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rhe Record and Guide. December 39, 1883 as useful and efficient as an exchange composed of active and energetic young and middle-aged men, who have their fortunes and careers to make? Will it not be too conservative and be indis¬ posed to take such actions as might bring upon ifc the animosity of the politicians? The Exchange, to fulfill the expectations of those who originated and organized it, must be something more than a mere mart for buying and selling property. It should take the initiative in reforming our land laws—in relieving tax-payers from unjust burdens—in enforcing enactments which will ensure the' construction of safe and substantial buildings—in short, it should aim to aecure us responsible and economical local government irrespective of party. An organization of merely rich men may lack public spirit and be disposed to avoid the contention which all must expect who try to effect reforms in the conduct of the public business. But to this ifc may be answered that the active management of the Exchange, for the first year afc least, will be in the hands of the brokers and the originators of the organization. They will have the hearty co-operation of all the more public spirited members, who will want the Exchange to be more that a market for buying and selling houses and lots. Then again the yearly members will have all the privileges of the Exchange except the right to vote for the directors, and as they will be young, energetic businessmen they will in all probability overcome whatever inert¬ ness may be manifested by the body of stockholders. It is the active enterprising men in any organization who finally have their own way. The Trouble Ahead. The depression in business haa run its course until it is uow affecting the working classes. Wages are being reduced in ali the large labor employing establishments, mills are being &hut down, manufactories run on short hours, or not afc all, and mines are closing up. There is less work and less pay forthe working classes than at any time since 1878. To alleviate fche coming distress of the laboring miUions is fche question of the hour. All business suffers when compensation and employmenfc become restricted. It is after all tbe laborers and working people who constitute the spending class. Their poverty is immediately felt by the retail dealers, while the smaller purchases of the latter iu time cri,.pie the wholesale merchants. This paper has all along urged that it would be wise for our government, instead of economising, and thus adding to the general distress, to spend its money liberally for needed improvements. Let us use our greafc surplus aud unequalled credit in improving our waterways—in making our harbora safe—in building a navy and encouraging the construction of a merchant marine. The certainty that the United Statea would for a time become a great employer, would stimulate the iron business, give work to our manufacturss, and scatter money among the laboring classes. Let no work be undertaken but such as is ahsolutely needed for the protection of our coasts, the improvement of our rivers and harbors, and the encouragement of our almost extinct foreign commerce, A Washington correspondent points out some facts wliich en¬ courages the belief that Congress will try and do something to stimulate fche business of the country. Some of the shackles will be stricken from the limbs of trade. The Mississippi River will receive attention and something will be done towards giving us a navy aud encouraging the growth of our merchant marine. Bufc after all sweeping measures such as the situation requires cannot be expected from the present Congress. We are on the eve of a presidential election and any proposition to use large sums of money for the rehabilitation of the business of the nation would be denounced as a scheme to plunder thu national treasury. Then Randall is the head of the Appropriations Committee, and Holman is on hand to object to all expenditure, good and bad. We have little hope that Congress will do anything effectual to alleviate the crises through which the country is passing and which is destined to bear so heavily upon the working classes. Economy will be thu cry, and the work which might now be done cheaply will be postponed till prices are high, and unnecessary burdens will thus be placed upon the taxpayers of fche country ; in other words the United States will pursue a policy which will in¬ crease the general prostration of business during the coming hard times, and will add to its liabilities when business revives. There is a dangerous spirit abroad. Socialistic and communistic literature is being spread broadcast. The gospel of hatred of the rich is being preached by hundreds of periodicals, and leading dailies in this city think it to their advantage to pour obloquy and con¬ tempt upon the representative rich men of the country. Benjamin F. Butler, the most dangerous demagogue that has appeared in the politics of,the country since the time of Aaron Burr, is already in the field as a presidential candidate. The laboring classes are bet¬ ter organized in their trades unions than at any previous period, and the very gravest political and social complications are likely to