The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-15
THAT FOREIGN CAPITAL

THAT FOREIGN CAPITAL
How Can Something Como Ont Of neeA.
mgr England Has No surplus Cold.
A recent number of the Chicago Trib-
une contained an article which fully
explains why England desires this coun-
try to permanently adopt the singly
gold standard. It corroborates MI
Gladstone's recent views expressed IN
the British parliament. It should Also
open the eyes Of the blind worshipefs
Of tho golden calf on this side of the
Atlantic. The Levy Mayer spoken Oh
the Chicago Sentinel says, is wen
known Chicago lawyer. The following
Il clipping from the Tribune article:
''Levy Mayer arrived home last night
from London. He brought a budget Of
exceedingly interesting news He
finds there still prevails in financial
circles dullness and apathy. He net
several leading bankers and finanoier4
and through them learned that money
was never moro plenty. England 10
ceives annually from the United States
by way of dividends and interest $5oe,-
OO0, 600, and from other sources the
total annual income from investments
is $4,000, 900, 000 For three years tho
English people for lack OF condolences
have made no substantial investments
outside their own country. Tho 70
suit is a vast accumulation of unem-
ployed capital seeking safe investment
opportunities. In the last three years
they have lost in South American and
Australian investments s., 1000, 600, 0o0s
they have lost least in the United
States, but except for speculative pur-
poses, they have no further use for
American railroad stocks except that
OF two or three trunk lines"
It is easy to understand from the
above that it is to the interest of Great
Britain that the dollars in which this
interest and dividends on American in
vestments are to be paid shall possess
the largest possible purchasing power.
The idle capital now waiting invest
ment and the interest and dividends
annually accommodating will go much
further in the purchase of American
products and American securities it
this country shall maintain a single
gold standard and thereby fix prices
permanently upon gold standard
basis.
There is another thought that must
present itself to the reflective mind in
reading the above paragraph. Our re-
publican friends are constantly re-
minding us of the existence of this idle
capital seeking investment. They tell
us that we ought to be able to Dor
row it, and to induce it to engage in
the great public enterprises which are
designed to make this country the
greatest and grandest upon the face Of
the earth. We have as much pride a.
any American citizen in the greatness
and grandeur of our country; but we
prefer to see the institutions which
make up that greatness and grandeur
owned and controlled by Americans
rather than foreigners. We prefer to
see the profits of American invest
ments remain in America and be dis
seminated among our own people
rather than see them go to pay tribute
to foreign idlers. Instead 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 dollar in this country that
will enable him to exact tribute in in
terest or dividends from the American
people. The amount now exacted is
alarming in it's proportions. It has
already attained magnitude that I'M
der our existing financial system en-
o1~ lO1 -
securities to precipitate panic in this
country whenever it is to their interest
to do so. The existence of these for
eign holdings is a menace to our peace
and prosperity, and an evil that has no
compromising advantages. The evil
should be promptly abated and forever
afterwards prohibited To this extent
we adopt the motto, America for
Americans" He who would invest in
American securities let him first be-
come an American citizen. Topeka
(Kan.) Advocate
How can something come out of moth
ing? Director of the Mint Leach puts
England's total stock of gold at $780,
600, 600 and even that sum is $500, 600, 900
more than the official estimate of En-
glands chancellor of the exchequer.
In 1890, at the time of the Barring BroS'
failure, terrible financial panic in En-
gland was only averted by borrowing
SIS, 100000 from France. During tho
latter part of July and early part Of
August. 1898, the withdrawal of thirty
or forty millions in gold for export to
the United States caused the Bank of
England to raise its rate of discount to
the prohibitive point of per cent Pri-
vate advices state that money is very
exceedingly scarce in England. What
the Tribune calls unemployed capital"
is evidently not gold. but bank credita
And so it has ever been. Since 1863 va
have exported half billion dollars
more gold than we have imported and
yet it is said that we owe England more
than eight billions of dollars. We ara