New-York tribune., 1899-12-29
WHERE WE STAND.

This is the season of stocktaking, and the
American people may well take count with some
care of the conditions which go to determine
their future The highest degree of prosperity
ever attained was suddenly arrested in 1So2 by
votes for change Of National policy, ana rol-
lowed within few months by the worst pros
tration for half century. 1t cannot be denled
that another such reversal OF the Nation
policy by the election OF Bryan or any other
free trader and free silverite, if accompanied
by a change in both houses of Congress, might
produce another disaster Hence one OF the
foremost factors upon which future safety de-
pends is the presence Of a Republican majority In
the Senate which, humanity speaking, cannot DE
changed until March, 1903, but there is scarcely
a possibility that a Democratic PRESIDENT can
be elected. This is the more important now De-
cause continuity OF National policy in foreign
affairs may 60 far to determine whether peace
with foreign Powers shall be maintained for
five years TO come. The support which the
people have given TO President Mckinley would
be- seriously weighed by any foreign Power IL
contemplating the possibility OF rupture WIN
the United States.
Climatic i'll fortune Is liable in any year TO
lessen the yield of important crops. But the
area of this country is now so extensive, ana
its largely productive regions are so widely
separated, that disaster affecting the larger
part of either great crop is hardly to be
reckoned a possibility Famine, in short, need
not be feared and shortage OF supply only
restricting the surplus available for other coun-
tries would bring with 1t some compensation
in higher prices for all the products sold. Thus
an advance of nearly two cents In price OF
cotton this year II continued by deficiency OF
supply. would go far 10 make good the loss IL
the value of that crop
1t is believed that the gold standard bill vii
be passed but though 1t should fail the none
tary situation would be one OF exceptiona
safety. The discovery Of Secretary Gage tha
he is able TO deposit with the banks for com
mercial use any surplus derived from interna
revenue receipts puts 1t entirely within his powe
TO prevent any monetary trouble arising from
excessive accumulation of money in the Treas
ury, and the certain increase Of exports TO tn
lately Spanish Islands, with the remarkabl
growth Of foreign demand for manufacture
products, removes all ground for apprehensio
that an adverse balance Of foreign trade wi
cause trouble Even serious fear Of sue
trouble would suffice so far TO depress prices Q
10 cause larger exports, and at the same tin,
would tend 10 diminish imports of goods frol
other countries. Respecting commercial fai
ures, too recent returns show so low an averaa
of liabilities that general panic seems In
possible and experience teaches that It tak'
several years for that average to rise from Il
minimum OF exceptional safety 10 the dang
point.
The condition Of the industries excites appr
hension only on the theory that some thin
are "too good to last" 1t may be admitted tn
pr,ces have reached the maximum, and tn
some reaction In these. with decrease In I