Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-01-28
EUROPE OWES $50 MILLIONS.


At the moment the great banking
houses Of London are confronted by an
unprecedented state OF affairs, Europe.
moro particularly Berlin. II America
debtor to an enormous amount rnys
the London correspondent u the New
York World. What the precise figures
are neither the l,othachlldH nor tho
governor ~ the Hank of England would
venture a. specify when the World cnr-
RESPONDENT called upon them today.
one and all agreed, however In putting
Il down at no less than tiao0po.Wo. THIS
circumstance IN unprecedented In imam
clal history. Europe nndH herself fpr
the ffHt time In debt tn another cpr-
tinent. The topic n the onlS nnc ats
cussed In European financial circles.
from the establishments ~ the Rotli~-
chlldH In vienna. Berlin aud Paris 10
the TANK ~ England AZ the farts
| time the eminent heads of the financial
houses who control EuroprH purse
strings are In no way concerned It
| the novel position In when they are
/ placed. Had II been brought about
/ eighteen months ago they IiRht have
boon alarmed. Any abnormal dlstub-
nncc with financial equilibrium ~ the
world ~ the one object they set theme
selves 10 avoid.
Americas circumstances ~, very
extraordinary At the present time.
when the spanish American war hruk"
out" declared Lord i,othschlld'H r"p-
resentntivc 60 the correspondent. no
one could have forctold the enormous
outburnt Of enterpris" In the states ur
the unprecedented Expansion of trade
which followed upon AmGiica'a glcfurN-
Her harycatr, ~ course, have l'evn
very good. but the present state of az
| fairs II most remarkable. You see. the
United states. rclf-ruppprting cuun-
Try. exports enormously. but imports
very little. The consequence Y her
| relations 10 the rest Of the world air
those Of creditor toward debtor The
business OF the world N carried On by
means ~ capital In actual circulation,
and this now, practically q thr extent
Of az least tiso.oop,ooo, II tho property
Of the United states There ~ nu iea-
son 10 suppose this VIII stop, - lung
as Americas policy of expansion cun-
tlnurH Take cuba. for eNnmplci
Americas trade with that ''iand has
always been good. Hut Just Imagine
what the industrial value VIII be.
when America has had IL hand fnr a
few years In the Philippines the sans
thing will happen, but un u smaller
scale. The result must be- hat With
Americas Increased activity IN com.
mefcini Industry the balance 10 hor
credit In the general trade account ~
the world VIII 40 on growing ana
growing, and Eurups's Indebtedness Ia
her win deepen proporuunahiy.
what IN to become OF Europc'H cred
~"
"Theso things adjust themselves, II
America IN In need Of money she Will
recall u. and vice versa. Then. again.
Americas prosperity reacts ON her at
home. For example, the value Of dla.
monds exported In New York IN 1888
was three times what u was In the
previous year In 1897, and was due en-
iirely TO Americas prosperity.
Al the bank NJ England the opinion
held Of Americas commercial pros
poets was even brighter. samuel Stew
art Gladstone, deputy governor OF the
Hank Of England, WAS very emphatic
you see. America stands no nom
sense from trades uh'nns, which ham
per enterprise ~ much over here. u
strikes me the American workman II
a smarter man altogether. he N more
ingenious, Helf.frlinnt. puhhful, More
over, his activities arc not crumped
by societies which tell him how many
hours he IL 90 work,
as matter Of fact. Americas pros
pcrity and her outstanding account
with Europe date further back than
the termination 81 the Spanish Amer
lean war. though II was that, Of course,
] which gave N such "a remarkable Inn
pctuH Apart from the haryestE. look
az the receipts NJ the American rail-
ways for the last i've yeais--and rail
way receipts are. after all. In modern
times the true index ~ the condition oi
trnde-and you win Zee the totals have
been jumping up steadily, A nation
n like private firm; " business de-
NelopH. " means bigger profits. bigger
credit to other people, Hence u IN We
have Europe's present Indebtedness Ca
the United States,
british confidence In American se-
ruritles ana Industries has undergone
remarkable growth Ia recent years
Notwithstanding the fact that the pro-
ductiyeneaa ~ Europe AK "a whole has
been on the Increase"