Arizona republican., 1898-05-26

prospect of a foreign war In part settlement of this credit balance we
 have taken back a very large amount
 Of securities without any bad effect
 upon our home market. The return O1 St. Paul stock alone amounts to
 nearly s15,000,000. The holdings of
 this stock on the other side have aver aged 250,000 shares for a great many
 years back. The present holdings
 abroad are only about one-third of that amount. The commercial reia- tiOns of this country were never on so substantial a basis as today, which compared with Spain's beggarly con- dition is certainly reassuring. The only way for stock operators to make | money in the future is to forget our relatively small troubles with Spain md look to railroad earnings and the condition of the growing crops from time to time
 It is natural enough that the move ments of the war do not keep pace with the wishes of the sanguine specu- lator in securities, who is always i'm patient for quick results. Cooler heads, however, are prepared to wait patiently for the outcome of operations extending over line of $500 miles
 and which have the whole area of the
 Atlantic for maneuvering in. An army of Io0,OO0 is not marshalled and train ed in day; and wise strategists will never encourage stalking great battles upon raw recruits. As 9 rule, the
 more preparation the mo,e certain are
 results. It might be we'll if our many thousands of amateur strategistS would call to mind the maxim of our
  would undertake nothing until he was
 well ready, and never under estimated the resources of the enemy. The gov
 ernment may make a great mistake If it surrenders its better informed judg- ment to the ignorant .on to Cuba"
 clamor which is now creating a seri- , ous danger from over-precipitancy.
 Some of the historic naval wars afford lessons of patience which our many
 would-be admirals might study to their advantage. The Spanish fleet is play ing game similar to that which ad-
 mirals played nearly ninety three years ago, in 1895, with Admiral Hor- atio Nelson. Nelson had blockaded the French fleet in the harbor of Tou- Ion for nearly year and half. At length the Spanish fleet joined the French, ran the blockade and escaped to the West Indies, anchoring at Mar unique on the 18th of May, 1895, the very same day of the same month in which Admiral Cervera came there in 1898. The combined fleets escaped Nelson once more, but he followed them across the Atlantic and came up
 with them at Trafalgar, where he ut terly defeated them, capturing nine teen out of their thirty-five vessels, while his fleet was only twenty-seven in number. Nelson had predicted to Captain Blackwood, short time pre-
 vious to the battle, that he would take twenty of the enemy's ships. He came within one of it, and then died in the
 arms of Victory" which was his
 memorable flagship. It took Admiral
 Nelson from May, 1902, to October,
 1895, to accomplish this victory, yet
 some people around think that Rear Admirals Sampson and Schley are slow if they don't accomplish simi
 lar feat within a week Nelson "got there" all the same, breaking the na
 val power of two nations. We may safely hope that Sampson and Schley will do likewise with respect to Spain if time is permitted them to make their plans secure.
 The army movements must wait up- on the brilliant achievements of the navy. It is no use bombarding places without taking possession of forts and guns that surrender to our fleet. Dewey's way is the American way of fighting both on land and water. The army will keep up with the navy and in doing so will make a short war of it and lasting peace.