The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-20
FINANCIAL UNREST IN THE US
View Of Canadian Formerly Resident
In the West.

View Of Canadian Formerly Resident
In the West.
To the Editor of The Journal.
A great deal has been said and written
lately with regard to the turmoil that ex
lists in the financial matters In this coun-
try, and such questions as these naturally
come to the minds Of observers Of finan-
cial and industrial movements What Is
the cause of this unrest, and what shall
the end beg Two very important Dues
tions, indeed, and only careful analysis
Of the situation from both financial and IN
dustrial standpoints can be Of any use In
solving these important problems. The
prominent feature In the situation Is the
great fluctuations In prices OF securities
without an apparent change In the un-
derlying conditions. II prices and con-
ditions have correspondent during the past
six or seven months, 1t is but fair to as
sumo that the situation Is rotten to the
core and nothing short Of calamity Of
the worst kind is likely to come upon this
country. But, SO far as can learn, the
underlying conditions are quite sound
The agricultural industry which is the
chief factor in the prosperity of this coun-
try comprising as 1t does the greater
part Of the exports and they, IN turn,
help keep the balance of trade to a great
er or less extent in favor Of this country,
is quite sound. It Is on this industry that
the greatest railway systems IN the coun-
try exist The carrying Of the products
of the soil, with their attendant necessi-
ties. means more than that Of any branch
of industry. The life Of this country is
largely due to the richness Of It's soil;
millions have come from all parts Of the
world to reap the bountiful harvests as
well as to enjoy the political freedom af-
forded under the constitution. think 1t
but fair to assume that the land as
whole has not ceased to yield fruit. True
it is that floods have devastated thou
sands Of acres and turned thousands of
people out of homes, yet see no cause
for raurmuring. The flooded districts as
we'll as the districts injured by frosts and
drought are very small in comparison to
the whole and think am safe In say
ing that the area Of cultivated land on
which normal crop can De expected TINS I'M
year. is equal to the total area OF Gull
tivated land three years ago, and the
railway mileage has not increased In pro-
portion with the population or with the
area Of cultivated land during the past
few years at least.
Another feat ure of the situation Is this
I have said that this country rests on its
AGRICULTURAL industries. That is no doubt
/ true Of the p1 eserlt, but this day may soor
become one of the past Agricultural en-
| terprfses brought manufacturing enter
prises, and they have developed to such
an extent that this country Is not only now
manufacturing nearly everything required
in the country, but markets are being
opened in the foreign world for United
States manufactured goods, and the con-
slant development that is now going or
will soon make the United States the
greatest exporter of manufactured goods
| in the world, and such exports will take
the place Of agricultural products in the
I;course Of time. This country will cease
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