Mohave County miner., 1894-06-02
Coming Bin Of California Congress
man.

A Washington dispatch special to the
Chronicle Of May "a says: A Congress-
man in the California delegation con
templates introducing at an early date q
bill levying an export tax on gold in any
form. His aim is TO get the bill
thoroughly discussed during the present
session, but not to let it come to vote
With the growth OF popular opinion in
favor OF silver, he hopes either to pass
the bill during the next session or use il
AS strong lever in favor OF monetizng
silver.
The idea Of this movement" said the
Congressman to-day, ''is simply to
enable the United States to.enjoy part
OF the profits which England is getting
from American securities owing to the
debasemeDt Of silver. This country owes
tremendous sums to British investors
in the way of bonds. When the interest
or principal on these is paid it must be
handed over to the foreigners in gold
GJid nere will buy no more than
silver, but it goes long way further
than silver for the purposes of capitalists
abroad. OF colrse there Is no new in
formation in that, but the purpose Of my
bill is TO cause English profits to be ex.
pended here for commodities other than
gold. Inssmuch as the former can be
sent abroad without export duty while
the English will have to pay us heavy
percentage on all the yellow metal they
ship over the Atlantic, 1 believe that it
only needs some firm action Of this coun-
try in order TO bring England around to
silver basis, and propose to do what
can to bring such action to pass"
In support OF the latter statement he
produced a copy OF an editorial recently
printed in the London Financial News,
portion Of which reads as follows
Senator Cameron points a plain moral
when he remarks that il the United
States would venture to cut herself adrift
from Europe and take outright TO silver
she would have all America and Asia
at her back, and would command the
markets Of both continents The barrier
Of gold would be more fatal than any
barrier OF the custom-house The bond
Of silver would be stronger than any
bond of tree trade. There can be no
doubt about il, that il the United States
were to adopt silver basis tomorrow
British trade would he ruined before the
wear was out. Every American industry
would be protected not only at home but
in every other market.
"Of course the United States would
suffer to a certain extent throu gh having
10 pay her obligations abroad in gold,
but the loss on exchange under this head
would be mere drop in the bucket CON.
pared with the profits to be reaped from
the markets OF South America and Asia,
to say nothing Of Europe. The marvel is
that the United States has not long ago
seized the opportunity, and but for the
belief that the way Of England is nee
essarily the way to commercial success
and prosperity, undoubtedly it would
have been done long ago.
Now, Americans are awakening to
the fact that so long as they narrow their
ambition to becoming larger than Eng
land they can't beat az. IL has been
piece Of luck for us that il has never be-
fore occurred to Americans to scoop us
out OF the worlds markets by going on
silver basis, and it might serve US right
if, irrtated by the contemptuous apathy
OF our government TO the gravity of the
silver problem, Americans retaliate by
freezing out gold. II could easily be
done.
"We propose shortly to show, by evi.
dence collected from perfectly unpreju-
diced sources, that even now The pro.
cess has begun, and is proceeding at
rate that will astonish most people, and
probably make this country regret that
IL did not at an earlier stage fashion its
monetary policy on principles Of friend.
illness to other nations instead OF on
basis Of shortsighted selfshness"