Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1900-09-12
INVEST THEIR GAINS.
PROSPEROUS AMERICANS LOOK
FOR GOOD SECURITIES.
Every Indication that the Western
Farmers Will Continue to Enjoy the
Good Times of the Last Few Years
Democrats Tricking Up Price Lists.

The month OF september promises TO
see a struggle of Europe against some
of the automatic forces of commerce.
Bills are already beginning to pile up in
the New York exchange market for the
autumn exports from this country. a
fall i'll exchange to the import point
should be a normal incident in 4 few
weeks. But Europe cannot spare gold
for export, While the United States has
more gold now than it needs. Only by
further borrowing in New York and
drawing on the resultant balances can
Europe, it seems, be able to control eX
change, and avoid loss of gold to the
United States. To America the press
ing financial questions Of the hour are
becoming What shall be done with
the large and still increasing national
credit balance?" The only answer
seems to be-'Wholesale investment in
foreign securities.'
On this score another foreign nation
last week offered 10 help us out. The
placing of $10,00O,O 600 of Swedish bonds
in this country, following the floating
here OF $2S,000,0 900 of the British war
loan issue, only to very small extent
has solved the problem of how the vast
credits accrUing to this country in ElI
rope shall find investment The credit
balance of this country will probably
be increased in 100 by 500, 100000. To
Mexico, Montreal (Canada), Russia,
England and Sweden about $76,0O0,00O
during the past eighteen months has
been loaned out, which only about one
tenth covers what will be this year our
probab increased credit from the bal
ance of trade. 1t is evident that foreign
securities will have to be listed in New
York very soon. And then American
bankers, business men and investors
will have to confront. as practical men,
the condition that this country is now
the creditor nation of the WOrld-not 4
mere theory that it is destined to be.
The price of corn has lately been hoy
ering close around the 4O-cent mark
In Kansas, Southern Illinois, Missouri
and Tennessee there has been consid-
cradle falling off in the condition of the
crop. Relating to the proba shortage
in Kansas, Mr.. Corbin, the Secretary
of Agriculture for that State, says in
his report of last week:
In perhaps two-thirds of the State
the drOuth is severe. 1t is to be re-
membered. however, that Kansas is not
the Kansas OF six years ago Then the
loss of the corn crop left thousands of
farmers with nothing. This year the
wheat crop is biggest where the corn
failure is worst. Kansas has a million
more cattle than there were in the
State in 1894 and feeders are going to
be able TO get cheap corn from Nebras-
ka. The corn damage is serious, but it
is not going TO be destructive"
In connection with the subject of how
the cheapening of money since 1896 has
been of such great help to feeding oper-
atoms in the West, and a direct means
thereby of raising the price for corn,
it is interesting to compare the corn
market at the beginning of September
tbs year with conditions in the Sep
TENDER of 1896 Corn is now close
around 40 cents bushel, whereas al
most exactly four years ago it touched
the low point for that year Of 1912 cents
a bushel. or about One-half the present
value. The extreme depression in the
market in September, 1896. was due to
the money Stringency then prevailing,
and for which the aggressiveness Of the
campaign for free silver was response
BILE Neither the farmer nor the bull
Spectator could get money then to
carry corn, so as soon as it was harvest
ed it had to be thrown on the market
to the utter decentralization of its price
After the defeat administered to the
cause Of free silver, two months later
there WAS an immediate rally of about
6 cents bushel in the price of corn.
1t is noticeable that the railroad
granger stocks are experiencing no
declines of impOrtance-nOtWith
ing the crop damage reports from GER
tain sections Of the corn belt. 1t is
probable that the leading officials have
figured out that in the aggregate there
will be as much grain to haul in con-
nectiOn with this years crops as with
last years, which overtaXed their ca
pacity; while the value of the 1900
crops in the aggregate will probably be
even greater than the aggregate value
Oh tue 1899 crops. If this proves true
it will Of course mean still further in
creased purchasing power for the peo-
pie of the corn belt as a whole. They
will buy more Eastern goods, and that
will increase the tonnage of first-class
West bound railroad freight
Bottom Dropping from Bryan "Issue."
So suddenly has the wind been taken
from the Democratic sails of imperial
ISM and ''militarism'' by the logic of
events in China that it is not surprising
that the Democratic navigators should
feel nonplussed and puzzled as to- how
these sails can now be set so as to
catch even some faint breeze of mis-
guided public sentiment. Some of the
chief ''anti-1mperialistic" organs that
might be expected to have some aid
and sympathy for the unfortunate
Democratic predicament are giving