The sun., 1903-01-05
1AMES R. KEENE'S
} BRIGHT OUTLOOK.
Times Are Good and VIII Be Better,
Because tn: Farnnsss Are
In Clover.

THE Suns questions were submitted to
James keene. and In answering them
he said:
@The questions are important, ana they
cover broad field, and one which should
receive the attention Of every one who is
interested In commerce and finance. ]
am not sufficiently familiar with some OF
the propositions suggested In these ques-
tiOns to make my views concerning them
Of especial value
you ask me. for instance. TO suggest
changes in the banking and currency laws.
YOU ash ,nt. further, 10 say whether I con-
slider the money supply Of the country
adequate to the needs. These are questions
that should be answered by bankers. Of
which am not one Personally. ! believe
that we need much more money to carry on
safely the vast business OF the country ,
and we require also more elastic system
OF currency.
This seems to me to he obviously necessary
in the light Of our late experience. The
conditions are plain enough, and 1t is to be
hoped that Congress will act promptly
and wisely in furnishing the relief Many
propositions have been presented to It.
but have not examined any OF them care
fully. and cannot therefore give an opinion
As to the relative importance and possible
effectiveness of each one, or, in other words.
which Of them deem to be the best.
II see no reason why this country's pros
peiity should decline during the coming
year. I believe. on the contrary. that
this nation will he even more prosperous
during 1908 than il was during the year
just closed.
n
You ask me for the basis OF my opinion?
According TO the best statistical estimates.
the value Of farm products of 1902 Is one
thousand millions OF dollars greater than
in ieli. The prosperity Of the farmer IL
the base and capstone Of our national pros
perity. His condition is the surest index
to the condition Of the country. When the
land is fruitful. harvests bountiful. quality
good. and the farmer receives remunerative
prices, there is unmistakable evidence that
the general condition Of the country Is
sound The evidence Of the existence OF
all these things now. il ample enough to be
convincing and this is the basis Of my be-
lief concerning the coming year.
Further. trade is being conducted along
safe lines. our products have ready mar
kets. and the figures showing the total ex-
ports for the last year are wonderfully
reassuring What is there, therefore, TO
justify a conclusion that there will be any
decline in our national prosperity?
There must. from the very nature OF
things. always he danger in business: for
business, as IL now must be conducted, IL
la rgely speculativ probably more so than
at any previous period; yet collect ions are
prompt and people are full of money and
spending il with unusual freedom. The
grave danger. in my opinion. to business
and finance is the over-ca pita lization OF
new corporations which are continually
being brought out with sound asset 10 totally
out of proportion to the volume OF securities
issued upon them.
Il am not sufficiently familiar with Euro
pean markets to speak authoritatively on
the possibility Of an increase in our export
trade during the coming year, but l am
quite willing to express the opinion that
our export trade will he as great, If not
greater, than II was in 1902. We shall
export large quantities of corn. Owing TO
the partial failure Of the crop of 1901 we
exported but little last year. The demand
for all our products is satisfactory. and all
signs point to an increase over 1902"
But you haven't said anything about
the tarifr?-
Concerning the tariff Mr. Keene re-
piled. Il am emphatically Of the opinion
;i,at the less We tinker with it the better