The new Northwest. [volume] (Portland, Or.) 1871-1887, 1873-01-17


900. This is getting out of debt with n
at one end and add five times as much
at the other.
And vet great as this increasing debt
is, there would be nothing alarming in
its aggregate, if there was any hope of
the Republican party changing its pol
icy, to give promise OF arresting the evil.
There is
ONLY ONE WAY OUT OF THIS.
that is, in cheap money, plentiful, to
stimulate production, and over produc-
tion, and forcing US to sell abroad our
surplus, and at as cheap rate as our COM
petitors, and thus turn the balance of
trade in our favor, and stop this increase
of debt. There is no other tCdy TO Sdre
our country and restore n Republic, now
destroyed and swallowed up in the mer-
ciless embrace of money oligarchy.
The financial platform of the labor re-
formers will accomplish Just this result;
it is also practical balance wheel, which
in its very nature prevents fiuctuation
in values, for no matter how much the
country called for, il could use no more
than to keep the rate of interest to 3 per
cent. or 65-l00. If the Government
wanted specie, buy it as it would timber
to build "A ship, until the balance of trade
brought it back. It is and must, in the
nature Of things, be fatal policy, which
operates to send all of gold, or any other
commodity, out of a country. Let us
therefore, stimulate production and send
products abroad to pay not only for what
we want to import, but by cheap money
KEEP DOWN EVERY THING AT HOME
to SO low rates that other countries can
no longer supply our inflated markets
with their products from cheaper money
and cheaper labor, and the reign of gold
will be forever gone, so far as we are
concerned.
Now what have we against this sys-
tenn? Answer, just one thing, ONLY
ONE, and this one thing is not a Demo
cratic principle. 'Tis u to 100 per cent.
interest to the rich money-lender and
usurerl Can we stop this monopoly and
national ruin, now upheld and main
tained by the capitalists operating in
both parties who controlled our late
election, and seek in the future, as in
the past, to control the Government re-
gardless of all consequences; aye, they
would practically take the nations life,
rather than forego this usury and
monopoly.
Here is the whole case. This blight
ing curse, the heaviest which ever rested
upon our country, must be removed.
Under this terrible curse all our indus
tries except the few which are
PROTECTED BY SPECIAL LEGISLATION
are dwarfed, our ship building is stopped,
our foreign carrying trade nearly gone,
our lands on the sea-bOard no longer
worth cultivation, except the cotton
lands in the South.
All our enterprises are centering in
corporations and combinations, to be
followed by every species of antagonism
and ultimate overwhelming ruin.
The old Democratic idea-the gold
fallacy of to-day must be wholly aban-
dOned, whether old fOgyism would hold
onto IL or not With over two thousand
million Of foreign Indebtedness on which
the simple interest exceeds l0O,00O,O 900,
we cannot with our annual production
of sc, 0,0O0 600 to 60,0O0, 600 of bullion ever
expect to regulate either our circulation
or domestic values. 'Tis simply an i'm
possibility.
All the attempts to do so have again
and again overwhelmed, and placed
American interests at the mercy of other
nations.
THE ENGLISH SYSTEM
is adapted to England, whose principle
commerce necessity extends far away
over the world. Requiring a mixed
currency and situated as she is, some
gold is n necessity, and yet the secret of
England's present power and prosperity
is in the vast amount of her circulation
at home, in the form of consOls and the
low rate Of interest they bear. If we
look for authority, and refuse to trust
either our own experience or judgment,
then let us adopt all that we can make
available of this English system, and if
we insist upon her gold, give us her low
rate of interest on bonds. Remember,
too, Notwithstanding England has a
large debt, it is not felt, as it practically
forms circulating and investing me-
dunn for home use. She is creditor
country. Were she like us, debtor
country, her gold, large asit is, would
give it no power, at home or abroad,
/ to regulate prices or support circulation.
| Let US further prove the advantage to
England due to this plentiful use OF
cheap money and our great disadvantage
under the opposite system. Take to il
| lustrate the trade with the nations south
Of us including the southern portion OF
!
] islands. This is our nearest foreign
| trade our next door neighbor.
Examine the figures of this trade ten
years ago, then to-day, andethe correct
ness of my premises is entirely estab-
| lished.
OUR INIPoRTATIoNS
/ from these countries last year were in
round numbers about one hundred and
| fifty million dollars and our exporta-
tiOns fifty millions. We pay this one
hundred millions difference in gold and
i'm bills on London. England, during
this same period, exported four times
more to these countries than she i'm
DOrted i'm merchandise from them. WHY
is this? Simply that by plenty and
CHEAP money and consequently cheau
rents and corresponding prices of labor
everything which goes to make up the
manufactured commodities required in
these countries which manufacture 50
little themselves, England has produced
and thereby gains from us our natural
inheritance Of this nearby trade. Had
the United States precisely the same
abundance Of cheap cOnsols, and conse.
0uently low rate of interest, this whole
trade would be ours with even greater
nrofit. The best tariff system possible
for the United States is to have thi:
abundance and cheapness of money
With it we could challenge and defy the
world.
In fine absence Of our power to contro
other nations how can we expect tC
buiId structures at war, with the inter
est. wishes and policy Of the majority
we know the late war overturned anC
reyolutionized many things, but moth
ing so much as