cost
Of detriment or disaster to the nation,
should be allowed to have their selfish
way. then the current picture of dawn
ing prosperity might have TO be turned
10 the wall We have taken the plunge
of expansion. We must wade or swim
across.