The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-07-02
No -7sysiery About IL
Pioneer Pre- Editorial.

Pioneer Pres Editorial.
Ii the people WHO ciamor for more
money ana Who have made the silver
question SO prominent that it Is re-
garded abroad as one of the foremost
issues III our politics, would bat give a
olanc. al the foreign commerce OF the
United States and the effect unon it of
the silver agitation, they might revise
their ideas about having currency
adequate to tie demands uf trade.
+. The fact is that this very silver queS
ton is the most unf"yorablc item III
our business life today, and that it is
!. iniuriEg American trade and Amerl-
can credit as nothing else could do.
] For instance, if this had not been "a
wear OF silver discussion and possiO!l
tiles of silver legislation, it would
have been one Of the most splendid
prosperity in all our experience. We
had the crop to make it such, ard We
had it at Just the time when the other
nations needed it most. Within the
/ last twelve months the merchandise ex-
ports of this country exceeded sl,o0o,-
900 00), and in the last eleven months
of the current fiscal year our exports
exceeded or imports by the magniii
cent sum of *2In, IS, 500. " hateyer
view one may take of the balance OF
trade, it is clearly to be seen that Il
country carrying on such trade and
carving it on under such conditions
ought To have credit of the highest,
ought to find prices stable and pros
perity general and ought to be well
supplied with the cash of those who
have been compelled to purcilas from
it, The real state of the case is that,
with money unusually plentiful in
London, with a heavy export of gold
last year in excess of imports, and
with this great trade balance in our
favor, we are still sending gold to Eu
rope at the rate OF some $1,000, coo per
! week
There is, Of course, bit one eXp'ana-
ion for such Il condition of things.
/ European holders of American Securi-
/ ties must have been selling them III
+ large quantities.; large enough to over
i come the cash balance in our favor
which ought To accompany such excess
of merchandise sales, and large enough
| in addition 10 draw gold rainittanct5
+ f,.,nl y v NIX n n. 81 does
! there seem to be any end of this III
! sight, any decrease Of anxiety Oh the
part Of Europe to get gold, or any
! prospect that our holdings Will cease
10 be depleted by such demands frali
| abroad as hlyc been almost constant
for many months past The only salts
factory eXj ,lanati0n OF this return OF
! American securities by their holiers IS
/ the conviction that has forced itself
uDon them that these securities are
unsafe Investments; not because they
represent unavoidable enterprises but
! because the country is threatened Win
legislation which would permit them
to be paid, principal and interest, III 4
depre Gated and ;iergec.ating currency
Bonds and mortgages on which tue
! holder receives Il steady . per cent. are
not good for holding il this 8 per cent.
may soon be paid III money worth onl,
80 per cGut of Us face value. The
foreigner dos not measure the
$ rength CT direction of the currents
Of our public lie as we do. To him the
menace of free coinage constitutes 4
nanf 1nsrnnl-3. ia nEarI way possible and
one that NAV be realized at almost any
time by turn of the political wheel.
He chooses to be on the safe side, and
i to hold securities which, though their
net income may be less, are payable
only Ill money recognized by the whole
world This injury to orr credit and
this strain upon our gold reserve at 4
time when it ought to have been re-
cruited by the receipt Of many mil
lions i'll excess of exports, as payment
for the immense sales of food products
and other merchandise abroad, are
par1 of the price which we pay for
dallying with the demands of the free
coinage and other cheap money people.