People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-08-12
TRADE BALANCES.

AA1AU0oA 90 :" hS"oA0h 1S~o0 JSe~A w
were able, through commercial ex-
changes, to deliver into the hands of
foreign traders neat little excess Of
$2O0,000,O00 in value over what we
got in return. This excess has been
varying but increasing quantity for
several years, and taken altogether
now sums up $700,000,0OO.
But for the latest invention Of the
arch enemy Of mankind, information
al debt, this sort of thing would ulti-
mately impoverish the world and
enrich us beyond the dreams Of
avarice. Under the system Of interna-
tional debts, if we annually invested
this vast sum in interest paying debts
Of the nations to which we ship, it is
easy to show that soon we would
have the whole world tributary to us,
and would, in the certain process of
time, have mortgage on the produc-
tive labor of civilization.
But, unfortunately, the devil in
vented international debts at a time
when we were not exporting an ex-
cess of merchandise. The American
people have, on the other hand,
mortgaged their enterprise to foreign
creditors on scale unexampled in
the history of the world. Seven
years ago, according to DR.. Norvin
Green, England alone of foreign
creditors was due annually in divi-
dends and interest from us 1920, O00,-
600, of which she reinvested part and
took part home in balance Of trade
That England is able to take more
now, after seven years of unexampled
opportunity to increase her invest
ment, is a natural result of the con
tinued and intensified conditions
which made it possible to take $780,
100000 then.
The newspapers are puzzled and
somewhat alarmed at the expectation
some days ago of very large amount
of gold from New York. 1t is toe
late to be alarmed, and there is nc
reasonable need to be puzzled. The
foreigners hold our obligations and
can demand payment upon them
There is. no international legal ten
der, hence the creditor takes lahat we
have which he elects. He might take
wheat, cotton, or silver, but in this
;v,e4e,ak 1sans5,ji1. aaas
choice was doubtless made for self
ish reason, but for a reason that can
not be gainsaid. He knew that, to
take gold, the only complete money
of the American people, just at q
time when the movement of wheat is
active and new cotton is on the verge
of the market, is to serve notice to
this country not to expect that our
export commodities will pay the en-
tire annual debt charged to us. He
will take some gold, and what wheat
and cotton he takes will be at his
own valuation. He is the creditor
and will fix the conditions of pay
ment.
The export of gold bullion to Eu-
rope in August may safely be render
ed to mean that prices in America
must yet go lower. The foreigner
will not worry himself about the re-
suit to US we owe him, and as there
is no legal tender in such cases, he
takes from what we have that which
he wants. He wants gold bullion
now. Perhaps he will want wheat
and cotton, if is cheap enough, and
the way to make it cheap is to take
part of the money out of this coun-
try. When we got in debt to him
we laid the foundation for depend
ence upon his whim. It is still true,
that he who borrows serves the len
der.
ON THE STUMP IN MICHIGAN.
No1 Post hos crono IN AE;ob;oor ~