The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-11-01
FOREIGN FINANCES.

FOREIGN FINANCES.
Correspondent Of the Chicago Inter-Ocean.]
The admirers OF Carl Schurz are daily
upon the dear public the advice
tc impoveiish themselves in order to en-
rich the bankers and capitalists. They
urge the necessity of specie payments,
and cite as examples for eur following
England, France and Germany, all being
hard money countries. and state that all
business there is on solid. stable basis.
not subject to disturbances. as we are,
ETC., etc. They claim that Uncle Sam
should pay specie tor greenbacks, but
do not urge that our national banks
should. 1t the dear people will but adopt
the course OF England. France, and Ger
many towards their banks, the people
will have cause to rejoice. First, how
does England act in her financial work ]?
She never pretends to promise to pay
the principal OF her debt. but by taxing
her people pays the holders of her con-
soils about 2 - per cent. interest. She
gives the bank Of England the right to
issue bank notes, but compels her to
pay the same in gold on presentation,
but if presented too fast she winks a
suspension thr ugh sliding scale of in
terest OF from ? TO lOper cent, and when
the thumb-screw Of interest does not
stop the undue haste for gold Parliament
steps in and authorizes suspension.
The stability of the bank Of England has
been illustrated within the past fewweeks.
About the 30th of September her reserve
y ~ f,a,. G.,tAS
yesterday it was SO l2 per cent. il loss
OF nearly A. per cent. OF her ability to
pay in twenty days time. Hel ability 10
pay must depend entirely upon the con
tidence OF the people that she can pay!
A he bank ofFrance is held up as anoth
er example. This insti ution is, think,
less understood than anv financial insti-
tuition in existence. II specie payers
viii inquire they will find it to be a
chartered institution for the money mo.
nopoly of France, so far as the govern
ment can make it 50. But one Of he
conditions. of the bond is, the bank shall
pay gold, and gold she will have no mat
ter what it way cost her, and could the
secret expenses Of the government be
opened, no doubt extra cost for gold IT,
the bank could be traced therein. Ger
many is crazed with the idea OF Id
her people are craZed with grim want
stalking through the land. France is
proud OF her bank Of France and her pa
per money. and plenty and prosperity
smile DER all her land. The bank 81
England shows 80 to 81 per cent. ability
| in gold, and confidence for the balance.
Our government for her issues Of ex-
| change medium shows say % per cent
gold and revenue, equal to - per cent
| per annum, with which to pay a con
stantly d creasing interest bearing
debt France changed her debt at pei
cent to one of 5 per cent. Her banker:
rep Il e benefit entirely, without increas
ing their security t. the people. Foi
their security is now. rs before, simply
the government. By this contraction TIKI
result has been-whai? Let figure:
show: The total war debt in 1873 wa
1,374 ,922 800 francs, on which she wa
paving $3.50. 600, interest. She changed
to rentes bearing ) per cent. interest 50,
1880. 600. making an increase Of taxa
ton oil 100000 necessary. But thi
1 is not ALL This action Of France ha
!. caused r industries 10 pay an average
OF 2 per cent. more interest than before
or more than her neighbor ~ paying
which is an unnecessary burden and a.
on the pople for the benefit Of the fev
, the moneyed aristocracy @
! by Wendell Phillips. To illustrate tn
: benefits to this class, take the statemen
Of the Union National Bank Of our city
Ii holds United States bonds TO secure eli,
culation Of $500 900:
Bond, s5se, O01- 6par cent. interest $751;
Premium OH i. gold average ~ pr
cent y, ~
s5s,74
Deduct tax to government for cost Of
circulation off per cent --.-.-- s17,7,
Sal 81
: This il paid BY the people to this ban
for issuing circulation whose only ..
t curitT is in the ability Of the people /,
: pay the bonds. The banker cannot D !.
sibly lose for he has the products an
: re .lities of the country in security
|. | his capital invested In bonds, has rot I,
Il capital back in his circulation. receive
interest on the bonds which are o~ne
D BIZ the people. and interest on the I'll
I cuiation which also belongs OF right |
! the people Kellev's plan. If one
. adopted. will stop all this. The surplr
Z Of the earnings Of the people will flo
e to the government at low rate II inte