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of currency ; which, in turn, has been produced in part by the unprecedented growth of the country's business. The Treasury Department had, earlier in the season, by the purchase of bonds, the advance payment of interest on the public debt, and the deposit in banks of large sums of revenue receipts,—done everything that it could within the limits of the law to put into active circulation the money which would otherwise be lying idle in the Treasury. But these exceptional measures on the part of the Treasury cannot always be relied upon for relief. It is high time that Congress should amend the banking and currency laws in such a way as to provide an elastic scheme of note issues for times of need. The subject was prominently considered last month before the bankers' convention, which met at New Orleans, under the presidency of Hon. Myron T. Herrick, of Cleveland. It is also one which it was expected last month that President Roosevelt would mention in his message. Congress will never have a more favorable time than the present winter in which to pass some simple measure providing for an expansion of the currency to meet the demands of business. The farmers of the country were ready last month for a joyous Thanksgiving, in view of the abundant crops and good prices, and the battles of the bulls and bears in Wall Street did not disturb them in the least, —see the cartoon below.


It was natural that the annual meetLabor and, ing of the Federation of Labor, at Immigration.

New Orleans last month, should have been exceptionally interesting, in view of the recent importance and prominence of labor


(Dedicated last month.) in the transportation and shipping world are duly noted in contributed articles published elsewhere in this number of the REVIEW OF REVIEWS. One of these great events is the completion of the Atlantic steamship combination ; the other is the opening of the new power canal on the Michigan side of the St. Mary's River, commonly called the Sault Ste. Ma rie. It was an auspicious time.—this season of splen. did prosperity, — for the dedication last month of the stately new home of the New York Chamber of Commerce. Distinguished guests came from England, France, and other countries, and President Roosevelt spoke with a felicity that charmed everybody

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The reaction in A Lack of Wall Street Currency.

last month seemed to have no detri. mental effect upon business conditions throughout the country. It was due in some degree to the shortage

FARMER TO BULLS AND BEARS: "Go it: I'm out of danger.”

From the Journal (Detroit).

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(On the government bench are Chamberlain, Wyndham, Ritchie, Brodrick, and others, while to the right are seen three

opposition leaders, namely, Campbell-Bannerman, John Morley, and Sir W. Harcourt.)

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movements. Although the debates disclosed some differences in point of principle, and some personal acrimonies among leaders, the meeting as a whole showed a growth at once in the strength and the moderation of labor. Poverty was never so little visible in our cities, and work was never so abundant. In England, and on the Conti. nent, however, there are many men out of work. The prosperity of the United States has, therefore, naturally stimulated immigration ; and the tide is rising in a way which makes it probable that 1903 will bring the largest number of aliens to our shores that has ever come in any one year. It is a condition that affects both labor and citizenship. To meet this situation, it is said that Senator Lodge will at once urge upon Congress the new importance of his favorite measure for the restricting of immigration.

new projects for building an elaborate network of underground railroads, locally known as

tubes," for the metropolis of London. Mr. Yerkes, formerly at the head of the Chicago street railways, with a system of projected underground London roads of his own, backed by the well-known banking house of the Messrs. Speyer, is said to have disturbed the Morgan plan by a strategic purchase of control over franchises which had formed a large part of the rival project. In Parliament the education bill has been slowly advancing, section by section, under a new kind of Parliamentary rule for applying closure,that is to say, stopping debate section by section. Mr. Bryce and his Liberal associates are making a sturdy fight against the measure to give public support to church schools, but behind Premier Balfour is a large and obedient majority. In the field of politics, the chief British topic, apart from the education bill, was the plan of the Colonial Secretary, Mr. Chamberlain, to go in person to South Africa, and to spend some months there, in an endeavor to carry out reconstruction projects on the ground. The British Empire gets on very well when its several parts are left to govern themselves without interference from the center; but Mr. Cham

England does not cease to look Affairs in England.

aghast at the so-called “ American

invasion," and there is reason enough, of course, why Mr. J. P. Morgan's name should be most frequently mentioned, — in view not only of the successful launching of the great Atlantic steamship combination, but also of the part that Mr. Morgan's firm has taken in the

Photos, copyrighted, 1902, by . E. Purdy, Boston.

Edward Blake.

Michael Davitt.

John Dillon.

John E. Redmond.


berlain finds that if he is to settle South African affairs he must be able to deal with them at close range. Undoubtedly, he stands to-day the most powerful statesman in the empire.

