The midland journal. (Rising Sun, Md.) 1885-1947, 1892-07-15

<ASaiu Tue HuduCieF vi Tue Appeal says
that the balance of trade being 5000 millions
and upwards in our favor last March that
logically that amount in money should
have come to u.s." Under the prevailing
conditions it would logically, as it did, stay
away. Americans owe the English and
German bankers thousands of millions in
stocks and bonds of various kinds, and it is
the most logical result possible to conceive
that they would send 10 us these debts we
owed before parting with their money.
Why the Elkton banks possess business
gumption enough TO have done the very
same thing. And whether the foreigner
thought gold would go to premium or not
lie was bound to hold on to his money. for
if he parted with it, it was sure to go to
premium in the scramble to gerit again in
order 10 meet his obligations which were
payable in gold. Oar coinage of silver
could have had no influence whatever in
the matter.
That the silver spectators of London
shipped $S,000,000 worth of silver bullion
back to New York when silver took a rise
here in 1890 was the most natural thing for
them to do. They had purchased it about
20 per cent below the rise and OF course sold
it on the rise; but had our minis been open
TO free coinage they could not have pur-
chased any more, arer parting with what
they had, for less than its coin value in this
country.
"On the other hand. should the United
States by act of Congress obligate itself to
pay 81 20 per ounce for silver which is now
worth but 80 cents per ounce in the markets
of the world our per capita circulation,
while it would lie increased to slight
extent by reason of the free coinage of
silver, would be decreased by the exact
amount of gold that must inevitably take
itself abroad TO do service among the nations
now operating upon the gold Standard
ION the other hand" friend Appeal, if
the mints were open to free coinage The gov.
eminent would not purchase silver but
coin it for those who own it, and foreigners
could not get gold without giving for it
something that was worth gold. If gold
was worth more in the U. S. than in Europe
it would come back. II our money was
decreased by the above supposeable tram
saction, prices would continue to fall till
they were lower here than any where else
and the gold, it they had no more of our
debts TO send. would come back to pay for
goods. A hundred dollars worth of gold is
only worth as much as a hundred dollars
worth Of iron, or wheat or any other goods.
"We have also exported $75,OOO,OOO of
1896, 900, 900 in wealth sent abroad in the
regular course of trade for which there is no
return"
Of course there was emo return" how
could there be, while we owe interest on the
debts held in Europe amounting annually
to not less than 5000, 900, 0O0? But inter
national money conferences would not
change the results. Our wealth goes abroad
because the foreigner holds so much of our
stocks and bonds, and owns so many of our
best profit paying properties. He got them
into his possession because we allowed him
to engineer the contraction of our currency
and turn our greenbacks aud other money
into interest paying bonds. Our people had
not money sufficient to invest in these debts
and conduct business. The foreigner
brought his surplus here and bought these
valuable stocks and properties, and here we
are paying him interest. And he is telling
US that if we coin our silver and make
money out of it we will have great deal
less money, and that it is better to sell it TO
him for 80 cents an ounce so that he can
take it 10 India and bny wheat and cotton
with 1t at no discount on gold prices, and
we have lots of knaves in this country who
pretend 10 believe him, and lots of fools
who do believe him.