arise unless something ia done to keep the work people employed and contented. Our Prophetic Department. Citizen—The French are hard at work upon the Panama Canal, and M. de Lesseps, I bear, says it is to be finished within three years. What consequences will follow the opening np of this com¬ munication between the Atlantic and Paciflc Oceans ? Sir Oracle—Very important ones, political as well as commer¬ cial. It will result, I think, in forcing the United States to take its proper place among the nations of the earth. By 1890 we will be committed to a foreign policy commensurate with the population and wealth of the country. Citizen—How do you reason that out ? I can see very clearly the change it will make in the commercial relations of the three continents—Europe, Asia and America. We will lose a traffic which has been verv lucrative. Our transcontinental lines have been employed in carrying freight and passengers between Asia and Europe. This business will leave us, of course, for the steam¬ ers of England and western Europe will sail direct to the Asian ports via, the Panama Canal, All this is obvious, but the change of national policy you speak of is not so apparent. Sir O.^Before the completion of the Panama Canal you will find that France, Germany and Great Britain will, in spite of the protest of the United States, entirely disregard the Monroe doc¬ trine. They have already secured naval stations for coal and naval supplies at various points on tho Isthmus and at either side of it. An European league will be formed to neutralize the power of the United States, so far as it can in any way affect the future of fche canal. As we are impotent on land and ocean, having nei¬ ther army nor navy, we will be unable to do anything more than protest. But the situation will be galling to our people, and it will force them to take measures to become an aggressive power if they wish to do so; in other words, our Congreas of lawyers will be worked upon by every vital interest of the country to give us a navy, and fco organize the militia under some national system. I, for one, am a believer in what is called " the manifest destiny" of this country. There must be no power between us and the North Pole, and Mexico must become ours when the pear is ripe. The Monroe doctrine, as popularly understood, will eventually be as¬ serted, and the United States will insist upon being recognized as the controlling power on this continent. Citizen—What will become of the old Republic if we have a powerful navy on both oceans and an army ready for action, and commit ourselves to a foreign policy which may invclve a conflict witii one or several of the European powers ? Sir O.—If the Republic is nofc equal to the new conditions its own greatness imposes, if our institutions cannot be molded to face the responsibilities consequent upon the development of the nation, then it ought to disappear. This country is destined to a wonder¬ ful future, and I believe the Republic will live, but it will in many essential features be a very different one from what it was during the first century of its existence. If we have a navy and a mer¬ chant marine, we must have naval stations in distant seas and wherever our flag floats, We will require Samana Bay, St, Thomas and any island that is convenient in the West Indies. The Sandwich Islands must be annexed, and we must somehow acquire coaling stations which will be needed for onr growing Asiatic trade. On matters jointly affecting all nations our governmenfc must have its say. The eighty millions of people who will inhabit this country in 1900 will have quite as much to aay in international politics as Creat Britain, Germany or France with, individually, not more than half our population. It may be safe to say fchat fche next twenty years will see a greater development of our power than existed during the first hundred years of our existence. The mid¬ dle-aged man of the beginning of the twentieth century will be able to look back upon the most eventful page of the history of his country. Citizen—I see tbat Senator Sherman revives a project of Mr, Blaine, when Secretary of State, to convene at Washington repre¬ sentatives of the Central and South American powers with a view of coming to a common agreement on trade and other matters. Does this mean the issuance of a manifesto of North and South America upholding the Monroe doctrine ? Sir O.—I do not see how the representatives of all the American nations can come together without considering the possible conse¬ quence to all of them of the completion of the Panama Canal, but as I understand ifc this particular convention is to see if aome plan cannot be adopted which will secure more intimate trade relations between the United States and South and Central America. Our traffic with our southern neighbors, compared ivith that of Great Britain, is as one to thirteen ; that is, for every one dollar of Amer¬ ican capital employed there are thirteen equivalents in English money. Citizen—When Mr. Blaine first suggested this conference the press criticized him very sharply. Will Mr. Sherman's scheme be received with any more favor? Sir 0.—Blaine was suspected of helping along some job in con- I nection with the guano fields, and then he gave the impression of