, 1900-05-19

Cessfully II immense army and navy,
and yet, while doing so, have increased
our Interest obligations far less than
did Mr.. Cleveland during a term of
peace.
We are at the present line support
ing our largely increased army and ma
Wy. engaged in a war on the opposite
side Of the globe, and keeping all our
other expenses and improvements, and
paying as we go, from III national in
come, and accommodating a surplus as
well.
So much for national financial stand
ing; now how about individual credit?
Let us see! official records of finan-
cial business failures in the past ten
years show the following: During Har-
~risJn's term the average number of an
nual failures was a little over 5000,
with a total liabilities of less than $40,-
900. 900.
In Cleveland's term over 1000 fail
ures per annum. with liabilities Of
nearly $50, 900 900. an increase of 33 l-3
per cent.
In McKinley's term less than 5000
annual failures, with liabilities of but
a trife over 1872. OOO, 900, or a decrease of
% per cent in number and over 40 per
cent in liabilities.
We have expanded in man. ways,
and in different directions. Formerly
We were great borrowers from Great
Britain; We We're constantly seeking
and receiving capital from its stores
Of wealth. People on the other side
owned largely of our bonds. of our
railroad stocks, and other securities,
but a marvellous change in this state
Of affairs has taken place during the
past three years-one hat can hardly
be cO~mprehended or believed until the
facts are shown in cold figures. With
in the past sixty days it has been my
privilege and pleasure to be thrown fire.
Quently into the company of a gentle
man heavily interested in New York
central and Pennsylvania railroad mat
lNA'' 'HS ~ 'SSNAoH
true or not that American securities
were being purchased in great quaint
ties by our own people with their W
money, he replied: The truth has
rot been half told. On the first day OF
January, 1899, over 80 per cent of the
New York Central railroad stock was
owned in England. On the first day of
January, 1900, the stock books and
records of the companies show that
less than 10 per CEN of the former
and only about II per cent of the lat
ter were still held in England, the
balance having all been purchased by
capitalists in this country"
A few weeks since Russia was in
the market for a $25, OOO, 900 loan and
different nations were bidding upon it.
American capitalists were the lowest
bidders and TOOK the loan.
Again and still later the British gov
eminent desired to increase its loan
because of the BOer war, and among
the many bidders for this loan, Amer
lea was found to have bid upon enough
to cover the whole amount, and today
there is more than $50, 600. 900 of Amer
lean gold loaned out in England, be-
cause interest is higher in that coun-
try than in this.
And our money is not all needed
here at home. The immutable change
,s Tina tho trrutnu pnciln down nf
the hour glass. has transformed and
lreadjusted the relations between the
odd world and the United States. and
while it loaned and we borrowed. we
now loan and the old world willingly
borrows of us. SO much for u finan-
ces. Now what about our trade and
!; commerce?
What, for instance, is the greatest
developer of latent wealth and remote
and undeveloped resources, especially
in our new western country? Why
railroads, of course. Then let us look
I over this industry. In 1890, 1891 and
1892, when under President Harrison's
administration, we built an average OF
r 4.494 miles Of railroad each year. Dur
e ing the four years under Mr.. Cleveland
{ the average fell to 1000 miles; con
siderably less than one-half as much
And now again. under a progressive
policy and president. We have recov-
Tered from III contraction. W e have
= "expanded," and the record Of the past
: Iyear shows over 1900 miles of new rail,
road, and thus we have established q
. new high water mark. Are we eXpan.
sionits? We certainly are. as respects
= railroads: do We wish to change it and
S retire the constant well paid labor Of
r men n teams employed in this de-
sirable development; cut down all the
-? returns for produce. food etc, of tht
I farmer. which supplies this vast army
lof railroad builders, as well as supple!
e from merchants and manufacturer:
: consumed by them? Hardly!
!: WI HF|I