New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-25

when the closing Of President CleVeI6noS term
n ofice was marked by an epoch OF trouble and
anxiety. Of growing business depression and Of
disturbing influences in both business and trade.
have undergone drastic change, and the effects
- that change are observable in the swelling
tf5e Of prosperity which since President Nc
EIinlev's election has with each succeeding year
reached q higher water mark
n order to gauge properly the extent Of that
change II is necessary only TO recall the severe
and protracted sunerings IN the markets Of the
country that were experienced during the four
years preceding the return Of the Republican
marty 70 power. The last year OF Mr. Cleveiand's
term witnessed one Of the greatest and most
-oonentous political struggles in the history of
This country and as the result Of that struggle
the people who would have reduced the coun-
----,s credit 10 silver basis were crushed by
,onuIar verdict while sound money and pros
,e-itv were assured. Business disturbances
cane 70 an end, chaos and confusion IN mercan-
tile and financial circles became history. From
+,a time Of President Harrison's defeat by MI
Cleveland 10 the day that Mckinley was elected
President Of the United States trade barometers
vera heavy and depressed. Confidence in bust
ness circles was shaken. Europe lost faith in
American investments and withdrew its capital.
and the gold movement resulting therefrom re-
duoed the United States Treasury TO q point
s1rfptions TO Government bonds.
THE GOLD RESERVE IN 1895.
In February, 1896. the gold reserve declined
10 S44 100000 The gold reserve to-day is, in
round figures about six times as much. The so
called free trade victory IN 1892 caused within
fifteen months g shrinkage in the market value
= the leading investment securities dealt in on
he New-York Stock Exchange OF S272.Oo0.OOO
n value
When the declarations for free silver and
other dangerous doctrines were announced by
the Democratic party in July, 1896 worse than
ranic ruled in Wall Street While the latter
part Of the year 1896 in which Mckinley was
elected President was not marked by an i'm
mediate change in financial and Industrial con-
ditious. the influence Of the sound money victory
was plainly discernible II all lines of trade and
conference.-the great lever Of business SUCCESS
was firmly re-established at home and abroad
in American Industries and American honesty.
On November . 1896. people were Withdrawing
gold from the New-York Sub-Treasury TO hold.
and l per cent premium was quoted on the
metal among bullion brokers and foreign ex-
change dealers. On November 4, the day after
Bryan's defeat the premium on gold had van
ished and gold again became almost a drug on
the market with Treasury holdings increasing
from sly 100000 on November TO 1882, 100000
by November 30. On November 2, 1896 call
money lent as high as 96 per cent, while before
the close OF business on November the rate
dropped 10 Per cent. The money market re-
fected the great revolution that had been &C
cornplished in sentiment and in business
The election Of President Mckinley was fol-
lowed by the resumption Of activity in indus
tries Throughout the country mills, mines, fac
tories and furnaces started up, and by NOvern-
Der % following the election seven hundred
Adjustments had resumed work or enlarged
their forces And the number steadily in
creased in the years following. The cost Of the
hard times Of Democratic rule was measured by
falling ba1k clearances, decreasing railroad
earnings. railroad bankruptcies, gold exports
and heavy losses in individual and corporate
wealth.
Apart from what may, for the purpose Of com
prehensive discussion, be termed as subsidiary
evidence Of the countrys prosperity-that is the
predominant domestic conditions as higher
wages. the general activity Of mills. factories
ard workshops; the increased demand for and
supply Of manufactured and staple
products and the disposition Of capitalists to
embark upon and invest in new enterprises-the
credit Of a country is an irresistible
standard for the determining OF q, nations com
nercial and financial supremacy.
A CREDITOR NATION.
Events Of the last few months have shown
that the United States is in position either to
sci CT buy gold as the occasion may require
Never has the power Of this Nation to dominate
the money situation been so apparent as now.
In the last three months England and Germany
have sought gold in the foreign markets. Amer
ics supplied II. and obtained for IL larger per-
centage Of interest than il is the habit Of these
two countries TO pay for yellow metal accom-
modations. Apart from the interest received,
the ability Of the United States 10 make these
loans places her in higher commercial position
in the eyes Of foreign governments than she
has ever hitherto held.
Under the Cleveland Administration when gold
reserves were at low ebb as TO prohibit
The making q loans TO other nations the United
States would have been incapable of attaining
The pre-eminence il has in the worlds money
markets. The first large consignment Of gold
from South Africa since the outbreak Of the
Beer war is now IN transit The amount is
- 800 900 and its destination is not England or
any other European financial centre. but il is 10
New-York that il comes. In addition 10 this
- 10000 in gold was received from Australia a
few days ago, so that the United States al the
Present moment occupies not only the proud
position % supplying currency TO other Govern
rnsnts. but is enabled 10 command new available
supplies Of gold. While the United States is now
ending enormous amounts Of money abroad
four years ago il did not have the money 10 lend
nor did It have credit good enough 70 keep for
elgn money here. This has been one Of the i'm
portant revolutions Of the last few years OF
Republican rule, and its Importance cannot be
oFerestimsted.
PER CAPITA CIRCULATION
The American securities that Europe has sold
Er Trra 70