The Meeker herald., 1895-07-13

pose Of settling balances. For ex-
ample:
If, during the month of July Eng
land, or some other European country.
buys American goods valued in dollars
and cents at 100000. During the same
period the United States buys of Eng
land goods valued at 100000. Thus
the accounts balance exactly and no
actual exchange in coin or bullion In
made. But suppose we buy $4,000
worth of English goods and sell only
$105, 900 worth of American goods, then
we must send to England $4,000 In
coin or bullion to make the balance
good. For thirty years, however, the
balances have all been on our side We
sell more In Europe than we buy in
Europe, consequently we have been, on
the face Of the trade balances, absorb
ing European gold. A change to the
double standard on the part Of this
country would not change the scale
against us. II anything it would In
crease the importations of gold, for
the reason that the double standard
would. as even the gold standard adj
vocates admit. have a tendency to re-
strict importations. So with the bal
ance OF trade. always In our favor, II
is not likely that our gold would leave
u.s."
Probably what Is meant by the ex-
preston as used by the money-lend-
ing class is that foreign loans would
at once be recalled in event Of free
coinage act. 1t hardly seems probable
that SO much good luck would fall to
the lot Of this country all at once
free silver coinage and the with
drawal Of inter4st-bearing loans. I
have not got tie exact figures at hand
but 1t Is safe to place the foreign cap
ital now drawing interest in this coun-
try at IS J00,000,000. Four years ago It
was mere than that, but large amount
has 3een withdrawn since that time.
The annual interest on this sum in
enormous. about $4,000 900. How do
we pay 1t?
l said above that on the face Of the
balance of trade reports our country
always stands on the right side. But
why do we not grow richer as We con-
tinue to absorb European gold? The
truth OF the matter is that while the
balance of trade is always in our favor.
the deficiency is not paid In gold. It IL
simply charged to the account Of inter-
est on foreign loans in the United
States So we find that the interest
on foreign loans is the real mischief
maker on the scales of international
trade. We are giving away the prod
ucts OF American labor to settle the in
terest on European Investments in our
own country. And this interest keeps
growing In volume until at no distant
day 1t will annually absorb the price
we should receive for our entire annual
exports. And yet there are those who
pretend to be afraid these loans will
be withdrawn. The same sort Of cry
was sent up more than hundred years
ago when the people of this country
began to discuss the question of throw
ing Off the yoke Of England. The or
iginators of the cry said that this talk
OF freedom would cause the withdrawal
of English money. For long time 1t
kept the timid In line, but finally It
was drowned by the patriot cry ITO
u ihb, anu Liz WdT lDT
finally stilled 1t. The English money
did go and 1t was replaced with Amer
lean money. The question of the pres-
ent bears almost direct relation to that
decided In the past. When the Euro
pean capital goes. II 1t does, we will
replace 1t with American money and
then enter upon an era OF prosperity
once again.
Between the single gold standard and
the Ideal monetary system there Is a
wide and yawning chasm. perhaps as
Wide as thousand years. Alas for
humanity, perhaps even ten thousand
years The double standard is merely
step In the right direction. 1t will
better serve to balance accounts be-
tween the money lending class and the
producers than anything practicable
Just now. 1t will injure the money
lender, because It creates an addi-
tional supply of his stock-In-trade, just
az the opening of the vast Indian
empire to the product on Of wheat
has tendency to decrease tho
price of wheat grown in America.
Under bimetallism, money becoming
more plentiful. people would borrow
less and rates OF interest would de-
cline. The moncy-lending class would
gradually be forced into the field of
production and usefulness. II is such
condition OF affairs (belng forced into
field Of usefulncss) that the money
lender most strongly objects to. Ho
hatea humanity. would tramDls upon
liberty and would consigD the Bible to
the uttermost limits. He desplses tho
Word Of God on general principles. but
especially because 1t says: "Ho who
dosg not work neither shall he eat"
BY tho designation Of "money-lsnd-
or" do not rcfor TO the ordinary
banker, who, as a general rule is all
right ut heart. Its the fellow that
controls the banker to whom tho tito