Evening journal., 1900-07-30
MUCH DEPENDS
ON CROP OUTLOOK
So Long as Present CORdi-
TONS Continue Ill Is Well
Iron TRADE IN BETTER SHAPE
General Review Of the Affairs Of the
Week in The Wall street
Exchanges
Iron TRADE IN BETTER SHAPE
Special 10 no nvonIng Journal


New York. July 2S.-'rhe recent ut
terances of a well-known Wall street
operator. anent the financial and com
mercial conditions Of the United States,
disclose a forgetfulness of the real
function OF money in relation TO trade.
The great majority of business transac-
tions are carried on upon system of
credit for which q foundation must be
first provided. that shall be Of unques-
toned and unQuostiOnable strength.
Such firm basis is gold, the most
precious available metal, which has,
By common consent OF the most adj
Vanced nations, been recognized as the
unit of value.
The enormous growth in the material
wealth OF the world has wonderfully
stimulated its production, so that in the
past four years It's output has reached
the great total of q thousand million
dollars in value. But this great sum
means more than the stated figures; il
implies an extension of the worlds
credits by Eve times that amount OF
this addition Of gold to the worlds sup
ply the United States has through both
production and trade movements OBJ
tanned a very large share. Our Treas
ury gold balance Is now i'm excess of
four hundred millionaire greatest IN
our history. We have thus, in connec-
tion with the bank accumulations
throughout the country, a broad foun-
datiOn for our rapidly increasing COM
merce-an ample basis for solid credit.
Why, in the face of this actuality, any
desire should exist In any part Of the
country TO adopt a cheaper metal as a
basis OF values, is hard to understand
Silver is the cry, why not copper or iron
or even paper? II requires no penetra-
ton 20 discern the enormous shrinkagt
OF credits (the very life of trade). which
must necessarily follow any debase.
ment Of the currency. Among the un-
thinking advocates of a silver standard
an impression seems to obtain that in
consequence Of this proposed cheaper
ing Of the money OF the country. whicl
would food us with the outpourings O
other nations, they would likely be abll
TO get a supply of it without giving il
exchange the necessary lalOr upol
which rests all wealth I'm whateve
form. The day-laborer the tradesmai
and the merchant are all workingmer
their labor varying only i'm degree, an
I'm return for their services the hus
money, that which will purchase IN
most. is none too good. They are en-
titled 10 payment i'm money of tn
highest intrinsic worth. which at tn
present stage OF human development /
gold. The future may substitute some
thing better. but the best now is gold
It rests largely with the individual HOY
much of Il or its equivalent he shall rC
ceive. Good hard work will accomplis
great things; IL is a trite and still
true saying that there lis always rooI
at the top. No matter Ina what sphor
OF human ondeavOr solid applicatio
and well-directcd energy command r.,
cogniton.
There is nothing discouraging IN th
situation in this country. We are bel
ter off in all respects than any othe
nation on earth. We have more gOl,
greater prosperity. lower rates of IN
terest for money a higher governmer
credit and vastly bigger crops for thI
years yield than any other country ha
The Treasury's exhibit of our foreig
trade for the last fiscal year should az
as an antidote to pessimism, which
indeed a disease. in view of an th
array of favorable conditions. The si
nation in China Is still so clouded as
defy analysis. In spite OF so-calle
news from the Chinese capital N
opinion generally prevails that Oriel
tai prejudice and harharism haN
thrown not only policy but reason
the winds, and invited stern retribl
tiqn. The cupidity which the Chine,
officials display I'm attempting to pacil
the ire Of the Western nations Is f,
from being relished and it is vei
greatly to the credit Of the Unit,
States government that It's attitude hi
been absolutely correct in very tryir
circumstances.
Pekin has population of over 2.O0C
coo people. IL is surrounded by d
fensiye Chinese wall with gate q
frances to it. Every drop Of water al
every particle of food used has to
taken through these gates each da