Omaha daily bee., 1906-01-19
A LUCKY COUNTRY.
Dangers DOdged as Numerous as Vie
tories Achieved.
Wall Street Journal

Wall Street Journal.
This Is a lucky country. Its escapes are
as marvellous as its natural resources.
The dangers that 1t has lodged are as
numerous as the victories which 1t has
achieved. 1t continually has problem
on hand that seems to be beyond solution.
But at the very moment when the country
is on the eve of giving up in despair,
presto the problem solves itself. Neither
wars nor rumors of wars neither panics
nor booms seem to be able to destroy us.
As people. we do all sorts Of things
that we ought not to do. and yet while we
stumble sometimes, we do not actually
fall. We run into promotion crazes. into
wild speculations and are guilty of all
sorts OF abuses, and still we are unable TO
stop the rapid progress of the country.
We squander our means in extravagant
living and yet our excuses do not involve
us In disaster. We become contemptuous
of law; we suffer ourselves to be led by
our noses by corrupt bosses; we follow
dishonest leaders in finance; we are
neglectful of plain defects in our social,
political and economic systems; We will not
take the time to effect reforms until the
very last moment when reform is possible;
but still we always land upon our feet
Here we are at the opening of 1906 i'm a
condition of absolutely unequalled prosper
ity, when everything seems to have con-
spired to our advantage, even our own
misdeeds. our own neglects and our own
crimes. Look back upon the past year,
and take note of the number of things
which we ought to have done but did not,
and the number OF things which we ought
not to have done, and did. We know very
well that our maladministration of insur-
ance and other trust funds ought to have
involved us in national disgrace and dis
astcr. Yet a lucky quarrel between two
! financial interests for the control OF one
of the insurance companies, has led to an
exposure OF abuses, and thus to reform
which will be for the benefit instead OF the
loss of the country. We know very we'll
that our banks and trust companies over
extended their loans to speculative inter-
ests, invaded their reserves and did other
things which conservative, commercial
1 banks ought not to do, and yet We have
passed through one of the most stormiest
periods OF the money market. mistaken
and without any check tv business activ-
| ity. We have undertaken to put upon the
statute books a law for the regulation Of
railway rates, but even this drastic reform
does not prevent a wonderful revival or
railway building, and a still more won
derful Increase in railway earnings. We
are spending enormous sums in luxurious
living, but still our mines and our farms
are producing so lavishly that the wealth
OF the country is increasing at rate that
| is truly stupendous.
| Apparently we are able 10 disregard the
precedents and to perform miracles our
stock market advances even when rates
of money are at 100 per cent and when the
clearing house banks report a deficit in
| their reserves. We can inaugurate a great
bull movement even when the prices OF
! stocks are at the highest level
1 Nevertheless. ana Notwithstanding. we
are still subject to economic law. Let us
not rely too much upon our luck. The only
true basis Of permanent prosperity Ia the
right u-- Of great advantages