The advocate and Topeka tribune., 1893-10-25
WHY ENGLAND WANTS NO MONEY
BUT GOLD,

GnlB country W pormaueuC4y 6uOpO
the single gold standard. It corrobo-
rates Mr.. Gladstone's recent views
expressed in the British parliament.
1t shonld also open the eyes of the
blind worshippers Of the golden calf
on this side Of the Atlantic. The
Levy Mayer spoken Of, the Chicago
Sentinel says, is a well known Chi
csgo lawyer. The following is clip
ping from the Tribune article:
Levy Mayer arrived home last night from
London. He brought budget Of exceed
ingly interesting news. He finds there still
prevails in financial circles dullness and
apathy. He met several leading bankers
and fnanoiers, and through them learned
that money was never more plenty. Eng
land receives annually from the United
States by way of dividends and interest
$500, 900, and from other sources the
total annual income from investments is
81, ,000, 100000. For three years the English
people for lack Of confidence have made no
substantial investments outside their own
country. The result is a vast accumulation
Of unemployed capital seeking safe invest
ment opportunities. In the last three years
they have lost in South American and
Australian investments $1,OO0, 900, 900; they
have lost least in the United States, but eX-
oept for speculative purposes, they have no
further use for American railroad stocks,
except that Of two or three trunk lines.
1t is easy to understand from the
above that it ,ls to the interest
/ of Great Britain that the dol
lars in which this interest and divi-
dends on American investments are
to be paid shall possess the largest
possible purchasing power. The idle
capital now waiting investment and
the interest and dividends annually
sccdmulsting will go much further in
the purchase of American products
and American securities if this coun-
try shall maintain a single gold stand
ard and thereby fix prices perms-
nently upon a gold standard basis.
There Is another thought that must
present itself to the reflective mind
in reading the above paragraph. Our
republican friends are constantly re-
mindlng us of the existence of this
idle capital seeking investment. They
tell us that we ought to be able to
borrow it, and to induce it to engage
in the great public enterprises which
are designed to make this country
the greatest and grsndest upon the
face of the earth. We have as much
pride as any American citizen in the
greatness and grandeur of our coun-
TRY; but we prefer to see the institu-
tlons which make up that greatness
and grandeur owned and controlled
by Americans rather than foreigners.
We prefer to see the profits of Ameri-
can investments remain in America
and be disseminated among our own
people rather than see them go to
pay tribute to foreign ldlers. In
stead of borrowing foreign money we
should make it ourselves; and instead
of encouraging foreign investments
we should absolutely prohibit them.
No foreigner should be permitted to
invest a dollar in this country that
will enable him to exact tribute in in
terest or dividends from the Amerl-
can people. The amount now exscted
is alarming in It's proportions. It
has already attained a magnitude
, that under our existing financial sys-
tenn enables the foreign holders Of
American securities to precipitste q
} panic in this country whenever it is
to their interest to do so. The exist
ence of these foreign holdings is q