Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-09-03


ture OF the United States was express
ed by Secretary Leslie NJ. Shaw OF the
treasury department at q banquet at
the Auditorium hotel last night. He ex-
pressed the opinion that prosperity
would continue Indefinitely.
He advocated an elastic currency,
and said American merchants would do
well to advance their trade to points
below the equator.
Secretary Shaw spoke of THE Bust
ness Outlook" at the banquet in con-
nection with the fall convention of the
National Association of Merchants
and Travellers of the United States,
Three hundred members were present,
and after the address a vote OF thanks
was rendered to Mr.. Shaw. John G..
Shedd presided.
For Ship Subsidies.
The secretary's address was further
regarded as notable for it's advocacy
of ship subsidy that would bring
about increased trade with South
America, South Africa and other coun-
tries or sections with which commerce
of the United States is at present
small.
Mr.. Shaw dwelt upon the supreme
Importance of securing new foreign
markets, and in this connection refer
red to the construction Of an isthmian
canal, which he said he hoped would
be realized some day.
The head of the treasury department
talked optimistically about present
conditions and Of the future He could
see no cloud on the Sky of the nations
prosperity, and said that if panic
should come he believed it would be
the result of psychological influences,
rather than of actual dullness in our
marts of trade or in the seats of CAPT
tai and industry.
Mr.. Shaw's Speech.
Secretary Shaw spoke as follows:
"a representative of a large metro
politan daily recently submitted the
following question as the basis of an
interview: Has the boom left the
United States richer than it found it?'
The honor was declined as usual, but
/ could not help contemplating few
facts.
Compare the following with avail
able statistics covering any former
period and there can be but one an
swer to the proposition. Our farms
produce four thousand millions. Have
these lands become sterile or their oc-
cupants indolent? Our 1--we hundred
thousand factories add fifty-six hun
dred millions in value to three thou
sand millions of raw material, and
their net output, exclusive of duplica-
tions, is more than eight thousand
millions. Have these hives of
industry been consumed by the ele-
ments? Six hundred thousand opera
tives in these factories and workshops
annually sign pay rolls aggregating
three billions. Have these artisans
become paralyzed or have their wages
been reduced? Our mines, quarries,
clay banks, and oil wells yield a
thousand millions. Are these store
houses of wealth exhausted or their
capacity diminished? Our two hun
bred thousand miles of railway trans
port six hundred million tons OF orig
inal freight. not including Implications
and pay eight hundred thousand opera
tives, exclusive of officers six hundred
and fifty million dollars. Are these
thoroughfares of commerce in the
hands of receivers, or are they likely
to be?
CAS- nearly as can be estimated the
annual productive capacity Of the
American people is eleven millions
This does not include Implications
This does not include raw cotton and
manufactured cotton; but raw cotton
and the value added thereto in the
process of manufacture. OF this we
export one and one-half billions, and
| import q billion of other merchandise
mainly, noncompetitive with our OWL
products We therefore consume the
equivalent of 95 per cent of all we pro
duce. Not while these conditions
continue will prosperity cease.
''We are the most prosperous people
| in the world because we both produce
and consume more than others. The
little that we sell abroad, about 10 PEI
cent of our net produc Ion, and the lit
! tie we purchase abroad, or z pc
\ cent of our net consumption, consti
lutte no challenge to the statemen
that our prosperity rests with our
selves. Unless our factories ant
workshops voluntarily close, or labo
voluntarily refuses employment, o
i commerce voluntarily ceases it's actiV
lily. there is no occasion for alarm
Unless apprehension becomes epidem
! ic and ultraconservatism contagious
the immediate future holds for us a
much of real good as the immediate
past has showered upon us.
"To those who are comparing 100
with 1893, and who think history Hike
I ly to repeat itself every ten years, pei
nit the suggestion of few radica
differences in conditions, Ten year
ago, whether wisely or unwisely
whether with or without foundation il
4 fact or reason, a very large number
| and of that number many close stuo
4 ents of commercial and Industrial cor
ditions. believed our then fnancia
system not only unsafe. but absolutel
vicious. At least four kinds of none
United States notes, treasury notes
silver dollars, and silver certificates
were believed to be dangerously qea
depreciation. Grave doubts existed
and were freely expressed, whethe
the secretary of the treasury coul'
Z 4 q IL % -,