The midland journal. (Rising Sun, Md.) 1885-1947, 1895-01-25
LIVE ISSUES.
Europe First and this Country
Second.

of the currency, in which he said
some good things.
But he fell into the popular Con-
gressional error regarding the in
fluence of foreign nations upon this
Nations affairs. He said:
''The business depression in this
country is but the reflex of the con-
dition abroad, and nothing that can
be done here would bring prosper-
ity to- this country until prosperity
came to the rest of the world. You
NAV issue untold amounts of paper
money, you may put out $500, OOO,-
600 in paper money in addition to
what you now have, and you may
stimulate enterprises here tempo
rarily; but you will pay for it in
the end. You cannot by that kind
of method raise the prices in
Europe. You cannot compose the
difficulties which there exist in
financial circles by anything of that
kind. What we must do is to
address ourselves to some system
to some legislation-which shall
help everybody abroad as well as
at home"
The Senator is WRONG, utterly
and ridiculously wrong; and he
practically confesses the same else
where in his speech when he says !:
II have lost some hope, I have
lost some confidence, when | see the
American Senate and the American
House of Representatives, and the
American Government, with all
these deplOrable conditions about
them, supinely waiting to see what
will happen in Europe"
Now if he deplores this supine
waiting for Europe to act, why does
he say that no prosperity can be
had in this country until prosperity
comes to the rest of the world!
The Senator is somewhat contra
dictory; bnt that particular is less
the subject of this article than
reference to the described condition
of mind which more or less per-
yades Congress-, that this country
is wholly or in the main dependent
upon European conditions for its
prosperity.
This seems to be a case of saying
that the tail wags the dog, for the
actual proportions of foreign bus
mess to domestic business, volume
forvolume, is as one to one hundred
and twenty.
That is, where in round numbers
we sell $9OO,OOO,OOO abroad in a
year, our home transactions are not
less than $12O, 100000.
This latter figure is obtained by
adding the total annual clearing
house transactions of the country to
not less than double the same figure
for the combined retail and other
trade and transportation conducted
on a cash basis; for all retail bust
ness averages more dollars than an
additional sum in the same goods
being wholesaled, through enhanc'
ed prices before they reach the
consumer.
Now to say that prosperity in
this land is dependent upon foreign
conditions, is another way ofsaying
that this proportion of less than
one, regulates the 1870.
That OF course is an absurdity;
this country could not only exist,
but remain on the pinnacle of pros
perity if it cut loose from abroad
entirely; we did it in 1866; and
to say that no currency should be
adopted that does not take into
consideration that the proportionate
figure / should dominate the figure
100, is a ridiculous view of United
States public economy.
100000, 900 in foreign sales of
our products is an item, to be sure
"a pretty large item-but that is
no reason for exaggerating it into
practically saying that it is the
whole dog; or that it cannot he con
Quoted if we adopt an exclusive
United States currency.
1t is right and proper that this
5000, O0O,0 600 of business should be
guarded, and all done in reason for
it's protection and increase, but that
does not mean that we must stafVe
this country's domestic industry OF
12O times its volume while doing it.
If needs must, it is far better to
let this foreign take care of itself,
than that in order to coddle it, this
Nation should remain on narrow