The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1908-08-13

rs the country to have trade ex-
pansion Immediately after the election
of 1908 like that which it saw just
after the election of 1882" This ques
ton was asked me the other day by
member Of the association. l have no
doubt that this question suggests itself
to many persons at this time.
In some respects the situation in the
midsummer of 1908 is similar to that
of 1896. Then as now, trade was stag
nant. But the cause of the stagnation /
are much less serious now than they |
were then. At that time the country /
hat not recovered from the effects of
the panic of 1893. and the CONFUSION |
was far more widespread and disas-
trous than was the setback of 1907. In
1896 as in 1908, politics was a dis |
! turbing element in the situation. AS !
all of US remember, the disturbance |
came from the candidate who causes it
this year. The candidate. however, was
far more formidable then he seems to
be today. The cause for the alarm at
that time was real, and imminent, and
the business torpor registered the
lalarm.
AS I view the situation there are
three favorable factors at present
crops money and politics. The gen
eral aggregate of the crops promises
to be greater than ever before. Money
is plentiful and low. The result of
the elections of 1896 and 1900 stands an
excellent chance to be repeated in 1908.
In using these words. though, l want 1T
to be understood that there is no par
tisanship in anything that l will say
here.
While the country's population has
Increased twenty-four per cent since
1886, the corn yield this year prom
ises to be twenty five per cent greater
than it was then, the wheat crop is
forty per cent larger than it was in
that year, and the cotton output is
eighty per cent greater than it was
then while the aggregate value of all
: the farm products in 1908, according to
{ tile forecast made by the secretary of
agriculture will be $4,000, 600, 900, which
is 100 yer cent more than that of 1896.
In the same twelve years in which
the countrys inhabitants increased
twenty-four per cent its circulation
has grown 100 per cent. The banks of
New York, Chicago, st. Louis and the
rest of the money centers seldom held
more cash than they do now. Every
| member of the association who has had
! occasion to borrow money in his bust
ness operations in the past few weeks
e will be ready to say that he has never
:, seen the rates for it much lower than
e they are at present. All of us have
read that much gold has gone out of
the country in the past two months.
But neither the stock nor the money
market has shown the slightest I'M
Ieasiness on that account. AS Europe
: has a much smaller supply of cash
o than we have, and, for the moment,
: we can spare a good deal of it. we are
lending 1t to Europe, knowing that we
q can get it back whenever we need it.
g and whatever amounts we need.
we know this because we obtained
!. more gold from Europe during the
! acute stage of the money scare a few
g months ago than we ever received from
abroad before in anything like that
length Of time, and far more than any
i, other country ever gained in twice OF
n thrice that period. Our foreign trade
II meanwhile furnished striking illus
II tration of the country's immense re-
/ cooperative powers When the scare hit
US our imports Immediately shrunk and
J. our exports expanded. Thus we es
l. ltabIished an amount of new credit:
which enabled us to draw heavily or
the rest of the world for gold. We
- Imported sos, 100000 of gold in No
vember and December, although the bis
banks of all the great European ma
= tions advanced their discount rates
with the hope of holding the gold
g which they also needed.
of Having the articles. however-the
products of the farm the mine and thu
ID forest-which Europe was compelled
re to buy from us. we were masters o
la the situation. We got all the golt
which we needed. and just as fast a
- we needed it. In the fiscal year which
!, ended with June 80, 1908, our sales o
. merchandise to the outside world eX
! ceeded our purchases to the extent Q
$500 600 900 It is a fact Of profount
Significance too, that much of this in
rs crease in exports was in manufacture,
articles. This great trade balance, tn
t. largest which has ever been accum
ed ulated in our favor in single yeaI
,p has equipped us with a fund in Europe
O. financial centers which we can draw o.
AT any moment when we need tn
money For the time being, though
- we have more cash than we can pu
- to profitable use, and are lending it I
any country which pays the price. Thi
:. cent gold outgo.
= would advise every member of tn
T. association and every business man i
60 the country to take glance at the ex
norris and imports of merchandise an
IN gold by months for the fiscal year 100,
III which appears in a circular just issue
bv the Bureau of Statistics at Wash
10 Ifngton. There he will see one of tn
nh reasons why the country rallied s
quickly from the effects Of the scar
He will then realize that a nation s
E. well endowed as the United States
with things which the world will hav
ial to buy from cannot be held dow
laI long by any sort of adversely.
ge Our exports fell off somewhat in re
d. cent months. but they are some NOR
of Ion the grade The imports, in whic
,r- There was a decrease of $4,000. 0c
lin the fiscal year 1908. as compare