New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-10
THE cB4NCE " FOREIGN ESTIMATES


II Is not very long since som" Of the most con
sulcuous foreign journals We're solcmnly advis-
ing their readers tina, It would be dangerous 10
buy American securities; that this country
though If could. Of course win IN the end, would
probably have bad half hour or many Of them
in ,hc earlier stages Of the war with Spain,
which would last longer than was supposed
and that the Nations credit had been Grip
pied and It's resources so impaired 10y silver agl-
t,tlon that nobody could tell what might hap
non in American finances. II Is somewhat graf
flying TO observe the change In the tone OF th"s"
Journals and there mag be some profit in 4 little
examination Of IFS causes.
Doubtless the most conspicuous cause ~ FOR
.Irn mlstrust was the idea that the United
State, had no army or navy To speak Of. while
the Sr7niSh Navy. rs one journal said III
small. was thoroughly good IFS ships On 4
level with The best Of modern build for their
.ize. and It's army well disc plincd and mad" ny
OF good fighting men. a. Spanish armies long
had been. 1t was remembered thai even Napo-
leon had found Spanish resistance too olStnai"
for his comfort. but he had not command OF the
sea The quick cXtinguiShmrnt of the Spanish
Navy prnpared the world Ia expect good many
things from America. II X not obviously logl-
cal 10 say jhat because American gunncrS are
trained 10 do rarely good shooting American
railroads are move likely a. he good purchase.
Yet il is not quite too absurd, when il is CON
sjdcrcd thar power on the SEA puts The United
States out Of the list Of countries which can no
invaded with prospect Of success. and that lighi-
ING by sea is handling ihc finest modern ma
chincry.
So mucE has been SAID, rot only by foreign
critics, bu, by people At home. abont The dos
pcrate weakness Of the American currency sy,-
tenn that most Europeans were probably PFC.
rarcd Ia see 1t collapse IT the first pressure. ];
vas with scarcely yelled ama2cment that they
saw the Treasury growing stronger every day
when war cane and 50 strong that thc new
war lax was hardly Il surprise, nor The rnor-
nous bidding for tho first Govcrnincht loan.
The ROOF 81 error here was inability TO realize
that TIC Dinglcy tariff had changed TIC r..uG :
lion Of tlir country. It's business and its lsuVir
70 an cxtcn; whlcE prepared Il for almos; any
strain. Wien tn Nations ndus'r,'e AZ. pros
trated. then indeed is currency system is wcak
But Il has been found strong enough for any
emergency thls year.
Another fac; OF profound interest ard %
strrc.ivcncss 10 foreigner. was The are VIA
.
Itself begun and finished. without disturbing IN
the least the crca; industries % the count, o'
lis Internal traffic u,, which The value @; iuvcz:
meats IN transporting lines depends With "a il
roads earning more money II successive mon.l.'
than they had earned in the most prospcr";,s al
pas ypars. and with payments through clear
Ing houses showing greater volume Of lr,"rua
business than over before. Z Hab 20 some *
tent perceived that American transporting con
Germs have n broad and solid foundation ct
which TO rest. With this state ot things VA!
contrasted the weakness Of the same railroad.
in time OF peace. under different National sys
ten. and meanwhile the steady growth Of thu
Nation was also taken into account. Thus ;.ci
began 10 ask themselves. not unnaturally. VIVA
! kind Of investment was more safe than an IN
vesirnent In American prosperity under existin;
laws end administration. Men who did no