The midland journal. (Rising Sun, Md.) 1885-1947, 1895-03-15

silver DOIlUS duu uOU SOlu JULIUS,
WHY does he assume that the bonds
heretofore issued are gold bonds |?
All the outstanding bonds of the
United States are of the same
description and subject to the same
decisions. and are issued under the
provisions of the act of July IA,
1870.
The amount that we would lose
by these transactions would not be
so grievous; the country could bear
it, if it did not entail ether conse-
quences almost too alarming to
describe. 1t is done for the pur-
pose of maintaining the gold stan
dard. Will that premium ever be
less? On the contrary, will it not
increase as the credit of the govern
ment becomes weaker and weaker
under these operations?
How are we situated to maintain
the gold standard? We have gold
obligations which require an annual
payment of at least $500, 100000.
will give the estimates. 1t is
estimated that from $175, 1000, 900
to $2OO,OO0,0OO annually is paid
for carrying our commerce on the
ocean in foreign bottoms. 1t is
estimated that $3.50, 100000 is
annually paid for interest and div
idends on foreign investments.
Some place the amount much
higher. 1t would undoubtedly be
greater than that if we did not
continue to borrow, if we sent it all
abroad. 1t is estimated that $780,
600, 900 is carried out by travellers
in foreign lands, making in round
numbers at least $50O,O00,00O in
gold that we must pay to Europe
to keep what gold we have. We
have not been able to do it, and we
are now borrowing money and pay
ing premium on gold for that
purpose.
See how we are situated with
regard to foreign countries who are
our creditors. The gold on the
continent of Europe is beyond our
reach. Russia holds her $3.50, OOO,-
600 or more in her war chest, and
boards it. Austria holds her
100000, 900, the most of which
she got from us, in her treasury to
meet the interest on her gold
obligations.
1t will be remembered that her
debt of twenty four million dollars
drawing 5 per cent and payable in
silver was converted for the benefit
of the Rothschild syndicate into
So, SOC, 900, 900 of 4 per cent per-
petual gold bonds. The $500, 0OO,-
600 that she has in her treasury
must be held for that purpose, and
it is proposed to buy from $40, 000,-
coo to $50, 100000 more in the near
future. France with her 5000, 900,
600 of gold and $700,000,000 of
silver and some $700,O00,O00 or
$500, 100000 of paper is able to
keep her gold.
In the first place, she has an
ample circulating medium, which
keeps the peopleat work and enables
her to maintain the balance of trade
in her favor. In the next place,
when gold is demanded for export
she pays silver and keeps her gold.
Germany, also a creditor nation,
guards her gold by her silver. She
has the same option that France
, and the United States have to pay
in either gold or silver. She has
about $150,OO0,000 of silver left
and when gold is demanded fol
export she pays silver. Conse
quently the gold on the continent
J is practically beyond our reach.
How is it with the gold in Great
, Britain: The amount of gold il
: Great Britain is estimated at $3.50,
900, 900 or $5OO,OOO,OOO. How does
she keep it? According to Mr.
Gladstone the outside world owes
: her $4,000, 100000; according tt
/ other estimates the amount is much
. larger, bringing in annually from
$500, 900, 900 to 5000, 100000 from
? foreign countries. Besides, sht
does the carrying trade of thu
world, which amounts to an enOr
nous sum, estimated as high al
t $500, 100000. She with 100000,
l 900 annually to the good and w