The representative. [volume] (St. Paul, Minn.) 1893-1901, 1900-08-09
VIEWED IN WALL STREET
NOTHING VERY DIsCOURAGING IN
THE CONDITIONS IN THIS COUN.
TRY AT THIS TIME.
Markets Strong Undertone-Excess
~ nigh Prices for Manufactured
Products and OverprOduC
tiOn Are Working Out
!. Their Own Cure Now.

Henry Clews, In his weekly nnancia'
review says:
The recent utterances Of well known
Wall street operator anent the financial
and commercial conditions In the Unit
ed States discloses forgetfulness of the
real functions of money in relation to
trade. The great majority Of business
transactions are carried on upon sys-
tenn of credit for which a foundation
must first be provided that shall be of
unquestioned and unQuestionable
strength. Such firm basis is gold, the
most precious available metal. which
has by common consent Of the most ad-
vanced nations been recognized as the
unit of value. The enormous growth In
the material wealth of the world has
wonderfully stimulated it's production
30 that in the past four years its output
has reached the great total Of 81 ,000, 900
in value. But this great sum means
more than the stated figures; it implies
an extension Of the worlds credit by
five times that amount OF this addi-
ton Of gold to the worlds supply the
United States has. through both produc-
ton and trade movements, obtained a
very large share. Our treasury gold
balance is now In excess Of $400, O00, 900
the greatest In our history. We have
thus, in connection with the bank accu-
mutations throughout the country, a
broad foundation for our rapidly in
solid credit. Why, in the face Of this
actually, any desire should exist in any
part of the country to adopt a cheaper
metal as the basis of values is hard to
understand. Silver is the cry; why not
copper or iron, or even paper? It re-
quires no penetration to discern the
enormous shrinkage of credits (the very
life of trade) which must necessarily
follow any debasement of the currency.
the silver standard an impression seems
to obtain that In consequence of this
proposed cheapening of the money of
the country which would flood us with
the outpourings of other nations, they
would likely be able to get supply Of
1t without giving in exchange the neces-
sary labor upon which rests all wealth
In whatever form. The day laborer, the
tradesman and the merchant are all
workingmen, their labor varies only in
degree, and in return for their services
the best money is none too good. They
are entitled to payment In money of the
highest intrinsic worth, which at the
present state of human development is
gold. The future may substitute some
thing better, but the best now is gold.
1t rests largely with the individual how
much of 1t, or its equivalent, he shall
receive. Good hard work will accom-
plish great things; it is trite and still
q true saying that there is always room
at the top. No matter in what sphere
Of human endeavor, solid application
and we'll directed energy commands
recognition.
There is nothing discouraging in the
situation in this country. We are bet
ter off in all respects than any other ma
ton on earth. We have more gold,
greater prosperity, lower rates of inter-
est for money, higher government
credit and vastly bigger crops for this
years yield than any other country has.
The treasury's exhibit of our foreign
trade for the last fiscal year should act
rs an antidote to pessimism, which is
indeed disease, in view of all this ar
ray Of favorable conditions. The situa-
ton in China is still so clouded as to
defy analysis. In spite of the so-called
news from the Chinese capital, the opin-
ion generally prevails that Oriental pre-
5udice and barbarism have thrown not
only policy but reason to the winds and
invited stern retribution. The cupidity