The daily morning journal and courier., 1903-09-03
PROSPERITY HERE TO STAY
SECRETARY SHAVTAKES OPTIM-
 ISTIC VIEW OF FUTURE.
Declares EmphaticaIIy That There Ex- ists To-day No One Fact, and No com- bination of Facts, the Logical se- quenos of Which Suggests Disaster wha, is Needed for Currency Is Not an Elastic Dollar.
an Elastic Dollar.

Chicago, Sept. 1.-Two hundred busi- ness men from all parts of the coun- try listened to Secretary of the Treas ury talk on "The Business Outlook at banquet given tonight at the Audi torium hotel by the National Associa- ton of Merchants and Travellers. Ly- man J. Gage addressed the association on the same subject just before his re- tirement from the treasury department and great interest was attached to the speech tonight of the present secretary. Secretary Shaw said in part:
 "A representative of large metro politan daily recently submitted the fol- lowing question as the basis of an in- terview: Has the boom left the United States richer than it found it?' The honor was declined, as usual, but I could not help contemplating few facts. ** -
 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 per cent. of our net production, and the lit tie we purchase abroad, or per cent. of our net consumption, constitute no challenge to the statement that our prosperity rests with ourselves. Unless our factories and workshops voluntar- fly close, or labor voluntarily refuses employment, or commerce voluntarily ceases It's activity, there is no occasion for alarm. Unless apprehension be- comes epidemic and ultraconservatism contagious. the immediate future holds for us as much of real good as the inn mediate past has showered upon us. :" 's5 |
 Speaking on the, currency question the secretary said: What is needed is not an elastic dollar, but some provision by which automatically, the aggregate vol ume of dollars shall increase whenever and wherever more dollars are needed, and will as promptly retire when not needed.' :
 Further on the speaker said: "There exist to-day no one fact, and no com bination of facts, the logical sequence of which suggests disaster If disaster comes it will be psychological and not logical The microbe, if it exists, is in the mind; it is not elsewhere"
 He also said Some of you gentle men are importers. would like to inquire whether you, in making your purchases abroad give preference to those countries which favor us with an open door, or do you buy where you can obtain the desired article to the best advantage? Do you purchase your silks, for instance, in Great Britain be- cause she buys $600,0000OO of our gross exports without the imposition of cts- toms duties; or do you purchase in France and Germany, notwithstanding tariff exactions upon goods coming from the United States? We have tried this experiment with Brazil. We am nually buy of her more than $70,00O,000 free merchandise, more than 40 per cent. of all she has to sell, and sell her $10,- 0Oo,00O, 10 per cent. of what she has to buy. !
 Another way suggested is to trade conlpliments-to exchange trade privi- leges-to set our doors somewhat ajar for the special advantage of one coun-. try on condition that it shall set it's doors ajar for the special advantage of our people, Considerable has been said along this line, but not very much has been actually accomplished"
 The secretary concluded by speaking 5 in favor of ship subsidy bill for the expansion of American trade.