The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-08

So does Mr.. Gladstone. Hear him ~
the House OF Commons. az reporte" ."
the London Times, March l. lssS' ,.s
IT suppose there Is not year ~",e ~,
passes over our heads which uoeS 49,
largely add 10 the mass OF brluHn
vestments abroad. I am almost airaiu
10 estimate the total amount OF the prop
erty which the United Kingdom noios pc
yond the limits OF the United Kingdom.
but OF this l am well convinced. tnat IL
II not to be counted by tens or nunoreus
OF millions. One thousand millions 20,
900, 000. O00l probably would be an extremely
low and Inadequate estimate. Two tnou-
sand millions $50. 900 O00,OOC), or sonie,hi1s
even more than that. Is very nkeiy 20 De
nearer the mark. cHearp 'Hear!p lhihA
under these circumstances Il Is rather
serious matter TO ask this country 10 con-
slider whether we are going 10 perform thls
supreme act OF self-sacrihce' nave
profound admiration for Cosmopolitan
principles. I can go a great length In
moderation naughter) In recommending
their recognition and establishment, but
IL there are these two thousand millions
1910. 600 OO0. OOO) or fifteen hundred millions
Isl 500, 10000 Of money which We nave got
abroad IL Is a very serious matter as De-
tween this country and other countries.
I'VE have nothing to ray 10 them; we
are not debtors at all; we should get no
comfort, no consolation out OF the sub
stitution OF an inferior material, OF
cheaper money. which we could obtain
for less and part with for more. we
should get no consolation, but the con-
ISOLATION throughout the world would be
great loud laughter) This splendid
spirit Of philanthropy, which we cannot
too highly praise-because have no doubt
all this is foreseen-would result In our
making a present OF fifty or hundred
millions (s500 900 TO the world. II
would be thankfully accepted, but think
the gratitude for you benevolence would
be mixed with very grave misgivings as
to your wisdom. | have shown why we
should pause and consider for ourselves
once, twice. and thrice before departing
from the solid ground on which you have
within the last half century erected
commercial fabric unknown In the whole
history Of the world-before departing
from the solid ground you should well
consult and well consider and take no
step except such as you can well justify
to you own understanding, 10 your fellow
countrymen, and TO those who come after
u.s." (Cheers)
We can understand Mr.. Gladstone. He
makes his point clear enough. But how
can any American agree with himY
America owes Europe S5.00O0O00O, and
pays interest and dividends to the amount
Of s300,ooo0O0 a year Europe does not
want money; she takes it in produce.
Under the gold standard IL takes twice
as much cotton, wheat, corn, tobacco,
and beef TO satisfy her as IL would under
the double standard. She r. that much
richer and America is that much poorer.
Is II American TO enrich Europe by i'm
poyerishing America? Let the Times ans
wer.
But The Times win say. Having
agreed to pay Europe in gold, 1t would
be Reputation TO pay her In gold and
silver" The answer Is that Europe wants
neither gold nor silver. She wants our
produce, ard the question Is how much
Of il she shall have. Since the dem0neti
zatlon Of silver in 1878, gold has increased
its purchasing power 30 per cent. so that
Europe under present conditions drains
from us half as much more Of our pro-
duce than she is entitled TO, ana nothing
but the complete reconciliation Of sill
yer will restore the balance. This is
not reputation; it is justice.
1t is time the business men Of the coun-
try were taking hold Of this question with
some understanding They are not pros
pering. and they never can prosper with
constantly falling market. Neither can
they expect anything but a constantly
falling market with a constantly con-
tractii & volume Of money. Their interests
are not the bankers interests. Their ne
cessi.y Is the bakers opportunity. Look
at the sixty-three New York banks whose
500 shares average a market price OF
$685. while the shares Of the Chemical
Bank Of that city are worth 800, and
pay an annual dividend OF 80 per cent.
The banks have been doing a roaring bu-
siness while every other interest has
been languishIng. It IS understood that
the business men are completely az the
mercy OF the banks. and that any at
tempt on their part 20 Interfere with the
abnormal profits OF the banks would re
suit in the banks putting on the screws"
and crowding all such rebels 10 the wall:
yet there IS nothing 10 prevent the bust
ness men from keeping their own counsel
and quietly registering a vote which shall
have the effect of loosening the death
like grip Of the octopus which IS draining
the LIES blood from all honest industry