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MONEY IN CIRCULATION IN THE UNITED STATES, 1860 TO 1900. [From official reports of the Comptroller of the Currency.]

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Bank exchanges last year for all cities reporting in the United States were $118,533,294,485. In no other year were these figures ever approached. Exchanges were enormously swollen by the gigantic stock dealings at New York in the early months of the year. Every city reports an increase, though the cities outside of New York probably reflect the normal gain. Below is given total

exchanges at all cities in the United States reporting; also at New York and cities outside of New York for the years mentioned:

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There has been something more than a normal increase in payments through the banks, and it is quite as marked as in the year 1899 over 1898. Omitting the New York figures, which are so enormously swollen by stock speculations, the record for the year is very striking. Payments in settlement of trade balances were larger than ever before. The year 1892 was an extremely busy one, and the record year for bank exchanges up to that time, but it was far outclassed by last year. A number of smaller cities

are now included that did not report in 1892, but making allowances for this there has been an enormous gain. That the course of bank exchanges last year may be followed, the usual comparison of average daily bank exchanges each month for the thirteen leading cities of the United States is given below:

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The year 1899, the best year up to that time, was a very busy and prosperous one. Exchanges were heavy, not so large in midsummer as in the other months of the year, as is usual, but far above every other year up to that time. In 1900 there were some reverses, and in the early months of the year exchanges were less than in the preceding year; as the time for the Presidential elec

tion in November approached exchanges dwindled perceptibly. Immediately after the November election increased activity and deferred settlements swelled exchanges to the highest point ever reached, and the amount continued heavy throughout the year. In April, May, and June it was unusually large because of the heavy stock sales. Compared with 1899 the closing months of last year are quite as good as the opening.

Bank exchanges this week at all leading cities in the United States are $1,955,111,085, a loss of 6 por cent compared with last year, but a gain of 18.4 per cent over 1900. Exchanges continue satisfactory in volume; they include the heavy settlements of the first day of the new year, whereas last and in 1900 three days, all heavy days. pared with last year are due to this fact. compared below for three years:

year there are two days In part the losses comFigures for the week are

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Nor can legislation stop only with what are termed labor questions. The vast individual and corporate fortunes, the vast combinations of capital, which have marked the development of our industrial system, create new conditions and necessitate a change from the old attitude of the State and nation toward property.Theodore Rooseve!, in speech at Minneapolis, September 2, 1901.

Corporations engaged in interstate commerce should be regulated if they are found to exercise a license working to the public injury. It should be as much the aim of those who seek for social betterment to rid the business world of crimes of cunning as to rid the entire body politic of crimes of violence.-President Roosevelt, in message to Congress, December 3, 1901.

OUR DIPLOMACY IN THE ORIENT.

MCKINLEY'S POLICY SAVED CHINA FROM DISMEMBER

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The interest of the United States in the peace and permanence of the Chinese Empire, while liable to escape the attention of those not conversant with the details of the commercial and political movements of the European powers in the Far East, is worthy of the serious consideration of every thoughtful American citizen. When we reflect upon the probable consequence to our domestic industries of a sudden arrest and cessation of our export trade, which now shows a favorable balance of more than $600,000,000 per annum, we realize that our national prosperity is, to a considerable degree, bound up in the retention and expansion of our foreign markets. If we make a mental survey of the globe with the purpose of ascertaining in what directions it is possible to extend our foreign trade, we shall see that the great Chinese Empire, with its population of nearly 400,000,000 souls, presents the largest possibility of commercial development of any portion of the earth's surface. The African continent has within the last fifty years been gradually drawn into the circle of European control by the establishment of colonies and the creation of "spheres of influence" until at present there is no portion of that vast region which is not under the more or less recognized predominance of European nations. In effect, the partition of Africa among these powers is already complete, and its future trade is subject to such restrictions or preferential treatment as these powers may choose and be able to impose.

Encroachment of a kind similar to that which has resulted in the partition of Africa has for some time seemed inevitable for the ancient and feeble Chinese Empire. Its dismemberment in the interest of several great powers was forecast as almost certain, when Secretary Hay opened a general diplomatic correspondence on the subject with the principal foreign offices of the interested countries and succeeded in obtaining from each of them a disavowal of intention on the part of that particular government to attempt the dismemberment of China.

The Boxer Rebellion. The result of this correspondence was to render it morally impossible, for any one of the interested powers to take the first step toward the dismemberment of China without self-stultification before the civilized world. Soon afterward the Boxer rebellion, which disclosed to an alarming extent the internal

weakness and almost total impotence of the Chinese Government, as well as a state of anarchy at Pekin and the nearer provinces, furnished a new occasion for international intervention and created a situation fraught with the gravest dangers to the integrity of the Empire. Marines and troops were landed for the defense, and finally the rescue of the legations at Pekin, which were exposed to a cruel assault that lasted through many weeks of terror for the inmates and of anxiety for the entire civilized world. The German minister, Baron von Ketteler, was killed, it is believed by a Chinese soldier at the commencement of the outbreak, thus exposing China to the danger of accountability to a great power for a violation of international law unprecedented in modern times. It seemed as if, with Russia ready to press for advantages in the north, France disposed to extend her influence in the south, Germany with a serious grievance to redress and an already established center of influence in the Shantung peninsula, and other powers certain to claim compensation for the wrong done to the legations, while the feeble Chinese Government resorted to flight from its capital, that the occasion had arrived for the cupidities of the powers to assert themselves to an extent which might involve the destruction of the Empire.

In this critical situation the administration of President McKinley found itself put to an extreme test. On the one hand, the protection of American life and property was necessary; on the other, the sending of troops for this purpose seemed to involve a war with China in concert with powers more or less hostile to the integrity of her territory and not unlikely to demand its partition as retribution for the outrages committed and in compensation for the enormous expenses of the campaign. Two positions were promptly taken by our Government, the wisdom and justice of which are now unquestioned. In his circular note of July 3 Secretary Hay boldly defined the attitude of the United States as favorable to the maintenance of the territorial integrity of China. Refusing to assume that the attack on the legations was an act of war against the powers by the Imperial Government, he continued his recognition of Mr. Wu, the sagacious minister of China at Washington, and through him his relations with the absentee Emperor, pointing out to the world that China was in a state of domestic insurrection rather than a state of war with foreign powers; for it was evident that the only hope of maintaining the unity of the Empire and the integrity of its territory was in the rehabilitation of the Imperial authority. The results of this attitude were: (1) the successful transmission of the cipher telegram to Minister Conger, through the good offices of Minister Wu, which was the means of informing the world that the rescue of the legations

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