Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-07

ment of the "open
door in the Orient the opening up of the needs of
five hundred millions of people to the markets of
the Western world. Of this enormous trade we
should get at least third And what this
outlet for production and over-produc-
ton for many years to come is fact which needs
emphasis.
England and Germany will of course be our rivals,
and from the latter at least vigorous compe-
tition certainly will come. And when the drummer
stands side by side with the missionary-ten
drumners in all probability for every missionary
in the feld-the trade evangelist of Germany will
be found somewhat reader and active than
ours. German manufacturers far more keenly than
the English ourselves, cater especially for
the foreign customer, and adapt their output to
his needs. The advantages are all on SIDE how
ever. Proximity, invention labor-saving machin-
cry and cheap production are all with We must
find a large part of the money for the development
of Japan, Corea and Manchuria and wherever Ameri-
money goes it will open the way for American
trade. This will produce, naturally, great
American marine. If ships not to
back empty some alteration in tariff position
will become inevitable And these of
the many changes in national policy that will
supervene naturally
Before Wall Street can be the worlds banking
CENTER however, its interest rate must become
steady and uniform At present it is far from being
1t may rise from six to sixteen or even twenty
upon occasion. 1t must cease to be spas1nodic
to the firm, slowmoving bank-rate in London
This steadness, however, is due largely to the
of money. As the aggregates here, the stead-
ness will follow. When the Panama Canal brings
Atlantic ports thousands of miles to the
Orient; when the Oriental banks all represented
here by local houses; when South America ceases
to bank in London and places its balances in New
York it must do in the of time, the stead
which with weight must follow.
Great bodies move slowly. Confidence we already
have: the United States Government bonds
mand higher price and yield lower interest at the
price than those of any other nation. And all these
things should be known to the people and realized
by the people, because much depends upon
political stability. We have taken large part of
three Japanese loans and one Russian loan. When
the day comes that we have the most money and
the cheapest money, the nations inevitably must
come to us to borrow it, and that day is not
far off, If ten years be too short a time for
its advent, twenty years will than the
change
We have seen lately the Bank of Englands dis
count rate, the price of money in London fall from
three to two and one-half per cent, the lowest
figure at which it has stood since the Boer War
began. When that broke out the rate rose
steadily to six per cent, and remained there
Money having been tight in London since 1885,
London during that period has ceased to be the
worlds financial center-the honor has been held
by Paris Now England has regained it, and
doubtedly will hold it for years to come
She is fast recovering from the effects of the Boer
War; her is shining not only in the money
market, but in the general business situation.
There is feeling abroad that peace is inevitable,