The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-01
AMMO DoMINI 1sos.


The new year opens more auspiciously
for the people of the United States than
any one of the last semi-decade. 1t has be-
come the custom in discussing business
conditions to date from 1892. the last year
Of general prosperity the country has en-
joyed. That year crops were good, business
was good and prosperity prevailed through
eminent were largely in excess Of its ex-
penditures and the accumulation of deficits
had not yet begun. They began with the
second election of Mr.. Cleveland, and have
continued ever since. About the same time
there began a money and commercial panic,
accompanied by loss of confidence and
paralysis of trade, which continued until
the election of Mr. Mckinley, and the eff
fects of which are still severely felt The
last four years have been trying ones for
the government and the people. The for
mer has been compelled to issue bonds to
the amount of $262, 900 to raise money to
offset the shortage in its revenues, while
the people have suffered from every form
of business paralysis and stagnation. These
conditions prevailed until the election of
Mr.. Mckinley, when they at once began
to change for the better. The result of the
election was hardly announced before mills
began to start up all over the country, man.
ufacturing establishments which had been
employing limited number of people in
creased their working force, and the signs
of returning confidence and prosperity APP
peared on every hand. 1t may be profitable
to emphasize the difference in conditions
before and after the election. Appleton's
Annual Cyclopaedia, in its financial re-
view for 1896. says:
During October. fears of the possibility of
the success of the Democratic ticket slim
ulated further boarding of gold; the de-
mand for the metal caused an advance on
the premium Of Il of to per cent. for
spot and from IA to ~ per cent. for OPP
tons deliverable in November and De-
cember, which premium led to the import
of gold from Europe. Sterling exchange
was largely bought for insurance against
loss in case of the election of Bryan and
Sewall Money on call gradually grew strin-
gent; loans for fixed periods could not be
obtained except at high rates; contracts for
goods We're made conditional upon the sue
cess of Mr.. Mckinley, and for at least ten
days before the election nearly all financial,
commercial and industrial interests We're in
state of partial stagnation. The election
national ticket and there was an immedi-
ate restoration of confidence Money grew
easy; the premium on gold vanished;
boards of gold and of currency were
leased; capital sought employment; bust
ness revived; industrial enterprises were
resumed; the net gold in the treasury in
creased; the loans, cash and deposits of the
banks were rapidly augmented, and pros
porous conditions generally prevailed
This is very recent history, but many
have already forgotten it. The happy
change in conditions above described has
continued during the entire year, until now
no person is so stupid as to deny that there
has been very great Improvement The
change has been as great as any reasonable
person could expect in one year. 1t takes
time for a patient to recover from long
illness and from conditions that have be-
come almost chronic. The country is not
yet enjoying the full tide of prosperity,
but it has made good progress in that direc-
ton, with every prospect of making more.
Trade was better last fall than it had been
for several years, and the indications are
that it will be still better next spring. IN
less all signs fan, 1898 will be a year of
general prosperity. The most sagacious
railroad men predict it, manufacturers ex-
pect it and shrewd business men are MAX
ing their arrangements accordingly. The
Journal predicts that 1898 will be a great i'm
provement over 1897, and by far the most
PROSPEROUS year since 1892