The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-13
lHE CASE CLEARLY STATED.
NO International Bimetallism In
Guiding Great Britain is
Possible.


Sept. 6, 1898 Senator Allen pre-
sented the following memorial,
which was ordered printed.
In England, since the time of the
civil war, in the days of Cromwell
and Charles the First, near two
hundred years ago, the steady work
ing of agriculture, manufactures,
and other productive employments
have had little direct disturbance
from military interference, and the
exchanges of the merchants have
been unhindered. During the same
time, in continental Europe, France.
Spain, Italy, Germany, and other
natlonalities have been fought over
many, many times. Mutually they
have devastated and wasted their
fields OF agriculture; their manufac-
turing cities have been captured,
sacked, and burned, and their stores
OF merchandise have been seized and
carried away. These countries have
been impoverished by withdrawal
from the industrial pursuits of
millions of men, who have been en-
gagged in war, and they have been
further impoverished by the direct
and vast expenditures of war.
On the other hand, England, safe
IN her lnSular Seclusion, rich in an
abundance of coal and iron, the val
ued and necessary elements of me-
chanlcal and manufacturing force,
With people Of great capacity and
energy, has for nearly two hundred
years sold her surplus productions
TO the governments and people of
the different European nations in
time of war at war prices.
In all ages, history informs us, the
nations of wealth have been the
manufacturing and commercial ma
tions. England, with the special
advantages she has possessed, has
become, beyond all example in his
tory, the richest nation in the
world in money wealth. Fifteen years
ago Ricardo, an emineot political
economist and sta tistician, estimated
that the people of Great Britain en-
joyed investments among other ma
tlonS to the amount of $500, 900, 600,
on which was paid to the people of
England, in interest and dividends
p. ct. per anum, or 1915 200, 900.
Mr.. Gladstone, in a recent speech in
Parliament, in opposition to bi-me-
talliSm, estimated the amount of
investments by people of Great Brit
ain in other countris at $4,000, ,OOO,-
600. AT per cent this would give
the English an interest and dividend
account from nations foreign to
Britain of $500, 100000 year.
Mr.. Gladstone further said "the
amount was constantly increasing;
that they owed nobody and everybody
owed them, and with such advantages
as they possessed it would be folly for
them to adopt bimetallism." 1t
would be SO great folly for England,
that England is sure to maintain the
advantages which she enjoys in the
single gold standard. There is no
chance for universal international BIZ
metalism with England welded to the
single gold standard. by her vast mon
ey interests and the profits derived
therefrOm. The annual income of few
nations of Europe equal their annual
expenses Such do not really own
themselves. 1t is estimated that o.
OOO.O 900 of soldiers are maintained at
an annual expense of $500, 900 by
continental Europe. England now
owning of securities and properties of
other nations to the amount of $1O,-
OOO,OO0.0OO with an annual income
from them of $500. 100000, is probably
as rich in money as all the rest of Eu-
rope combined, as nearly all European
nations are heavily indebted, and
most of them have no money sur
plus. England insists upon the sim
gle gold standard: and England is
able, from her condition Of uni
versal creditor to maintain her po-
sition. Therefore no international
bimetallism including Great Britain
is possible. Under present condi-
tions the United States has not free
choice. Necessity is dictator. The
gold basis is but trap.
There is an insufficient supply of
gold to meet the wants Of this ma
tion with money actually on gold
basis, and of the other nations which
are striving to get on gold basis,
as is proven by the struggle for the
possession of gold, and by the dis
tressing arrangements extensively
prevailing in different parts of the
world, wholly owing to an INSULT
cient gold supply for those seeking
gold. Witness the downfall in the
securities Of the Argentine Republic
and the ruin of the old and once rich
banking house of Barinp brothers.