The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-19

mercial boom, Which Will nave an important
effect in stimulating a rise in securities.
The question is not so much as to what good
reason there may be for such an expectation
as what effect the cherishing of it is likely
to have upon the speculative element I do
not undertake to proPhesy on this matter,
but if this feeling does not result in an ac-
tive speculative campaign it. can only be
because the public has become much more
cautious and conservative than it has been
accustomed to be. The public imagination
is not merely affected by the evidences of
returning business activity; it is becoming
actuated more and more by a feeling that
we are entering upon an extraordinary era
of national prosperity.
''The remarkable expansion of our exports,
shown in valuation of $3.50 100000 for No
vember-by far the largest in the records of
the Nation-is linked with the prospects
suggested by the policy of external expan-
sion, and a great national hope is the re-
suit, which appeals to the public imagina-
tion and predisposes those who have means
awaiting employment to participate in
movements which look to a rise in values
and an increase OF activity in industrial
and transportation corporations 1t is un-
deniable that feeling of this kind is steadi-
| ly taking possession Of the public mind
and it is not apparent what influences are
at hand to arrest it's growth. 1t is not i'm
possible that 1t may widen into an unreason-
able expansion of speculation. Such results
very frequently follow national victories,
and especially when they bring annexations
of territory and open UP new fields for COM
mercial enterprise.
There have been past periods when such
conditions as now exist would have de-
veoped speculation in its widest FORMS but
the experience of the last five years has
taught our people much practical WISDOM
and that fact may be expected to exert
some restraining influence. But making all
allowance for conservative restraints, it
must be admitted that, viewed as a whole,
! the present condition Of the United States
is one that tends toward the development of
a speculative period OF steadily expanding
Importance. The situation is attended with
a growing realization Of the magnitude of
the national production, wealth and inter
national significance. Rejecting men see
that ten years hence we shalf be a nation
Of 1O0,000,OO0 people, surprising all other
countries in wealth and International i'm
portance Hitherto they have not dreamed
of what the United States is to the rest of
the world, and now hattheir eyes are open
| to the inevitable expansion of our COM
merce and power a great hope is inspiring
the public consciousness. This new inspira-
ton must henceforth be a great impulsive
force behind the industry and the wealth
| of the country, and it's effect can hardly
| fall anything short of great bound in ma
| tiOnal enterprise. AT the moment we are
| only in the beginnings of this national
awakening, and any extraordinary mani
| festation Of the speculative spirit is there
! fore perhaps not to be expected as an inn
mediate result. These factors, however,
| may be expected to constitute a bull element
in the securities market, giving it perma-
nent strength and pushing 1t steadily toward
a great speculative elimination. look for
an exhibition Of the effects of this tendency
with the opening Of the new year. How
far it may affect prices L will not venture
to indicate.
''The effect of the American-Spanishw war
| is going to be further reaching than even
| dreamers of Americas destiny have ever
pictured. 1t will in the end lead to COM
mercial revolution amongst nations. AS
result of the war we have gained the Phil
| ippine islands and thereby made the Pacific
ocean of vastly more Importance to us
| than it otherwise could have been. It gives
us d front-door entrance to China and Asia
| for the distribution of our products and
manufactured goods which in time will be
superior to that of our European competi-
| tors. Our great railroads now center at
! Chicago, which place has been made impor-
! tant through its connection with the lakes.
| The lakes and railroads together have de-
veloped almost abnormally only certain To-
| calities of this country, whereas the next
| great developments will not be where the
! lanes are located, but will be between
! ocean and ocean-from the Atlantic to the
| Pacific-which will make the railroads that
span that territory the great highways of
| the world. The result of the war must
! force the building of the Panama and Mica
ragua canals in the interest of this country,
and when completed they will make the
| Caribbean sea the rendezvous of the
worlds commerce, as they will furnish by
! far the nearest and cheapest mode of trans
| portation to supply the SO0,000,0O0 Of people
at the eastern side Of the Pacific The At
| lantic and the Pacific oceans and the Carib-
bean sea together are going to be more i'm
| portant in our future progress of develop
ment than can be imagined by the most en-
! thusiastic.
"The subjoined statement, showing the
| imports and exports OF goods for the twelve
months ending Nov. 80 for each of the last
| six years, illustrates the extraordinary rate
| at which our exports have been gaining
upon our imports for the last three years: