New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-24

erners OF America are approaching the fact that II
npney is cut in two. wages will be cut in two also
Ir all countries where the currency has Deen ue-
based the wage-earners have always been the prin-
cbal losers Wages have never advanced proper
tpnateiy to the decline in the value OF the cur
r,ncy The fact Of the silver agtators not being
able TO influence either OF the great political parties
O. the United States to declare in favor OF legsa-
ton tending to a debasement OF currency is i'm
ressine Europeans that the American people can
h depended on fo- sound judgment when really
lrought face to face with great question. But.
While confidence Is being rapidly established In Eu-
ripe that the United States will sustain the gold
Standard. they note increasing imports without
corresponding increase o, exports. The unprece-
hnted expenditure abroad by American tourists
estimated this year at f25ooco). is also considered
a, important feature by those who asking how
tie increasing balance OF account against the Unit
eI States is be settled. 1t was reported In Lon
DIN that commissions have Deen paid TO bankers TO
faw time bills on Europe IT. order 70 prevent goa
1ipments but such arrangements only postpone
tie final settlement and Europe is watching with
uterest TO see how our balances will be adjusted
mother 10 N would simply be temporary measure.
therefore, to change the balance Of trade against
H. unless exports should largely increase. we must
other reduce imports and expenditures abroad
g attract European capital Some of the bankers
whom | met thought that the United States should
lave a bank similar 10 the Bank of England. that
ne rate Of interest, Others thought that economy.
sducng imports and expenditures abroad. might
10 forced by contraction of our currency. But
seems to be generally considered that for both
he United States and Western Europe the most
beneficial method for a settlement Of the balance OF
rade agains, would be found in the sale OF
American securities N Europe 1t would give Eu-
.ope an opportunity OF using the large accuinuia-
ion OF capital which exists in all her financial
entres and would enable the United states more
apd.y to develop her great and varied resources
THE difficulty of bringing about this desirable re-
nj, is that 50 large A volums OF American Sc
urlties placed in Europe sold at prices consid
rably above those ruling at the present time
aturai condition following the period OF contrac
ion.
But unfortunately in addition to the natural de-
.ne there have been disclosures In regard to large
,ropertes showing that the management has been
m wise and In some important Instances facts have
,een revealed different from the representations
made at the time the securities were placed with
no Investing public Prominent fnanciers In Lon
on and Paris realizing the opportunities for profit
piacing large amounts OF surplus capital existing
, Western Europe. say that they would welcome
ny plan that would enable them to secure invest
,ents in the United States under satisfactory guar
ntees.
zone suggestion made by European tnanciers ~
commence which struck as original ana
thoughtful. was that II some Organization could d.
reated. composed OF men of prominence VINO nave
zen intimately connected in investment and o'her
nancial companies IN the United States when
ave been successful. 1t would be easy 10 orihg ITO
UGH an organzttioa some Of the hnanciers IN IN
one who have the confidence OF investors Oh tnrir
ountrlcs Such organization would be .Ne,y
KEY 10 lead the way to a large movemen: OF funds
q America ,.
rcurltles to European investors with guarantee oil
cornoration, which should receive percentage or
ne interest on investments for guaranteeing prin-
mai and interest. which guarantee while being ma
.rial;y less than the total amount OF securities
rs,ed would be substantial earnest OF the inte.-
yent investigation and approval OF such securi-
es" -, -, !. - ,....., i, -.
~ tho general disposition on the part OF the pub
!, to invest in mines and other enterprises in
'Wr Fint passed the final week OF his trip before
.ii,nr In Scotland at Cluny Castle the Scottish