Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-25
Il. pooley. of Richmond. l.. who has
f;.I,. q = ,atte g tn ~ Mich he undertakes

{ II Cooley of Richmond. a., who M
|spubIishe d q lette e In which ne undertakes
to cont overt the statements OF the new ssess
York & financier Major Dooicy IS vice
eif1ent Of the Richmond Trust EeIn-
paDy.sa director In the Seaboard railway
system q ca pstaiist and a 1nancier OF
acknowledged capacity ard large expert
sence. Mritlf1g from the standpoint OF
: banker, Major Deoley defends the nation
al bar1k Of the country from Nj. andcr-
lips criticisms. II. ne observes. VIZ We.
Nanderlip,s statements and the inferences
st11eresrena are accepted as correct. the
/ NJ. rio:;,a ba rks Of the United States stand
1 convicted Of reckless expansion and MS
management. Mr. Vanderiip charges that
I the deposits. of these banks have lncreas-
cd since the beginning OF 1899 By the
enormous sum OF S1.3N,0Oo.000 and .nde
{ this indebtedness now amounts to st.soo.-
ooo,O0 white the legal tenders and gold
held by these banks. the basis OF this
pyramid of Indebtedness. are now only
$685. oG0,00o, against s509.oG0CW in 1855. 80
Major Dooley denies that the national
banks, while thus enormously increasing
s their indie btedness. have at the same time
re duced their basis of credit In his op.n-
ion the sos. 010.G0o of gold and legal ten
ders held by the banks are only part
: of the basis upon which the great pyramid
of deposits rest for safety. In addition TO
their holdings of gold and legal tenders
I the banks. according to the Richmond n
nancier, are now able to show an immense
increase in their bills receivable. bonds
and stocks and other assets. II THIS were
not the case. and If gold and legal tenders
were the only basis of the banks indebt-
e6ness to depositors. Ma or Dooiey asserts
that national banks would be open 10
the charge of having acted with reck-
lessness akin to criminaiity.
. The Richmond fnancier does not believe
RI of
the nations financial institutions or in the
state OF its foreign commerce to warrant
the apprehension that the country nj
passed the climax of its prosperity. Nhlle
the exports Of manufactured SooaSs frGn
the United States have not Eeen as great
this year as they were III 1900. they nave
exceeded the exports Of 1901. The increas-
ed imports in 1892 as compared with 1858.
do not alarm Major Dooiey. In, 1898 ne
says, 'our people were comparatively poor
and were exercising great conservatism IN
expenditures. Our imports tS6jO.0c0.0 e0),
We're accordingly abnormatly small. The
year 1888 was the first year of prosperity
succeeding a iCng period of depression IN
business and strict economy. The real
question, In the opinion of the Ricilmend
financier. is whether our present imports
are SO abnormaliy large as TO constitute
menace to our prosperity. he presents
figures showing that there has been no
ma teEia1 increase in imports for the last
nine years while our exports of all kinds
which Were 1891 Goa. COO in 1893. have grown
to almost 81. 100000, coo in 1902 Furthermore,
it is asserted by Major Dooley that the
greater part of the increase in our imports
from 1e9S to 1902 was composed. OF those
raw materials which are used by our
own manufactures, to furnish employment
tor millions Of Workmen.
The basis of our industrial and and conf
Dooley finds, is the S5500G0.0G9 of gold add
Cd to the resources of the United States
since 1896; the S40o.0lo,0oO year of other
minerals which this country produces. and
the magnificent crops with which the
farmers have been blessed for 1, series of
years. If" concludes Major DOGGY, we
continue TO produce wealth out of the
ground in such vast proportions as We
have done in the record year. 1903 Will
again b. eak the record of prosperity"
Evidently there is no apprehe nsion as to
the future among Virginia financiers.
Ma ior Doolev has fortified himself with
facts and figures which enable him to
make q strong case against the cautious
and conservative Mr. NanderIip.
y carefully prepared article in the fnan-
cial. supplement Of yesterdays New York
Times states that there is nothing very
alarming or surprising in the assertion OF
Mr.. Vanderiip and others who have dis
cussei the question from the bankers
viewpoint that there has been a falling off
in the exports for the fiscal year 1902 as
compared with the two preceding years.
The decline in the valEe OF exports in the
last fiscal year was. it is explained. due
mainly to the failure of the com crop in
1891 and the reduction in the price of cot
ton In 1900 the United States exported
corn worth $3I,100GQ0. In 1901 the value of
the exports of corn was SS4.0G0.0O0. In the
last fiscal year the exports of corn
amounted to only sl7.0000c0 In 1862 the
quantity of cotton exported was greater
than for either of two years preceding.
but in value there was Il falling off of
S-3G09.G0o compared with 1901. There was
q marked :rease in the exportat ton in
the last fiscal year of manufactures of
iron and steel. but there was Il subs,an-
tial increase in the exports of cotton
goods On the whole. there seems to be
no cause for apprehension. as regards the
commercial and Industrial future of the
United States. 1t is unreasonable to ex-
counter strong competition in the markets
OF the world. Conditions may net AWAY s
be as favorable for the sale of American
Products abroad as they have been in the
last few years. But there seems to be no
doubt that this country will get a fair
share of the worlds trade and this to-
Setaer with-the enormouse domestic com
merce. should asst,~e continued Industrial
and commercial witty.
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Baked Apoic Dumping.