The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-05-05
a SN An E.
Dust and Smoke Blows T. tl1s Ey'
the Public ~ wall street.

the enormous expectation AZ COP
from America We are persuade4,
however, that these men are not AZ
foggy upon the situation IS the1.
would have us believe, but 1llEf
Hamlet, they are only playing tha
fool. 10 any man moderately versed
in the economic conditions of s03
called modern civilization, the whole!
affair is SO plain that. though q f0oly4
he need not err therein.
A casual glance at the reasons ad~3
vanced by men in high places, will
reveal to any thinking mind that
sufeh reasons are only advanced to
veil the real issue; efforts to dodge
the question; smoke and dust thrown
in the eyes Of the multitude, while
the enemy further forges it's chainss
The following reasons are among
those most urged on the causes OF
the gold expectation. American
tourists taking gold with them to-
bear their European travelling ex-
penses. The silver agitation Bal
ance of trade. Barring Brothers fall
ure Americans residing in Europe.
Wholesale purchase Of unmatureds
bonds Of the United States. The
boarding of gold by Austria, Ger
many, Russia and France: The Sher-.
man act and last and among the
least, the San Francisco Examiner
says that 'sthe fact that gold is going
is proof that the people Of the United
States have bought more than they
have sold These frivOllties are
said to be the causes. These are the
dust and smoke. Now what solution
do they offer? What chains are they
forging? It is suggested that the
way, as though values we're currents
of wind blowing lawlessly through
this world. As we'll may we expect
the old woman with her broom to.
sweep back the ebbing sea, as that
the worlds fair will turn the
tide of gold this way. More dust
and smoke! There is not fnancier
on this earth but that knows the
worlds fair cannot turn the tide.
Disagreeing among themselves as to
the causes and suggesting the most
imprOb able incidents for it's solution.
yet these tinanciers strangely enough
agree upon one thing which, if
adopted, will, according to them, put
an end to all this trouble. The pan
acea is 100000 in four per cent
bonds to be issued by the United
States. All! Here is the link in the
chain they are forging 1t is made of
gold. It is tempered in the fires of hell.
1t is forged by the money of this world
Fifty million dollars of bondsp asks
the Fresno Spectator And is this
expectation to be stopped by our
beginning at once to export
$4,000, 900 more annually, as interest,
than we are now exporting? A solu-,
ton as remote and false as their pre-
tended causes.
But what is the cause OF this flight
of gold9 Every tinancier and bond
holder is as familiar with it as he is
with the routine of his business. for
it is the routine Of his business The
municipal debt bearing upon our
country amounts TO $4,000, 900, 600.
The railroad debt amounts to $4,000
100000. The mortgages upon real
estate in the United States amount
to $4,000, 100000. OF the many
trusts controlling all the most lucra-
tive Industries of our land, there are
forty capitalized at $4,000, 0Oo. 900
Among these forty are the anthracite
coal trust of 1913. 100000 Standard
Oil, $11O 600, 600; lead trust. 800. 0OO,-
nO0 e,,,,o1%one 8AO nn0 900. c+-,.,1 @,,,,r+
$35, 100000: whisky and beer trusts,
$75. 600, 600; tobacco trust, $25, OO0,-
900; cotton seed trust, $41.7O0. 600
It is conservative estimate to place
the capitalization of American trusts
at So, 900, 100000. The railroad, the
municipal and the real estate. debts,
and the capitalization. of trusts,
already mentioned, aggregate
| $16. 900, 100000. 1t is conservative
| to say that % per cent of the $40. O00,
| 100000 are controlled by foreign
capitalists. for in the year 1890 $500, :
100000 Of English capital were in
vested in this country. This places
| 81, 600, 100000 of capital in America.
the interest upon which. ii. desired
| by the controllers. goes annually to
Europe At four per cent it would
amount to $160,OO0,O 900 annually. If
| it is evident to the balance of trade
| theorists that 1--WE have bought more
than we have sold and we are now
paying for these goods we would
like to ask what we purchased from
Europe with this 100000. 600 Of an
nual interest and profit. 1t is APP
parent that those controlling this
interest can by concerted action Gre
ate at their pleasure financial panic
by simply withdrawing their. interest
in gold.
We export more products than we
import. Upon what other hypotesis
can this be, explained? No man is
able to point out the goods we are
receiving for this money, and the APP
parent reason is that we are receiv-
ing no goods in exchange for this
gold. The fact is, 1t is the interest
and profit taken by the mortgage and
Industries of our land. This interest
and profit is exported at the will of
those controlling it, and at such
times as they can gain most by such
j action.
i Now if we follow the advice of the
financiers and issue $4,000, 900 in
United States bonds, which must be
bought with foreign gold, will not