New-York tribune., 1899-02-08

The main difficulty IN discussing the future
of the money market has been removed by the
ratification of the Peace Treaty. One could
only guess how far distrust Of this country and
its institutions might 90 If bare third OF
the Senators. Of whom six had already been
discarded by the people, could defeat peace
negotiated by the Executive and desired by n
great popular majority. One could only guess
what complications with foreign Powers ana
what cost such peculiar situation might In
volve But the problem Is now made compara-
tivelv simple. The title Of the United states
70 the islands taken from Spain Is now abso-
lutte against all other Powers, assuming that
ratification by Spain is not questionable The
rest of the problem, as to the Philippines. IS
one of defeating and dispensing armed forces,
which as events have proved are In no way
qualified 10 stand against much smaller num-
hers Of Americans: which have no organization
capable of sustaining an army in the field, and
no considerable support yet known among the
inhabitants.
The pacfcaton Of the Spanish Islands, their
reconstruction on modern lines. including sani-
tatIon and Just and pure government, will in
yolvc cost but not one which need be con-
sidcrcd in comparison with the Nations re-
sources on the one hand or the revenuepr
dncing capacity Of the islands and their value
i'm commerce on the other. II has come to he
ONLY n question OF the investment of money
with prospect Of good profits. Whenever
capable government shall be established In
Cuba or the Philippines the United States will
have fuu right and power to secure from that
government ample return for its outays. For
the present the revenue derived from the ISL
-lora lnoc . hn
cost OF governing them.
Yet there are foreign observers who apprehend
that this country may be- overbuying It's own Sc
curlties They consider that II has been taking
back securities from EurOpe-one London bank
president estimating the amount at at least
$500 600 900 within the last year alone bearing
n revenue Of S25.0OO0OO yearly-and thereby
has so weakened its available resources that 1t
NAV presently come 10 need foreign capital, but
may find European money markets unavailable,
because some OF them hang on to solvency, as
II were by the eyelashes even now" This Is
remarkable reasoning and based upon even
more remarkable assumptions No banker can
be found here II is safe TO say. who will reckon
the cost Of all securities taken back from Eu-
rome during the last year. of course in excess Of
those bought by Europe at half the sum named.
4 little investigation Of the stock location Of
properties known to have been most largely
held abroad and in which trading with Europe
las been most active, sufiices 10 indicate that
the foreign holdings OF such concerns cannot
have been so largely reduced. But II the
amount were S50000O000 does It make the
United States poorer to have S25,O00.O0O less to
pay annually abroad? Is the country weaker
for holding the ownership and realizing the ad-
vance in value OF its own transporting lines?
1t requires some financial philosophy pecul-
inrly foreign to make such conclusions possible
If this country has taken back 100000, 900
worth Of securities of which ut least
$3.50 100000 must have been returned during
the first half Of 1898, while the war lasted the
advance OF fully n iifth in the value of these
securities has given Americans a profit OF
SJ0.0O0.000, the advance on the other half has
added at least S25,000,000 more. and an interest
or dividend charge Of S25,000,000 yearly has
been extlngulshed also, and this, men agine.