The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-13
THE CASE CLEARLY STATED.
Continued from page l.

of London, England: the financial
wreck of Italy striving for a gold
basis; the purchase of gold for a
money use by agricultural Austria,
with the expense of her great ar
mics, near 100000 of men, gold
basis which Austria will never be
able to maintain any more success
fully than did Italy; and the wide
spread, extensive bankruptcies and
financial ruin in Australia. All
these indebted and overborrowed
nations were encouraged by the
great money lenders of Europe to
assume to be upon gold basis, with
out the possibility of gold to main
tain such basis. But for such en-
couragements the efforts to become
established on good basis could
never have been tried. In the
wreckages of the great properties,
securities, and estates, which the
money lenders have wrought, they
can buy at their own price things
of great value.
What matters it to them what
obstruction they bring upon others
if they secure their many pounds
of fesh," and blood as we'll. More
near and more interesting to us is
the financial condition Of our own
country. Ever since the close of the
late civil war the United States has
presented to European money lend
ers the safest, most extensive, and
most profitable fields for the invest
mentS of money. South America,
Africa, and Australia, compared
with the United States, have not
been very inviting fields for invest
ments, and while these countries
have, as we know, received some
European moneys, the United States
has received very much more.
Hugh McCulloch, Secretary of the
Treasury, in his report for the year
1868, estimated that Europe then
held $3.50, 100000 of America securi-
ties, con the greater part on which
interest was being paid in gold"
He says railroad and other stocks
are not included in this estimate.
He further says: eve are even now
increasing our debt to Europe at the
rate of $6G,O0O,OOO to $7O,OOO,0OO per
annum in gold bearing bonds" He
further says: 'Of the 81, 300, 100000
of the gold and silver products of
California and the Territories, pro-
duced since 1913, we have exported
81, 100, 100000"
Was this vast export of gold and
silver, largely gold, in any part really
due to the Sherman silver law, en-
acted in 1890?
The Monetary Commission, ap-
pointed by the Government of the
United States in 1876, estimated
that the foreign Indebtedness of
the United States could not then
be less than $4,000, 100000. Since
1876 foreign investments, mostly
English, have continued to increase
very largely.
Mr.. Gladstone claims for Great
Britain ownership outside Of Britain
to the amount of ten billion ($10O0O,-
O00OO0) dollars, which is mostly on
gold basis. That Indebtedness, in
Guiding ownership of different pro-
perties, can not now be less than
81 900, O00,O00 or $1,000, 900, 900 in the
United States.
AS here are in all the world but
about So, 500, 200, 900 in gold, in mon
ey, on gold basis, Great Britain
completely dominates the world.
Worldwide financial disorders are
money lenders, for their own profit.
to establish gold as single and uni
versal money standard, without the
gold being in existence to meet such
gold were equally distributed among
the nations Of the earth.
Much more serious than a general
lack of gold for all the worlds mon
ton of gold among the various ma
tions. Some have much, others but
little, some none.
AS related to us, Great Britain has
the financial strength of a great
creditor nation; the United States
the financial weakness Of great
debtor nation. Our gold can be
called from us whenever the inter-
ests, necessities, or caprices of for
eign investors or creditors dictate
the call. And we are helpless to re-
sist these calls as long as we, in prac-
tice, maintain the single gold stard-
ard; as witness the current financial
history Of the day. On the single
gold standard, with the present
great demand for and the limited
supply Of gold, no debtor nation can
maintain such gold standard as