New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04
CHARLES ELLIOT WARREN, Prcsi-
dent lincoln Nation.

II tho fact was not then generally
realized. the belief has since become
widespread that at the outbreak OF the
great European war commercial, indus
trial and financial affairs in this coun-
try were in n prccsrious condition and
panic" was only avcrted by the-for
this oountry-very fortunate conjunc-
tion Of two world-importsnt events
the Inauguration OF the Federal Reserve
system and the outbreak Of tho Euro
peau war. with It's consequent reversal
Of foreign trade conditions.
Only he who would gainsay the fact
that business conditions IN this coun
try are better. very much better, than
they were year ago would take any
thing but an optimistic view OF the
future. With on unprecedented volume
of crops IN this country for the last
year. bringing the estimated value of
the output lcrops. animals and animal
products) of our farms up 10 and be
yond the bcwildering sum OF ten bill
IONS Of dollars. this country is bound
20 have bright and happy prospect
before u for the year ensuing.
SuperimpOScd upon this stupendous
earth yield are the urgent demands Of
sll the warning nations, not alone for
our farm products but for our raw and
manufactured textiles and the output
of our machinery and munition plants.
Who. therefore, can measure the pos
sibihties that lie Immediately before
this country?
OF him who is peSsimistic Of the
near future, 50 far as this country
is concerned, we might ask, What -
wanting 10 secure that prosperity
which seems to be so imminent?
CronS. material and money we have in
abundance. l. is true that In some
quarters there is q deficiency Of GER
tain kinds of labor; and our trans
portation facilities. while not all that
we might now wish-or that we may
hone for with the waning OF paternal-
ism still are far more than ample
20 feed the merchant marine mot our
own, as is everywhere evidenced by
CorCested railroad sidinGs, tracks ana
terminals With every available ton
Of shipping employed, there is suil
woful lack OF carriers. And so Tar as
the financial phase OF our foreign ana
domestic business is concerned there
IS as great . pleritudo OF money as
there is scarcity OF means OF con-
Quoting our foreign trade ana com
werce. The production and lmport1-
ton of gold are rapidly increasing our
supply OF money. Minimum rates. too
for the year are now prevailing. AGAIN
with rapidly growing trade balances lh
our favor, cash reserves and aValIable
credits will continue 10 increase; III
addition 30 which we have our. as YET
practically inert Federal Reserve re
sources 20 take care Of sll the trade
e.rausion that the country cannot 9TH
elwlse provide for.
Coordination between the manufac-
turing. transportation and commercial
Interests of the country on the one
hand and the banking power OF the
country on the other is, Of course, a
prereduisite 20 the full measure OF
prosperitv that this country, under the
prevailing domestic and foreign condl-
tons. NAV reasonably expect. And so
far as the bankers are concerned there
can be no better demonstration That
such co0rd ination Is possible and can
b. made fully effective tnan the recent
fotation of the greatest sO-called 'eN-
tcrnal loan" in the history OF the word,
whereby. on their straight notes OF
hand" without other tangible security
there was made Immediately aval able
20 Great Britain and France e4oO'VOV'-
GOO. bv reason Of which me CONSTANT!
increasing outflow OF our agrcu!iula4
and manufactured output remained IN
manned and the rate OF exchange was
more or less stabilized.
There is a trite old saying that opc
rortur.-v knocks once at the door o.
eycrv man. and the same may be SAID
with ea.al truth Of every nation. Such
an opportunity at present conironts
dis country. II our great Republic
cannot 90 ahead now it never can