Daily Kennebec journal., 1901-06-27

First they said that it would not
come with McKinley's election. then
that it had not come. then that 1t was
only apparent. then that there was
only a little of it, then that it would
not last long, then that it would
cease as soon as Mckinley was re-
elected. They were. in each instance.
very much mistaken. and most of
them are now too busy to enjoy the
profits Of Republican prosperity to do
any talking The evidences of the
permanent and substantial material
benefits which this country is enjoy
ing as the result of the great Republi-
can victories in 1896 and 1900 are over
whelming and are plain to all the
world.
The Iron Age shows that for the
first time IN the history Of our country
the production of pig iron has reached
800, 900 tons a week. In November last
the production was 215, 900 tons a week
and the rise to the first named figure
has been steadily in progress since
that time. During the month of April
the United States Steel Company pro-
duced 500, 600 tons of steel ingots, and
in commenting on these wonderful
figures the Age says: Such a report.
although amazing, would not neces-
ril ho ifxyinD Ia
fact that practically nothing of this
vast output is being accumulated. but
is being produced to fill outstanding
orders
THE surplus in the United States
treasury" notes the Bankers Month
ly. lis continuing. to grow. and, al
though the department is still buying
bonds. it has not been able to get them
in sufficient Quantities to make any
great difference in the surplus. On
July the revenue reduction will go
into force. which will cut off about
1000 600 a year but at the same time
there will be large reductions in ex-
penditures for war and other purposes.
which will Offset to a considerable de-
gree the Reduction in war taxes. The
only way at the present time to put
back into circula ton these funds is for
the treasury to buy bonds and the
present outlook that it will get any
large amount Of government securities
is not good"
We are drawing near to the close of
the fiscal year and nearly accurate
estimates can be made of the export
and import trade. The total export
trade will be in the neighborhood of
81 500, 900 900. or about $1,000 .0GO more
than in 1900. What this enormous
trade means can best be shown by
compa rison. In 1870 the total of our
exports We're $780,. 900 900. They
reached the $l,00, 600, 900 mark in the
last year of President HarrisOns ad-
ministration. They were reduced to
$500, OoO, 900 in the last year of Grover
Cleveland's administration. Since
1896 they have nearly doubled. At the
same time there win be shown a fall
ing off in our imports during the pres
ent fiscal year of about $50. .0OO. 600
compared with 1850. This means that
the balance of trade in our favor dur
ing the year to end on the last day OF
this month will be about 500. 1000, 900.
1t is something unparalleled in the his
tory Of nations.
OF the s1OO, 900, ,OO0 increase in exports
over 1900, fully $SO0Oo,OO0 We're in the
products of agriculture and therefore
the farmer appears to have been the
chief beneficiary OF this increased
trade. This will leave an increase of
but $4,000, 900 to be accounted for
with the products of manufacturing
and mining. though the real increase is
much more The exports to Hawaii.
Porto Rico and the Philippines are no
longer listed as foreign commerce,
and this reduces the apparent total Of
goods that really have gone abroad.
The growth in trade with manufac-
tured goods was also checked by the
Chinese troubles to the amount OF
many millions. The reduction of the
import figures is somewhat deceptive
in that it is due more to a reduction
in price of the materials imported than
to a falling off in quantity. In fact the
quantity imported shows hardly any
falling off. and in some classes of raw
materials used by American manu-
facturers it was actually increased.
In searching the situation for
something that might indicate re-
action from the enormous Industrial
and commercial activities Of the past
few years nothing can be found save
dull textile market and some idle
mills. and this branch is in a highly
fiourishing condition when compared
to that of five years sgo. The strikes
are symptom of general good times
rather than depression. Generally
speaking. strikes only occur in times