The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1903-10-23

the best in the world Ano tney have
it. and the annual inflow Of $S0, ,OO0,-
600 assures It to them and rewards
their wisdom.
"How afr and in what direction is
the vast Inflow Of the yellow metal
carrying us? The blind may see that
In the past five years the business Of
the country has been expanded II
some directions in an unparalleled
degree. Credit has been multiplied st
least to four times the amount Of cash
added to our supply, The exploitation
OF gigantic industrial corporations ran
on at d dangerous speed. fortunately
to exhaust itself by its own excuses.
Promotion Of stocks and bonds 10 not
industry; it Is speculate ION, and that
finds help and impetus In imitation.
Those who have climbed too high
into the realms Of credit must come
down. The promoter who h&s failed
to distribute his stocks and bonds
may be punished, and those who have
petted his schemes may suffer. But
q shrinkage Of inflated securities to
their true value is not q public calamF
tty. Our financiaf system can not tot
ter. much less be wrecked. Prices OF
commodities have undoubtedly been
borne upward by the imitation. Carroll
ID. Wright declares the cost Of living
to have increased from -15~to II pei
cent. in the last. five years. Advance
In wages follows increase In cost of
living. In many cases It has exceeded
the rise in cost of living. The general
average may safely be stated at from
Is to 20 per cent.
How do these influences bear upon
our world relations? First Of all, oul
SURPRISING wealth in gold has placed
our national credit on a plane above
that of all other countries, and neve.
before held by that Of any government
British consols, bearing 2h per cent
Interest, long the foremost type ol
credit, have recently sold below 81
while consols of the United States
bearing only per cent. range from
LOS to 1.10. Only unbrddled folly, moi
conceivable, can shake this solid str1c
ture.
obviously the supremacy Of our ma
tional credit adds to the strength d
the republic in commercial cre69t
genera ~ esesi NJ nAtfopal o
duence In ALL the world &
I'VE invade the old world with oua
|manufactures BY reason of the skill
and energy of American labor and the
methods revised by American genius
We run electric roads beside the pyra
mdds; we furnish harvesters for Rus
sia; we build bridges In the Soudan
and In Burmah;, send locomotives tc
farthest Manchuria: help Germany tc
load coal; sell shoes to Australia;
scatter sewing machines everywhere
and our watches keep time on the
Danube, the Nile and Orinoco. So
sound ana solid rock-rfbbed are oul
material and financial conditions. pre-
dictions can be based upon them. But
the minde of men are shoredess and
p NAOA SASSo 000, OAO ~ VAso Nses~ sS~AA
when or why pallid fear may brood
horribly upon its waves. The nerves
OF the multitude are a vast electric
system which some accident may start
into sparks or even flame and shock
and far-reaching utterances. II the
American people are prudent, viii lei
their common sense and cold reason
govern, they will see that the prosper
|ity they enjoy is the earnest OF more to
come, Of material achievement beyond
the scene OF prophecy, which shall
glorify humanity"
The convention elected as president
F. G. Bigelow OF Milwaukee, vice pres.
ident q. F. Swfnney of Kansas City
The old secretary and treasurer were
reelected. Retiring president Hardy
was presented with a silver cham.
napne howl