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More strenuous topics have been
Gala Scenes
and Other varied by such spectacular scenes as

the great procession last month on Lord Mayor's Day to mark the accession to that

coveted office of a multi

millionaire Jewish merchant, Sir Marcus Samuel. Some days earlier there had occurred the royal progress of King Edward and Queen Alexandra through London streets,—a pageant which had been postponed from the coronation festivities on account of the King's physical weakness at that time. Two commissions relating to the recent South Afri. can War have been at work in London, one of these, called the Remount Commission, dealing with scandalous charges relating to the purchase of many thousands of cavalry horses, and the other and far more important body being known as the War Inquiry Commission. This board has been sitting in secret, and is said to be making a thorough inquiry into the methods by which the late war was carried on.


The Irish question continues to cause The Irish

great disturbance. It is not easy for Troubles.

Americans to understand why the Irish leaders have assumed a tone so bitter and, in many cases, so openly disloyal. On the other hand, the government's new policy of persecution and imprisonment seems to mark the climax of English folly and stupidity. The immediate Irish demand is for a more rapid and thoroughgoing application of government credit to the buying out of landlords and the resale on easy terms to the tenant farmers. But it is not clear how the present tactics of the Irish party can advance this cause. In a general way, American sympathy has always gone out toward the Irish demand for peasant proprietorship of land, and for home rule of a kind analogous to our State governments.

The visit to this country of John COMMISSION ON THE CONDUCT OF THE SOUTH AFRICAN WAR. Redmond, head of the Irish Parliamentary party, (In front are Lord Strathcona and Sir John Edge. The accompanied by John Dillon, Michael Davitt, others, from left to right, are (sitting) Earl of Elgin, who and Edward Blake,—three of the ablest and is chairman, Lord Esher, Sir G. D. Jaubman-Goldie, and (standing) Sir John Jackson, Admiral Hopkins, Sir Fred

most prominent of his associates, -attracted erick Darley, and Field-Marshal H. W. Norman.)

great attention among Americans of Irish exsupport in the form of a mail contract for the Indian postal service over Germany's new Bagdad railway line, of which Russia is said to be extremely jealous. It so happens that just as the Emperor was arriving in England, Germany's sharpest critic, Mr. Strachey, the brilliant editor of the Spectator, was embarking for the United States, where, last month, he made the acquaintance of New York and Washington. The Daily News and other London journals thought that the Emperor's visit had more to do with Delagoa Bay and the future of Portuguese East Africa than with the Bagdad railway. The Daily Mail and other papers made the visit the occasion for criticising Germany's latest acts in China as hostile to British interests.


the war.

Boer Generals

One reason for anti-German feeling and Other in England is the continued ovations Berlin Topics. given to the Boer generals by the people of Berlin and other parts of Germany. The Germans have not, however, contributed as much money to the Boer relief fund as had been hoped for, while the House of Commons, early in November, voted a grant of £8,000,000 in aid of the Transvaal and Orange River colonies for, expenses consequent upon the termination of

It is hard to take stock in the theory

that Germany is seeking to stir up international JOHN ST. LOE STRACHEY, ESQ.

strife, when the Kaiser's country has so much (Editor of the London Spectator.)

to occupy it at home.

The debate on the tariff

bill has been dragging slowly along in the Reichtraction, and resulted in the raising, at mass stag without conclusive results. The trade de meetings in Boston, New York, and elsewhere, pression in Germany still continues. A trust of many thousands of dollars for the Irish cause. conference was held in Berlin recently, but it Mr. Redmond's brother was, last month, sentenced did not attract wide notice. to prison for six months on account of a so-called incendiary speech, and the Irish leader cut short

The French Government, it appears, his American visit and hastened back home.

has not been successful in its attempts

to apply arbitration to the dispute in King Edward was sixty-one years the coal mines that had led to extensive strikes The Visit of Emperor old on November 9, and his nephew, in northern France. The trouble had proven

the Emperor William of Germany, more serious than we had anticipated last month ; came to visit him at that time, and remained for and it was not at an end when these pages were some days with the King, subsequently making closed for the press.

