New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 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
as an outlet for production and overproduc-
ton for many years to come is fact which needs
no emphasis.
England and Germany will of course be our rivals,
and from the latter at least vigorous compe-
titon certainly will come. And when the drummer
stands side by side with the missonary-ten
drummers in all probability for every missionary
in the feld-the trade evangelist of Germany will
be found somewhat reader and more 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-savng machin-
cry and cheap production are all with us. We must
find large part OF the money for the development
of Japan, Corea and Manchuria and wherever Aneri-
can money goes it will open the way for American
trade. This will produce, naturally, a great
American marine. If ships not to come
back empty, some alteration in tariff position
will become inevitable. And these some 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 1t is far from being
So 1t may rise from SIX to sixteen or even twenty
upon occasion 1t must cease to be spasmodic,
become cOnformaby low attain a steadiness similar
to the firm, slow-moving bank-rate in London.
This steadiness, however is due largely to the
of money AS the mass aggregates here, the stead1-
ness will follow. When the Panama Canal brings
our Atlantic ports thousands of miles to the
Orient when the Oriental banks are 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 course OF time, the Stead1-
ness which comes with weight must follow
Great bodies move slowly. Confidence already
have. the United States Government bonds COM
nand 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 50 much depends upon
political stability. We have taken large part of
three Japanese loans and one Russian loan. When
ever the dav comes that we have the 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 more than the
change.
We have seen lately the Bank of England's 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 war broke out the rate rose
steadily to SIX per cent, and remained there
Money having been tight" in London since 1903
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
doubtedy will hold it for some 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 a feeling abroad that peace is inevitable