Bisbee daily review., 1907-12-08
TE BeE DAILY REvE eSRE ARzo MORNING. pEcEMsE laO
.OUR RESOURCES
 ARE UNLIMITED

lea in the present QlScuSSlOn or t0e outlook in the financial and industrial world timid men might be pardoned for exhibiting symptoms of pessimism. But there is such a unanimity of sem timent and evidence of a hopeful na- ture from one end of the country to the other that the most dubious ob- server must be convinced by this time that there are no reasonable grounds for apprehension as to the future. In the following editorial the Hartford Courant, one of the strong conserya- tive papers of the east, reflects the general opinion of students and crit ics:
 Europe is no doubt worried about the amount of gold that this country Is taking from her. Our engagements of the yellow metal from over the sea already run up to s67.9OO.0O0. and there Is eVeTy pIU5P1VI IiIaS W0 siIssti Ss.iaS more. It may be wise or foolish in the long run for us to take more; it is almost impossible to decide this point so near at hand; but, whether wise or foolish, the fact is that the American people, like the man in the play, want what they want when they want it, and have a marked tendency to get what they want just at that time without much regard for the fu- ture.
 'Nominally all this gold has been taken from London. but that town is largely a distributing point in these transactions. The gold has really been taken from the common stock Of all Europe, and all Europe feels our successful pull for it. Naturally Flu rope does not like proceedings of this imperative kind, no matter from what quarter they come; and, naturally also not so much against us as to protect herself-Europe mas put the price of gold up, and may make the price still higher.
 The main point oin this entire gold importation business is as to how we pay for the gold. Is it a one-sided transaction or is it in the larger sense 1 matter of barter? Barter is where each of two persons has something l that the other needs, and the two per sons make an exchange. In this mat ter we have as against our need of gold Europe's need of food. The two needs may not be exactly coincident, | but in the end they are bound to bal | ance each other with more or less ac- | curacy. This country has that food whicn Europe needs. We are going to get our crops into the foreign market ! and sell them. Crops are basic fact; i; they are property; they are bound to bring good money at a gold valuation l wherever they are needed, and they are needed in Europe this year rather more than usual.
 l our currency system is doubtless defective in the point that it requires good reserve money to be used for the recurring need of getting our crops | sowed, and cur crops harvested and | moved into the market, whereas a l properly secured credit currency would do these jobs without special strains;
 but after all is said and done we dc do our sowing, and We do do our har. vesting, and we do get our crops to the places where they bring the cash. We may be pinched by the scarcity of cur I reDcy with which we carry on busi ness, but we have the property which
 makes our business sound, no matter what difficulties we may encounter in
 keeping the business going. ... This is the cinch that this country has on Europe, and this cinch is a per
 manent one because it rests on natural
 conditions. Every million of new pop ulaticn in Europe, every acre of newly I Irrigated soil in this country, strength
 ems this cinch. We are doing great
 things in the sale of our manufact
 ured things to Europe-steel things
 leather things, wood things; and we
 sell copper and cotton and tobacco and
 oil and silver over there; but the Euro pean customer may defer his purchase
 of a sewing machine or barrel of oil
 of a pair of shoes or a railway car fl When it comes to things to eat, how n ever, the demand of the European stomach cannot be deferred. Ali stom
 achs are so made that they must bt
 wound up twice or three times day
 with the necessary food. Financial
 jtringency has no effect On this Euro Dean need of our surplus roodstuns-
 Cur meat and our wheat. Europe doef
 not produce enough of these things fol
 her own people-the amount needed
 varying somewhat from year to year
 but never coming down to the point
 where the need is not definite and con
 siderable. It is therefore impossible
 for Europe to get along without the 5ASol <aIASAlSaA CupDOdIO E1uTOpS may put up the rate on her stock of gold l-making it hard to buy; but when
 mealtime comes she must look in part
 10 this country for what is on her
 table, and so her gold is bound to
 come to us or stand to our credit
 sooner or later, in payment for the
 food supplies obtained from us. The
 gold itself is coming to us this year
 instead of standing to our credit, but
 1t is about the same thing in the end
 This country is not borrowing gold
 from Europe, and is not trying to bor row gold. We have that particular
 kind of property that is worth more
 to Europe than her gold is, and witt this natural advantage on our side she
 cannot avoid making the cash return
 70 us for what we supply to her. Ac
 cumulations of gold and the rate
 charged for its use is an artificial pro
 cess, whether this be done in Londor
 UT Paris or Berlin or Brussels or in al
 of these capitals together But there
 IS nothing artificial about bread and
 butter and meat. The need of these
 thngs is one of the unchangeable and
 unavoidable facts of human existence;
 and We have surplus bread and butter
 and meat In other words. this country
 owns the kind of property which Eu
 rope must have to keep going; and
 bank rates and bank plans in Europe
 can no more prevent our building UT
 for ourselves gold credit there thar
 the European peoples can live unti
 next harvest without drawing upon ths
 surplus foodstuns which we have ir I ztOCk and -a1Hx5 fc.