The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-03-26
SOUND FINANCIALLY.
Republican Prosperity Makes That
Big War Appropriation
Possible.

When President Cleveland sent his
Venezuelan message TO congress real
and most disastrous financial panic en-.
sued. Stock brokers were overwhelmed
with selling orders, and values tumbled
so rapidly that fortunes were lost dur
ing single days trading. Yet the war
scare was certainly not so threatening
as that which exists MT present and has
existed for the past three weeks. 1t is
true that since the Maine disaster the
stock market has displayed decided
weakness, but Mt no time has there been
any such panic as that which fell upon
| the financial interests of the country in
December. 1895. The difference between
the situation at this time and then is
! too marked to overlook, and it is well to
examine the reasons for the better con-
ditions now existing. Very likely the
fact that Spain is not a flrst-rate power
has much to do with 1t. The issue of Il
conflict between the United States and
Great Britain was looked upon as very
doubtful, and il was realized that in any
event war between the two powers
would work enormous injury to the
commerce and trade of both countries.
While Americans are not inclined to I'M
derrate Spain's fighting qualities, it is
nevertheless felt that such war as now
threatens could end only in American
victory, even though a fearful price
would have to be paid before that end
was reached
But there is another and more appar-
ent reason for the absence of a panicky
feeling in he stock market to-day, Sell
dom If ever before was the country so
well prepared financially for anyemer-
gency. For the past year Americans
have been piling up big balance in
Europe, which may be drawn upon at
any time The gold supply is so secure
that practically no thought is given to
case at the time Of the Venezuelan in
cident! Then the government had to re-
sort to bond issues to keep the gold re-
serve above the danger mark. and in
spite Of the good offices of leading finan-
cial houses there was steady drain of
gold from this country. The revenues
were insufficient for ordinary govern
ment expenses, and the nations credit |
was MS near to being seriously impaired |
as it had been in many years. business |
depression had prevailed for several |
years and everyone felt poor. Under |
these circumstances it is no wonder that |
the gloomiest views were popularity |
held and the bottom dropped out of the
stock market.
For the past year we have been selling
Europe far more than we have bought.
Our export records have been broken,
and the balance which was against us
in 1895 is very heavily in our favor now.
The government revenues have been in
creased by the operation of the new
tariff law until they now exceed the ex-
and the condition of the
treasury is such that even the S50,000.-
200 appropriation will take only a com
small slice of the available
'ash. Had so large an appropriation
been provided for immediate use in 1898
| bond issue would have been required,
)ut now Uncle Sam is so rich that he has
lstonished the entire world by the
'cadiness Of his purse. Without ques-
ion the feeling and sentiment of the
financial interests of the country are
trongly against war, yet nevertheless
is felt that II war must come the ma
ional government and the people are
10Th well prepared to resist the dire
which would inevitably ac-
ompany it.-Troy Times.