The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-04

The stock OF the Pennsylvania railroad
aggregates $l29. 900. OF this amount 40
per cent. or about $GO, 900, 900 ,is held abroad
Imagine the effect of having even halt
OF this vast proportion or quarter OF all
the shares of the Pennsylvania thrown
on the marlSetl This would be inevitable
unless the dividends were paid IN gold,
and to do that would require either doub-
ling the amount set apart or halving the
dividends Not a few bonds are made
specifically payable In gold. In every
such case IL would take Just as much
money to pay the premium on gold as
would be available for the dividend or IN
terest. The effect on all railroads may be
shown by u single illustration. The I'LL
noIs Central pays 3 per cent. dividends
This takes 2bOo,OOO. Last year the road
had S,yi3,Tb available, leaving surplus
of $iG3 275. OF the stock about 40 per cent
IL held abroad. 70 pay the foreign stock-
holders requires 81, ,0OO,O0 IL they are paid
IN gold 5000 900 would be required, and so
the whole dividend must be cut down
If they are paid In silver the value abroad
viii be cut In two and the foreign holder
win sell How can such n situation fail
to bring n CraShy
These are n few Illustrations of what
Isolated free coinage and the silver stand
prd involve, But II is claimed that " we
were on the silver basis we should enjoy
great advantages In foreign commerce
and command the trade of the silver coun-
tries. We should, indeed. put ourselves
UliU'WIy upon lht rover DI M'SltD anu
China aud India. but with what result?
The imports of the gold standard coun-
tries amount To over SIX. S.OOO, 900, 600 a year
ana those OF the silver standard countries
To less than 81 .0OO0DO.COJ. The exports Of
the gold standard countries reach annual
~ $iOOnooO,OcO ana those Of the silver
standard countries only $1,000. OOO.OO0 Why
should we abandon III" advantages Of the
former IN n struggle for the latter? Dur
Ing the last fiscal year our exports 10
IAI IN u md mr.
Imports to Sgil, l,duJ.OOO, Here was n balance
In our favor of $il5,WO,o 900. which was paid
or credited to M In gold value. During
the same Time our exports 10 the silver
countries amounted 10 81. 900 600 and our
Imports TO $40 100000 Here was n balance
against us of SIPS 10000 We should con
tlnur to pay TINS sum In silver or Its oq,ii-
Valcnt uH we do now; but why should we
DE 40 iuio'ic ~ TO put Ourselves on the
silver basis IN order that Europe may pay
us $llb,OO1OOO yonr In silver values in
stead of gold vniucgr why should we up
set our monetary medium with the great
commercial nations, aud subject Our com
mCrCc TO the lncnlculable tax and burden
and depression of constantly uncertain
and iiuctuatng exchange?
we near men talk loosely of the debtor
class and the creditor class, and filppnntly
reason that so-cailcd "chcap money" would
help debtors N the expense of creditors
Who are the debtors and who are the
creditors? The creditors are every de
pOsitOr In n savings bank every mcmb
of building association, every pcnsioner
every holder of an insurance policy, every
worklngmhn who has saved anything out
OF his earnings and put IT into Institutions
or investments dependent on public sccuri-
~ ana honesty Borrowing requires cred
II, 1t Is the well off, not the poor who
borrow most. The borrowers will be
found more on the stock market than on
the farm or IN the work shop. If a man
seeks loans for legitimate enterprise or