El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-11-21

i
unlikely however. that the stock mark
ct may prove subject to some vicissi
tudes from foreign causes.
| Again. the foreign exchanges are
running into condition in which Eur
ope will be very largely indebted to
the United States. For some time past
the excess of our exports over our i'm
ports has been progressing at a very
high rate: and our hold upon the for
eign markets is gaining to an extent
thai is more and more placing the Eur
opean stocks of gold at our disposal
AS sample of the current drift OF
the exports-the exports OF cotton for
the month of October show an increase
! of 1872 DOC. 600 over those of the same
month of 1899: and to that must be
| added the extraordinary shipments of
securities to London and Germany
| within the last two weeks. Such a
state of things will COMPEL either a
large return of securities. or conSid-
cradle European shipments of gold.
or large lendings by New York to Lon
don and Berlin to bridge over the
emergency.
Ii is perhaps not likely that New
York will apply any pressure to bring
gold to this side the Atlantic. The
| time for the return of money from the
interior is close at hand. and New York
may be expected to easily take care of
the demand for loans; and it would
clearly serve the purpose of our banks
to allow considerable balance to re-
main on demand in Europe rather than
to force settlements in gold. with the
effect of producing a local redundancy
of money and thereby forcing down the
rate OF interest.
In any event. the situation. present
and prospective, may be expected to
favor ease in the New York money
market from this time forward for six
months; the boom therefore is likely
to be left free to disport itself for a
considerable time without interposi-
ton.
The recent election las stamped out
of the minds of the people all fear that
any sort of governmental policy in any
way inimical to the finances or bust
ness or prosperity of the country may
be adopted. A very great factor in our
future development which our people
are soon to discover. will appear in the
building up of the ports of trade on
the Pacific coast. which will be so ex-
tensive and rapid in progress that the
Atlantic ports will before long begin |
to feel the competition of the western |
coast of our country. Our grasp of the |
Islands and the foothold in |
trade and greater share of confidence !
in our disinterestedness as regards ter
ritorial encroachment which is fast |
gaining in the Chinese empire. will |
hnally consummate the prepa ratio-;s |
for as great business and prosperity for /
the Pacific coast states as have here !
tofore been enjoyed by those of the
coast
Soon a part of the trade and com
nerce of the eastern states will be /
brought into competition with that of |
he great Pacific coast. insomuch that |
Z Will appear that indeed Westward
he star empire takes its way" 1t is
he foresight of such change in the Pa
life states that has produced such a
pronounced electoral result this No
'ember.
Our country is now passing through
| rapid growth of progress and power
md prestige which will soon place her
N the leadership of the nations. with
very means necessary for extending
enlightment commerce
md better government over the world.
We have come to the time when we
must take up the mighty work of fur
her cultivating and improving the
ondition of mankind. and we will con-
inue this great work until our labors
hall have brought to pass better con-
f,
interests. education. and peace and
.ood will among the nations of the
arth.
In the progress of civilization since
he dawn of the Christian Era. the mo-
nentous task of leadership has devol-
ed first upon Rome. then upon Spain.
hen upon England. Ii seems to have
'een reserved to the Young Giant of
he West" to complete the tasks I'M
ertaken. and assemble into one great
community of interest vast national
orces which have been the growth of
enturies.
In due time We shall no doubt finish
he work and bring peace and good
viii to men in every part IF the world
nd prepare men everywhere to turn
he spear into n pruning hook the
word into a ploughshare and to give
reedom and protection and prosperity
o all sorts and conditions of men. and
tut an end to strife between the ma
ions. We believe that such is the
.reat Office to which we have been call
d. and that our functions as the lead
ng nation of the world have already
'eSun. Henry Clews.