Improvement, however, was stimulated by a remarkable increase in the
supply of money in our balance of trade and by the virtual settlement of
the Venezuelan question. The business situation was steadily clearing.
The ills from the panic of 1893-4 were well behind us. The
Spanish-American war proved to be harmless to us financially, while it
tended to show that National neighborliness could be exercised in a
splendidly unselfish way. By our treaty of peace with Spain on December
10, 1898, an additional emphasis was given to the revival of trade.
During 1899 a great rush to speculate brought the pinches in money
inevitable in those pre-Reserve Bank days, but could not stop the
general broadening of business interests although the industrial
situation was unsatisfactory in spots. Indeed, the succeeding year was
to witness severe industrial trouble destined to cause a general
set-back in business. The situation cleared considerably when the
November elections of 1900 showed the country to be safe from the Bryan
silver policy.
Big business interests took hold of market conditions. Huge combinations
of trade interests became the order of the day.
Pages:
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160