Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1891-01-08
How N. Leon Say, the Celebrated
French Economist Regards the
Farmers Alliance.
The Condition of Thugs That Brings
About Agricultural Expressions
and How Remedied.
There Cannot be a Monetary Alliance
Between the United States AID
France.

LoNpoN, Jan 5.--The Times publishes
a letter from Leon Say Oh 5ur subject of
the FaEuscls' alliance in . = .:e-
scIilCs is Trog1&us - I.c.,.E st ing
folly against folly and scar, hing tnr ape
dents to conceal a situation which is bad
enough as it is. The fact of the situation
is that protection a routrance must inev-
itably cause an increased cost of living.
This increase must in the United States as
elsewhere weigh in the first place and
mostly upon the agricultural laborer The
landowner and farmer in the United
States, in spite of the immense develop
ment of wealth. are unable without the
assistance of European capital to carry on
their industrial, commercial, and agricul-
tural enterprises.
''They stand in need Of US and of Eng
land. They have destroyed their credit by
abusing it and by the maladministration of
their transportation enterprises and their
even worse administration of local finances.
Associations of swindlers in many of the
States have usurped the administration of
the public purse. The administration of
railways have administered their shares
and neglected their lines. They have gam
bled in dividends instead of creating gen
uine traffic.
UNLESS a reaction shall take place in
public morals the American credit cannot
recover from its abasement. Its agricul-
tural, like other industries, will remain a
prey to successive commissions, for which
transient remedies will be sought by the
adoption of experiments which will newt
ably fail as fast as applied, causing the
country to pass from one grave crisis to
another still graver,"
M. Say dissects the program Endorsed by
the Congress at Ocala, which proves 1.-The
cherished illustrations OF the American ag
ricultrist to be identical with those aband-
oned a century or more ago by our own
country and elsewhere"
He continues: ut is astonishing that a
country of businessmen can bring them
selves to believe that there are no limits to
the money in circulation or that it may
reach without depreciation a total equal to
the yield OF its mines in precious metals
There are fifteen or twenty or may be
eighty milliards of money concealed in the
bowels of the earth in the United States.
Place this mass of precious metals above
ground, issue as much paper money as will
represent its total value, is it possible to
imagine that the United States will be any
richer or find it easier to hquidate its hare
Drained schemes conducted in the reckless
manner of the present generation
Lastly there is the French view of the
matter, which may not be neglected. We
also have our silver mine, not underground,
but in the Bank Of France in the form Of
bullion. 1t is to our interest that the sill
yer be made exportable, anywhere or
everywhere. Can it be that we are now
on the high road to an understanding tax
ing the form of monetary union? No
monetary union is possible unless between
nations whose calculations are regulated
strictly, whose financial principles have
serious basis If the United States turns
its mines into coin and raises its paper
currency to milliards of dollars or francs
there could be no possible agreement be-
tween Europe and it on q monetary foot
ing Europeans would be indeed simple
were they to make monetary alliance of
any kind with the United States having for
its consequence the transfer of their entire
capital to the latter in exchange for an
absolutely useless mass of silver"