Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-06-15
Our Financial Strength.

II is impossible to appreciate the i'm
provement in the financial situation In this
country experienced during the Mckinley
administration without comparing the con-
ditions which prevailed at it's beginning
and those which characterize this nation
at the present time. When the President
assumed the duties of his position the
credi. of our nation had just passed
through a tremendous strain. A large pro-
portion of our people had declared in ia
vor of a policy of free and unlimited coin-
age of silver at a ratio of marked inna-
ton. and quite naturally the nations OF
the old world were inclined to look with
suspicion upon any invitation to increase
their Investments in this country, while
many foreign capitalists through fear as
to out future disposed of their securities
here and shook the dust of our marts
from their feet.
1t is true that the election of n republi-
can chief executive had given assurance
that our currency standard would remain
unchanged for certain period but in
vestors have learned that it is not always
possible to get their money out of their
holdings when bic. and 1t required a
considerable period to restore confidence
among other nations in our financial ard
commercial future to a degree sufficient
TO lead them to risk investments which
might be permanent. A trade balance
against Americans meant a call Cor gold,
and every movement of the precious metal
from our shores caused uneasiness in
financial circles and suggested the pos
siblity OF another bond issue for the pur-
pose of replenishing the gold reserve in
our national treasury
At the present time our foreign friends
have the utmost faith in our financial fu-
ture, and millions of dollars are being in
vested in various American ventures. The
fact is fairly we'll established that Con-
gress at its coming session will take
measures to make the gold standard more
permanent in character than ever before
end to render it impossible for any finan-
cal freak who may be elevated by chance
10 the presidency to plunge this great ma
ton into financial uncertainty and bust
ness disaster by changing the standard Of
our currency.
The most significant contrast between
the conditions prevailing in 1896 and those
now existing is afforded by the movement
of gold. Owing to the manner in which
vast accommodations of this precious metal
have been piling up in our national treas
ury and delugng our banks and other
financial institutions and to the enormous
production of gold from our own mines as
well as from those of other nations, we
have long since ceased to worry about our
supply of gold. The announcement Of tho
shipment of millions of gold from this
country last week caused not a ripple in
the money markets not a moments un-
easiness at our national capital. We know
that the food of gold in this country will
soon be increased by the receipt of $780,
0C0,Oo0 as a result of the past season. S
mining operations in Alaska, and conse-
quently the question of the hour with
financial institutions is not where gold
can be secured but what we can do with
what We have on hand. This is the full
measure of our financial strength, and it
affords ground for the utmost confidence
in Americas future financial and CONNER
cal operations.