Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-08-03
Tn Condit tons Of BMsiness.


csts Of this country have been able to
Withstand the tendency to panic
which. under less stable conditions.
would have been reasonably sure to
have resulted from the big steel strike
and the threatened loss of crops in the
West. is the best possible proof of the
substantial character of the splendid
prosperity that has come about under
Republican rule.
Conditions like these so well calculat-
cd to occasion uneasiness and solicit
;udc for the future have created
scarcely passing furry.
For a time the owners of cattle and
hogs fearful of the expense Of being
forced to fattcn them on high-priced
grain, rushed then, into the market
with al possible speed. Last week
receipt of cattle in Kansas city was
IL. tSi greater than the receipts for
corresponding week of last year ana
the receipt of hogs was 2l.'? in excess
of the same period in 1900. This ten
dcrcy to forced sales of live stock was
checked by the rains. and the latest
market reports indicate that it is
practically over.
The Journal has often emphasized
the fact that nothing contributes more
powerfully to stimulate industrial en-
terprise and promote business stability
than a condition OF the national treas
| urv which, inspires public confidence.
TIE moment that confidence is i'm
| paired distrust and panic. with all
their attendant evils, begin.
| Ii will he recalled that the woeful
hard times of the last Democratic
national administration began with the
"a ssaEe Of a free trade tariff bill
which struck vicious blow at Amcri-
can labor and American industry
This measure failing to provide SUI
| ficicnt revenue to meet the current cX-
pcnses of the government the difference
was made up by raidng the gold re-
serve held in the treasury for redemp-
ton purposes. and this in turn was re-
nlenishcd by the issue Of government
bonds hearing interest at per cent
| 1t was right here that the era oi
| business prostration. of unemployed
Ia Dor and public soup houses had its
origin: and not till the Mckinley ad-
ministration with the passage of the
Dinglcy tariff bill had absolutely ant
radically changed the conditions ex'
listing under Democratic rute, did tn,
country recover from that deplorabl'
condition.
The latest reports from Washington
show a condition in the fiscal opera
tions of the treasury for the month o
July which may well be genera
source Of pride and qualification. Will
the sweeping reductions in taxation
made by the last Congress it wa
naturally anticipated that there would
be a marked falling off in the public
revenues. But such as not been thu
case So great and general has beer
the national prosperity that tn
treasury returns for the month Of Jul.
| show an increase OF nearly $So0,G00 il
internal revenue receipts and an in
crease Of about 81. 500 900 in custom
over the corresponding month Of las
year.
Never was the national treasury $
| strong IS it is today. 1t has a
ayaila bic cash balance of $l11.oo" oh'
Of which $o8. coo, coo is III gold $500. 900.
o00-a larger stock than Is now pos
scsscd ny any other nation-in Sol
held for redemption purposes to tn
credit of thezyarious funds cstablishc
under the act of March II. 1900.
There is perhaps no better bar"me
lt.r Of indust rial and commercial con
rlitions thEcn.ghout the country tina
: the gold reserve. Its present larG
di.nensions-pfactica all of hon
OBSERVATION-DISCLOSURES how widespread
the present era OF national prosperity
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l III Sc mt caS y to thir1E Of the SWet