The record-union., 1899-04-12


of its resistance and against it's will" !"
This is the necessary principle OF all
national growth. We have asserted it
from the first, or we should not be the
nation we are; and it was the principle
| upon which the Confederate States We're
overthrown We could not allow the
doctrine of ssconsent of the governed
| to apply to this great people, who were
] joint heirs of lit with ourselves. 1t can
not apply to the F'ilpinos, because they
| have no capacity to use 1T. 1t is mis-
chieyous nonsense, applied to them, or
to any people who lack capacity of self
government. When conditions are so
different, fundamental principle in the
one case becomes meaningless plati-
tude in the other.
A BOOM IN SIGHT.
| Fresno Republican: There is a.
boom" coming. 1t may do us as much
harm as good before it goes, but 1t is
coming. And whether it does us good
alone, or good and harm combined, de-
perds simply on whether we conduct
| ourselves as sane men or lunatlcs. Ii
we take advantage of 1t to develop our
resources and build up solid business, 1t
will be. the beginning of an enduring
prosperity, but if we yield to the gamp-
ling delirium, until everybody has piled
up fortune composed of everybody
else's worthless notes, it will lead only
to collapse and disaster
However, the question for the present
] is not SO much what we shall do with
the boom as the reasons for expecting
it's coming. There is no lack of these
To produce boom, three factors are
needed; resources to be developed; cap
ital to develop them; and an enthusiast
tic confidence on the part of capitalists
in the development of these particular
resources
The, resources, California has always
had. In mines in varied agricultural
possibilities, in water power for the
electrical manufacturing of the future,
in present commercial openings, in at
tractive climate, scenery and condl-
tions of life, we have no rival in the
world. For the unlimited development
| of all these resources we lack only
money and men.
| Available capital was never so plenty
or SO near. Last year was twice as
profitable to the United States as the
best previous year, in its history. The
surplus capital of the world is now
concentrated in our own country, and
uncounted millions are seeking invest
ment. The rate on "gilt edge" secur-
| tiles is already down 10 three per cent.
and as the rate of interest without risk
! decreases capital is forced to seek
more hazardous investment in the de-
velopment of new countries. AS low
interest in London forces English capt.
tai into South Africa, SO low interest
in New York will force American capi-
tai into California.
The eyes of the world are on the Pa
cific. AS the Mediterranean was the
channel of ancient and the Atlantic of
modern commerce, SO the Pacific is the
highway of the future. AS the sole
gateway from the civilized world
to the Pacific, our commerce will grow
with its commerce, and the certainty
that this commerce is about to
guarantee that our prosperity also is
on the verge of an unprecedented in
crease. The world is looking for in
vestment with renewed confidence, and
the world knows that on our Pacific
Coast are, just now. the most tempting
opportunities in the civilized world.
That capital viii flow here for invest
ment is as certain as that rivers will
flow down their channels to the sea-
There is periodfcity of exaltation
and depression in business as in
weather. We have just passed through
q period of depression, and the reaction
Is already under way The wave of
prosperity is sweeping over the East as
it never swept before. Even unfavor-
able crop conditions could hardly hold
it back from California another year.
and, with crops now practically as
sured, nothing can restrain it. The
only question of doubt is whether we
viii utilize its opportunity for wildcat
real estate speculations, designed to
rob our neighbors, or for legitimate
business, designed to enrich our neigh
bors and ourselves.