The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-12
REVIEW OF WALL STREET
ADVANCE IN STOCKS SHOWS THE
FIRST APPRECIATION OF
ELECTION RESULTS
, THE SATISFACTION IS GENERAL
New Century Opens With the Nest
Brilliant National Prospects in
sight-PhiIippine Sit
uatiOn.

NEW YORK, Nov 10.-(Special)-
Henry Clews, in his weekly financial
review, says:
The country has passed through an
other of its quadriennial periods of anX-
ioUs test. The questions on which the
people had to pronounce their verdict
were of unusual Importance. The quail
ity of the nations money, the powers of
the United States supreme court in the
preservation of public order, the liberty
of corporations in respect to the exer-
else of their powers, and the authority
of the federal government in relation to
conquered states-these are the main is
sues on which the elections have turned
1t is matter of profound satisfaction
that they have been disposed of by YER
dict comprising nearly two-thirds of the
voting population. The magnitude of the
majority makes the result of the cleo
uons a virtual fnality upon these much
and earnestly debated questions; and. to
That extent, the country is delivered from
angry and threatened divisions which
have stood in the way of public conf
dence and domestic harmony. We seem
ed to have reached a parting of the
ways in respect to policies that must
determine the political future of the ma
ton; and the hearty agreement of sucn
large proportion of the people upon a
basis of settlement means domestic peace
and the strength that goes with harmony
OF public sentiment
All this means something much more
substantial than transient gratifica ton
of the exciting sentiment of victory 1t
amounts to a great achievement in the
consolidation of the republic. It is step
forward in the maturing of our form OF
government. 1t is a great laW-making
edict, done directly by the people and
establishing precedents that may stand
Tor generations as bases of national law
and policy. This election removes from
Uhe horizon controversies which have
suggested misgiVings as to the unfoldings
OF our national destiny. For these, with
other reasons. the election of 1900 is one
or the most pregnant in our national his
tory. Its outcomes are exciting pro-
found interest among the statesmen and
hhanclers Of Europe. They accept it as
another evidence of the self-governing
aolity OF the American people, about
which they have so long professed TO
. nave serious distrusts; and are compell-
ed TO acknowledge that our 76,000,O00 of
pam, conmOn-sense citizens may be
trusted To construct the greatest nation
OIL modern times with wisdom and popu-
lar harmony.
The practical significance of all this
Is not yet fully realized in the public
HIhu' Inc almost unprecedented trans
actions on the stock exchange and the
large advances in the prices of securi-
tieS express only the first appreciation
OIL an event that is instinctively ner-
ceiNed 10 be of the first Importance Tha
atterthought will attach a still higher i'm
portance to the red-letter event of last
tuesday 1t Will be felt to mean much
more FOR on national credit than is at
present realized, when it is fully appre-
eiated mat the gold basis has received
popular endorsement which admits of
no reversal, and when it is understood
that the new congress may be tinsteG
10 sul further confirm public confidence
y! enactments that viii complete the re-
construction Of our currency system. II
MH also be found to mean sometime
thaU the great mass of new corporate Sc.
cutlIes issued within the last two years
wall not be subject to factious partv Ieele-
IatIch intended to serve mere political
ehds and crafty ignorant Populistlc
tendencies. The probability is that Goa
sress Will recognize the virtual impossl-
biity of its doing anything effective TO.
wards regulating these new organizations
ana VIII leave them to stand or fail on
their intrinsic merits and on their ability
TO meet the competition that is already
on all sides appearing. Under their new
conditions these corpora lions have
sought to evade and eXtinguish connect
ton; signs are not wanting that, on The
contrary, they will prove. to have en-
couraSed It, The truest policy will prove
=. TO be that of leaving it to self-adjust
Heht ana to the legal regulation that is
provided under common law
The election leaves the Philipnine sit
uatlon to be dealt with by the president
and congress. When the peonle voter
they knew the position of Mr.. McKinle;
and his party on that problem; and it i:
therefore to be expected that the settle
ment will be pressed to an early end
whatever force or Outlays that cours.
may involve.
The result of the election is such as
10 cause the deepest satisfaction To those
who have the best welfare of the corntr,
at heart. 1t is an unequivocGl notice t,
the World that national honor and irteg.
rIty and q love Of law and order go ha -,
In hand in the United States. Confidenc,
= is settled upon a rOck-Tibbed foundation
and business is under such an impetus j,
VIII produce phenomenal prosperity.
we stand almost upon the threshold
OF q new century, with the most brilIian
national prospect before us. Our cur
reifcy basis Is put beyond question trad,
balances are Immensely in our favor. an,
cur manufacturers are commanding tn,
markets OF the world. The educa tjon q
our people in sound financial and husi
ness principles during the last four year
Is bearing, we may say. its natural fruit
This popular acquaintance with e!enlenta
principles will beyond doubt prevent an
recurrence of dangerous theories in tn
conduct OF public affairs. 1t Is NOT n
experiment TO give Mr.. Mckinley a sec
oi2d- term, because we have had all III
gratifying experience Of good times dur
ms ms hrst term, whereas it would hav
been a very grave experiment to hav
elected the opposing candidate, as
= would have destroyed all confidence
which IS the essential foundation Of pros
perlty m this or any other nation. Nh
Mchlnlcy's second term will not be I'm
IKE the voyage OF one of our magnificen
ocean steamships with we'll tested en-
Blnes and the Eudder caDahly and WiseI
steered; whereas, if n Bryan had bee
elected, 1 fear the lip Of State wouI
nave Doen like that same magnificen
heating palace in mid ocean, Tnach{ner
broken down. without n rudder, ana a
ne cy CT the waves drifting, Heaye.
Knows where. Mr.. Bryan undoubtedl
lossencd his following in this state an
elSeWEero by the character OF his har
angues, while Ro2~evelt. who was not
presideuti al nominee, materially benatife
the Republican side without injury t
himself by a logical dcmoHtion[ Of th
dangerous demagogi@ 3aliacies and ur
truths IL would have been considere
extremely updignifed, however, for NJ
a Mckinley 20 have gone The rounds of III
country making speeches, however SCUM
end capable they would have beeI
Presidential nominees should abstaI
from such exhibitions during a hect
canvass.
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