Without taking time for calm deliberation both Houses of Congress promptly voted the appropriation asked for. From many parts of the country came expressions of approval. The jingoes were jubilant, for they thought that the Administration had surrendered to them, and there was a threat of war in the air. A panicky feeling seized upon the business community both in England and in the United States. The prices of stocks and bonds dropped with a thump. The losses caused by the depreciation of securities were enormous. The revival of business in this country, of which there had been some promising symptoms, was instantly checked by a nervous sense of apprehension. Many of Mr. Cleveland's most steadfast friends were sorely puzzled. What could he mean? Did he try to catch popularity for himself and his party? But he was not a demagogue. Did he wish to provoke a war? But he had always been a man of peace. The truth most probably is that, the United States having for many years acted in this matter as the friend of Venezuela, he felt a certain responsibility as to the outcome; that he was irritated by the constant advance of British territorial claims at the expense of Venezuela, and apprehensive of a new forward attempt; that he thought it time to stop further encroachment and bring the question to a final issue; and that he knew of no better means to this end than a vigorous demonstration on the part of this Republic involving the possibility of war.
Assuming that the objects President Cleveland had in view were right, it can hardly be denied that by prudent and at the same time energetic management they might have been reached without the risk of a collision with a friendly power, without exciting dangerous passions among our population, without a disastrous disturbance of the business of the country—and thus without a grievous break in Mr. Cleveland's otherwise so dignified and states-
