The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-01-03

The globe encircllng voyage or the
American fleet, Americans financial crisis,
made the more tense by hotly contested
Presidential election, and the latest tri-
lmphs of American genius in the fields OF
science and invention as, for example,
the perfection of the flying machine by
the Wright brothers, have all brought the
United States into the foreground OF IN
ternational affairs more prominently than
in many a year past.
But not only has America herself peen
involved in many momentous matters.
She also has been the more or less direct
cause of numerous history making events
Ia far distant countries.
The same spirit Of freedom, Tor exam
pie, which won American independence,
has given liberty to Bulgaria. compelled
the old-time tyrant of Turkey TO grant d
constitutions: and in Russia, Persia, ana
even China forced long -estaphsheo au-
tocracy to recognize the rights or the peo-
pie.
In Portugal however, as in France at
the time of the fall of the Bourbon mon
archy American principles of liberty nave
driven men mad, making criminals out OF
patriots. and horrifying mankind with
deeds of blood. At Lisbon King Carlos
and the crown prince OF Portugal were
slaughtered in a frenzied effort to estao-
lish a republic Instead, the monarchy con-
tinues, with the boy king. Manuel H., on
the throne. Similar misguided attempts to
6btain freedom through ASSASSINATION
were made in Persia and India
Despite the forebodings which filled
many American and foreign newspapers
at the time the American meet lett inc
Atlantic coast of the United States, pound
for the Pacific, its voyage has proved a
success, automatically as well as nauti-
cally Many were the war runors rife IN
the beginning of the dangers OF a CLASH
with Japan, who might accept the heet
visitation to Asiatic waters as a challenge.
Such views appeared especially prominent
in the German press But Japans recep-
ton of the American squadrons proved
ccnclusively how little ground there was
for such lingo talk. Few times in naval
history has one country paid SUCH slgnai
honor to another as did Japan to the
United States during the week that the
Yankee ships fingered in Japanese waters.
WHEN the American battleship fleet
sailed into the harbor of Yokohama on
the morning of October IS the population
of the port had been doubled by the crowds
of visitors from all parts OF the empire.
The unusual honor of a 'consort escort
had been prepared for the Americans by
the japanese admiralty, every American
ship being accompanied by a Japanese
vessel of the same class.
A long list of entertainments and fetes
had been prepared for Rear Admirai
Sperry and his men, and the entire pro-
gramme was carried out Wlluoul d. SihSio
dscordant note. One of the evidences OF
Japanese friendship which particularly
Impressed the American sailors was the
assembling of 10000 Japanese school chill
dren In one of the Toxic parks, who sang
Hail Columbia in English.
AS this review is being published the
fleet is on It's homeward journey by way
of the Indian ocean, being due at Suez
on January 5 and at Gibraltar on Feb
ruary g. 1t is scheduled to reach Hampton
Roads again on Washington's birthday,
when President Roosevelt will review II.
II is believed that the sixteen heavy
battIeships and their complement OF light
or craft will have travelled A, 900 miles in
circumnavigating the globe naval feat
of greater magnitude than ever before
has been attempted by any nation.
ltAmerica's money scare affected the
bourses and chancellories OF the whoie
world Japan, in whose trade the United
States now leads, suffered such nara times
that the new Katsura ministry began a
rastic course of governmental retrench-
ment Katsura estimates that by the post
ponement of national works previously
undertaken the amount saved Will alone
aggregate $179,000,OOO. The national iair
planned for 1912 has been postponed TIL
1o17 Since the war with Russia Japan 8
taxes have doubled.
In England, American and German pusi-
ness conditions affected the texule anu
steel trades to such degree that nun
dreds of factories were closed. Inc Lon
don Times estimated that there were 1000,-
200 of unemployed in England. Of whom
10000 were in London. Veritable armies
Of idle men have marched up and down
the streets of the British capital. headed
by Stewart Gray, demanding that the
government give them employment
Although money became easier with the
So l1A fh0ra VIZ
assurance of any business recovery until
Taft and Bryan were nominated The
> most effective means taken to allay the
stringency was the action of the govern
ment In depositing its treasury surplus In
various banks, in selling new issue of
Panama canal bonds and In floating q
short-time loan under powers conferred
on tile executive at the outbreak of the
Spa nish-American war; The maximum
amount of this loan was not issued, how
ever, as 1t was found that conditions were
righting themselves without. Meantime
the New York city banks imported great
quantity of gold from abroad, while in
about 100 cities throughout the country
the banks adopted the use of clearing
house certificates.
Railroad securities, despite all these
precautionary measures remained shaly
until the end of April, several railroad
companies going into the hands OF receiv-
ers, the Chicago & Great Western. the
Seaboard Air Line being notable exam
pies. Harrimans offer to buy enough
of Erie's $15,000,000 bond issue OF April
is said to have saved this road from
bankruptcy and greatly fastened the re-
turn Of confidence in railroad stocks and
bonds. The stock market began an es-
pecially active upward movement on April
81, when the sEO,0O0,00o bond issue Of the
Pennsylvania railroad was tremendously
oversubscribed. Since that time the trend
of stocks has been to even higher levels
The Knickerbocker Trust company, the
closing of which marked the beginning Of
the panic in 1907, was reopened for bust
ness on March rs. OF the fifteen banks
and trust companies in New York city
which collapsed during the panic, all with
IN the past year paid their depostors in
full, except two institutions which fur
nish complete satisfaction of their deposit
liabilities.
As precaution against future money
scares, congress has passed an emergency
currency BILL which was signed by Pres
ident Roosevelt May 81. It's passage in
the senate was not accomplished until
Senator La Toilette in an eighteen-and-
one half hour speech, together with Sena-
tor Stone of Missouri and Senator Gore of
Oklahoma, had exhausted all their legis-
latiye resources to effect its defeat The
bill was a compromise between the vree-
land measure of the House and the Aldrich
bill OF the senate.
According to this act incorporated ma