The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-03-02
Our Financial Mastery.

There are still comparatively few peo-
pie who understand how completely the
predominance of the United States in
the world OF finance has been estab
lished. Most of our readers are familiar
with our wonderful trade progress, and
the conquests that we have made in the
markets of the world. But they are I'M
prepared to admit that the financial de-
| pendence which we have always recog
nized upon the monetary centers of
Europe is a thing of the past. Yet such
| ii is; and this tremendous revolution
has been brought about not by the folly
of defying natural laws and establish
ing what the Bryanites call, with fine
disregard of common sense. IAN indie
pendent financial system of our own"
but by industry. energy. enterprise and
the maintenance of sound money and
national and commercial honor.
The extent of the change will be
application of the Russian government
to New York financiers for loan of
s25. 900 in aid of railway construction.
| Ten years ago or five no one would have
dreamed of such thing. London,
Paris Berlin or Vienna would have been
| the natural and only source Of supply.
because we have become a creditor in
stead of debtor nation. We are lend
ers instead OF borrowers: and this fact
gives no less concern to the nations OF
| Europe than its complementary fact.
| that we are assuming complete mas
terry of the worlds great industries
How closely these two circumstances
are related win appear from the con-
| ditions OF the loan referred to- The
bonds. which are guaranteed by the
| government and are payable in Ameri-
| can gold dollars. are first mortgage on
a part of the Russian railway system.
| But the interesting fact Is that the inn
| mense amount OF cash which they rep
| resent will not go out Of the country
| at all II is TO be deposited in New York
| city to the credit of the Russian gov
| erirment. and will be disbursed here in
payment of the great obligations that
| Russia is mourning In the purchase Of
| American railway and other materials
| We loan our credit to Russia, supplying
| her with materials manufactured In this
country and taking a mortgage on her
! property as security. Principal and in
| terest are ours. while the transaction
involves heavy orders to American mills
and factories. This Is the process by
which great national wealth is amassed
and the financial eminenee OF our coun-
! try becomes as. great and as secure as
| that OF Great Britain was formerly.
s,atistieisns have been puzzling for
some time 10 know what becomes Of the
vast sums represented by our balance
| Of trade In the last four years our ex-
| ports have exceeded our imports by
about 81. 500 600, 600. This enormous ball
| ance has not been paid I'm cash: and 4.
is az elusive. when We attempt 20 locate
/ &. as the available gold supply Of the
world. We do know that the amount OF
American securities held abroad has
been reduced 20 the loves; figure. For
alGn nations can no longer nay their
debts 20 US by selling our government
or railroad bonds and sending them
home. Our own market has absorbed
all these offerings. And for some years
past the great financial houses ~ the
money in New York city. choosing 90
pledge their credit there rather than
to disturb their own markets by send
ing 10 this country the large amount 81
gold necessary to settle balances. Now
| Russia becomes openly our debtor in a
transaction extremely gratifying 70 the
people OF the United states. The day
when London ruled the world has
PASSED forever New York "a today the
financial center for the nations that
possess wealth and direct commerce,
and the position ~ the United states.
thanks to the policies advocated and
maintained hy the Republican party. Is
the prnudes, that Il has ever held.
Turn out for the Republican meeting
tonight and let it be made NANTES,
that this city Is TO be governed accord
ing 10 Repuhlicanism and not according
10 Composition.
The Democrats OF Everett are a bold
lot They are preparing 10 celebrate