The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-06-29
FOREIGN CAPITAL BUGABoo.
Our Debts Abroad Need Not Worry Any
body-Advantage of an Influx of
Foreign Money.

Our foreign debts are a great source of
worriment to the free coinage people.
Every instance of bonds sold abroad is
taken up by them to prove that our prop
erty Is passing into the hands of foreign
ers, that Germany, France and England
will soon own this country and that we
cannot possibly pay our interest to them
In gold.
Strangely enough 1t never seems to
occur to them that the Americans who
are selling this properly may be getting
full value for it. And yet when you
meet one of these Americans who has
just completed a~sale to a foreign synd!-
cate he never seems detected. If any
body in America has lost anything by the
sale he must be the man, but who ever
saw an American struggling to escape
from the clutches of an English syndi-
cate who were trying to buy his properly.
The fact Is these political economists act
upon the theory that this property passes
to the foreigners without consideration,
whereas the question of consideration is
wen looked after by the Americans inn
mediately interested. That is not a mat
ter requiring government supervision.
The United States has been greatly ben
Gifted in the past by the flow of European
capital hither for investment. 1t has
FASTENED the development of the country,
reduced the cost of transportation, in
creased the value of western farms and
lowered the rates of interest.
A recently issued little book entitled
"Coin at School in Finance" by Geo.
e. Roberts treats this subject in an effsc-
tive manner. 1t gives a clever take OFF,
on Coins notorious school" The fol-
lowing quotation is properly enough put
into Coins mouth and the nonsense of
it exposed as follows:
Your plan," shrieked Coin, sis to pay
our debts by making new ones. Your
prosperity means money coming in from
abroad, so that we can borrow more
money. 1 say that I don't want to see
another dollar of foreign money come
here; it means that we must either pay
interest on 1t, or give up some of our
property for 1t. We are mortgaging or
selling (the two mean the same thing
the blrthright of our children"
And Coins eyes glared, his hair stood
on end, great drops of perspiration stood
on his face and he looked like man
with nightmare.
The bimetallist looked at him with
curiosity Then he addressed Mr.. Miller,
the leading Eagle Grove citizen who had
been in constant attendance.
''Mr. Miller, If an Englishman should
arrive here tomorrow with 100000 to
build a plow factory in Eagle Grove,
would there be any riotous demonstra-
tions?'
WELL" said Mr.. Miller. smiling, 81
don't know but you might call them such.
The whole town would turn out to well
come him. We would give him a BAN
qust, present him with a tract Of ground
for his establishment, exempt him from
taxation for ten years and furnish him
free water from the city plant"
But haven't you learned from Coin
that the profits from this factory for all
time would go to swell our gold ex-
ports9'
I'VE would let the gold exports take
care of themselves and welcome the
factory"
But suppose" said the bimetaIllst,
thoughtfully. that this Engi!shman should
find that he could do better with his
profits here in Eagle Grove than by TAX
ing them back to England, and should
announce in due time that ne would build
an oatmeal mill here. Would you toll
crate it?'
The eyes Of the Eagle Grove audience
sparkled with delight and humor. 1t was
evident that the Engiishman would have
no prejudices to overcome.
''And suppose" said the blmetallist,