Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-10-04
+ Continued from 6m page.l
would exactly balance one another

to someone abroad. something in the
way of cash or produce (and we know
practically that all interest from abroad
is paid In produce) had to be sent TO
England in satisfaction of the interest on
the debt and for this nothing in the
shape of export goes out in return.
This has gone on until the income,
drawn by individual lenders of money
from foreign governments, companies
and individuals, or sent here as return
ON capital invested abroad, amounts, 1t
is estimated, to about 100 millions ster-
, ling annually and of course in return Tor
this hundred millions worth of imports
no exports go out.
The limit of this restriction on our eX-
ports would, of course, be reached, if
4 individual lenders of money resident in
England (or, of course, individuals as
sociated as companies) could get every
other nation of the world so deeply into
their debt that all the inhabitants OF
| those countries would have to work as
their serfs. sending to England annually,
4 in satisfaction of the interest on their
debts, everything they could produce
beyond the bare necessaries of life
There could then be no exports from
England; because if all other nations
had to send all their surplus produce to
England in satisfaction of their debt,
they could send nothing in exchange for
our exports. This is, of course, the ex-
IRENE limit that could be reached in
theory and will never be reached i'll
practice. But every fall in the gold
price of commodities carries US nearer
and nearer to it.
The prices of some of our great staple
articles of import such as wheat, wool.
irnr nd ful
Cne-half during the last twenty years !;
consequently, double the amount of
them has to be sent to satisfy the in
terest due to Individual lenders of money
in this country; that is, double the
amount of the products of other coun-
tries come Tito this country without any
exports going out in exchange for them.
OF course, if gold rises still more in
value, and these commodities fall an
other one-half, then, four times as much
. of the surplus products of other cOun-
tries will be at the disposal of individual
lenders of money and the restriction of
our exports will be increased fourfod.
TO hear some people talk one is driven
to the conclusion that their wish and aim
for the future of the United Kingdom is
that it should become as quickly as
possible country where no wheat is
grown, no barley and no oats; where no
sheep are shOrn and no cattle fattened
q suppose they would keep IA few cows
to supply milk and few hens to lay
fresh eggs for the families of capitaliSts) /;
where no cotton, no linen, worsteds or
woollens would be manufactured where
all mines and all industries of iron and
steel would be closed and idle "a
afi IN
. live except individual lenders of money
to other countries and their servants,
everything they wanted in the way of
commodities being sent them cheaper
/ from abr Dad than it could be produced in
. this country, and sent not in return for
exports but in satisfaction of the interes t
on their debts.
If this is the ideal of the English work
s ing man, he has nothing to do hut to sit
still and allow our present monetary sys-
TEN to continue, and he will have the
satisfaction of feeling that his inaction is
+ helping to bring it to pass, without even
. the trouble of using his vote.
If his sons and his grandsons in IA few
+ years time abuse him for having allowed
employments and manufactures to be
+ banished from England, which, if he had
eXerted him. elf to use his vote, might
. easily have been retained, he will at any
rate have the satisfaction of feeling that
he has avoided the risk of giving himself
headache by studying dry subjects too
. deeply.
And now will say to anyone who has
followed me thus far, that hope my
giving this prize has fulfilled one of its
objects, that is to say, to induce him to
take an interest in the subject; and
hope he will not leave it until he has
thoroughly made up his mind how EN-.
ployment in England is likely to be
affected by the fact that 100 ounces OF
silver will now buy as much labour in
China as it it did prior to 1873.
That during the fifty years before 1875
it took f25 to buy 100 ounces of silver.
That in 1895 it takes little over Ell tC
: buy 100 ounces of silver.
That in consequence of this, labour ii
a cotton mill in the East now costs less
than half as much in English sovereign:
as it did for fifty years before 1873, anC
if the reader is convinced, as | am, tha
a continued fall in the price of silver
means the Punishment of the great manu-
4 featuring industries of the world from
the soil of the United Kingdom to the
soil of India, China, Japan and Mexico
to be carried on by Indian, Chinese, Jap
the workmen of England, Ireland, Scot
land and Wales, then | hope he will
recognize his obligation, as a genuine
lover of his country, to do all in hi
T power to promote speedy reform of tn,
present most unsatisfactory monetary
conditions of the world.
The paragraph of Mr.. Thompson
resume, that we print in italics, shows
the animus back of the single golt
standard; the power that has created /
and that continues it in force in spite o
the protests of the rest of the nation
and the interests of world. Thi
power is the money power, alike where
ever found regardless. in Its greed, of
worlds industry, or worlds suffering
Possessed of the greater part, it reache
out for the whole. This money pOwe
has got to be fought and overthrow
In this country we should be able to d,