France and Siam have set other visits in England, and taking active part a good example by signing a treaty which setin the shooting season. His visit occasioned an tles long-standing disputes, particularly regardextraordinary amount of discussion in the Eng. ing boundaries between Siam and French Camlish newspapers. In a speech at the Lord Mayor's bodia. Siam now cedes to France 20,000 square banquet, Premier Balfour called the anti-German kilometers of territory, and France, in turn, alarms of the newspapers - fantastic dreams." evacuates Chantabun, and restores to Siam the The Spectator, which has for some time taken the right to occupy the twenty-five kilometer zone lead in warnings against Germany as England's on the right bank of the river Mekong. one dangerous enemy, declared that the Kaiser Various other provisions relating to ports, canals, had visited England to make trouble between railways, and so on, and looking toward inGreat Britain and the dual alliance of Russia creased intimacy of relationships, are contained and France. Specifically, the Spectator believed

in the treaty.

The statistics for 1901 now show that the Emperor wanted to get England's active that France has ceased to decline in population,

France at
Home and


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second daughter on November 19. Economic distress in the southern part of the peninsula has called for a government relief programme. The growing intimacy of France and Italy has led to the proposal of a visit by President Loubet to the King ; but the Vatican is strenuously objecting on the score that such a visit would impair papal prestige. King Oscar of Sweden has made a decision in the matter of damage claims growing out of the joint action of the United States and England in Samoa several years ago that is favorable to the claims of Germany and adverse to our own. This decision must help to discredit the casual sort of arbitration that refers a dispute to the

sovereign of some small state ; but it will corM. Jusserand.

Don Emilio de Ojeda (French Ambassador.)

(Spanish Minister respondingly increase the prestige of so well

constituted a tribunal as the permanent court at

The Hague. Russia's economic position is not and is appreciably gaining. The transfer of Am. favorable, and there is much distress from famine bassador Cambon from Washington to Madrid in Finland, from plague in the region tributary has called out many expressions of hearty regard to Odessa, and from heavy taxation burdens at Washington, New York, and in the Ameri- everywhere.

everywhere. The most fortunate development can press. A remarkable dinner in his honor in Russia is the resignation of Pobiedonostseff, was given in New York last month by Senator the Procurator-General of the Holy Synod,—a Depew and Mr. James H. Hyde, attended by great man, indeed, but the arch enemy of liberal Cabinet ministers, governors, and eminent rep- ideas. Russia's much talked of retirement from resentatives of American business and profes- Manchuria is merely taking the form of a consional life to the number of two or three hundred. centration of her forces along the line of the There is a warm feeling in America for the railway, in strict accordance with her treaty French Republic. M. Cambon's successor at rights. There have been many reports of illness Washington will be M. Jusserand, who will en- in the Russian royal family, and particularly of ter upon his duties in January.

the Czarina's serious ill health.



Monsieur Cambon goes from America

The favorable reports concerning Spanish

Important to an interesting country, whose Affairs.

South Ameri- revolutionary progress in Venezuela fortunes have always been closely re- can News. in the early part of October were lated to those of France. It is particularly im

It is particularly im- followed by adverse news later in the month, portant that France should continue to exercise and in November the word was confirmed that a strong influence in Spain, and that closer President Castro's victories were decisive. He bonds should unite these two Latinic peoples. entered Caracas in triumph on November 9. The The young King is winning much praise for his revolutionists had plenty of men, but were out of active and zealous interest in the affairs of the ammunition ; and Castro, learning of their needs government and in the life of the people ; but and their discords, forced conclusions relentpolitical conditions remain turbulent, and Pre- lessly. There was reason to believe that the mier Sagasta was obliged to tender the resigna- success of General Matos would have been a tion of the entire cabinet on November 10. He fortunate thing for Venezuela ; but the revoluhas since formed a new cabinet, however, made tion is crushed for the present. In Colomup almost entirely of his former colleagues, with bia, also, the government has prevailed, — the redoubtable Weyler its strong member. The General t'ribe-Uribe having surrendered, on new Spanish minister to this country, Senor Don October 25, with 1,300 men, 10 pieces of artilEmilio de Ojeda, was presented to President lery, and a large supply of ammunition. General Roosevelt on October 23.

Castillo also surrendered at the same time.

Thus the Colombian revolution has died out, exAnother young king whose general cepting for a detached phase of it on the isthmus. Other European excellence of attitude and conduct It is to be regretted that the Liberal leader, Gen

has public approval is the sovereign erall ribe-l'ribe, should not have overthrown the of Italy. Queen Helena presented him with a present arbitrary and unrepublican régime.


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