The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1895-07-05
Our Foreign Credit.

ed by our enforcing the gold standard
of the market values. During the
last twenty years we have had over 600
strikes, and over 200 railways have
been placed in the hands of receivers,
the cause for which may be traced to
the reductol of our specie supply of
gold, alone, which has followed by
such reduction of market prices for
labor and products, as greatly to les
sen the purchasing power of our peo-
pie since 1875.
Besides the immense losses referred
to, there has been over $4,000, 600, 900
ost through the decline of the mar
ket prices of securities, the depreciation
of which has reduced, not only the
purchasing powers Of the holders, but
it has 80 weakened their confidence
in business operations, but it has de-
TERED their engaging or even helping
in the promotion of new enterprises
of a progressive nature.
The leading promoters of the gold
unit of values have been for years con-
verting their corporate securities into
nationals, which they believe will al
ways prove good, even if a universal
bankruptcy was to take place among
all other debtors.
In this belief they are greatly mis-
taken. AS the corporations are re-
duced to insolvency, the tax PAYERS
will become less and less able to pay
their taxes, and if the government re-
sort to force to collect these dues, the
people will rebel, as they are doing in
Cuba and in every other country
where the taxes are maintained at the
old rates, while market prices of all
kinds of property are being reduced
to less than one-half their former val
ues, when the present enormous rates
OF taxes were established. There is
not land owner in any country in
Europe or Americs who has not been
made to suffer great loss during the
last twenty wears from the reduction
OF our specie supply of gold alone.
The late meetings of the bankers in
England and Germany, and their de-
mand for the sustainment of the gold
standard, have done more to advance
the cause of bi-metallism than any
one measure that has been employed
for that purpose by the bimetallists.
The fact that the more wealthy
creditors advocate the gold standard
convinccs every unprejudiced man that
the sole object of the money lenders is
that of cornering the specie supply,
and thereby double their personal
wealth by doubling the value of gold
they hold and that for which they pos
sess demand. If the silver miners
can be accused of favoring bimetallism
because they own silver mines, the
rich bankers are certainly guilty of
advocating the gold standard because
they control the worlds supply of
gold.
The silver miners, may be influenced
somewhat through self-interest; but,
nevertheless, they are also benefting
mankind by in creasing the available
supply of specie, which will enlarge
the margins of profit of all business
men, and, through them, all wage
earners, by maintaining the supply of
specie more upon an equality with the
demand for it, in a progressive sense.
On the other not only seek to double
the comparative value of their gold
but they are so doing by reducing the
available supply of specie to one-half
the value of their estimated property.
under bimetallic standard of values.
the cringing cry for foreign credit
is not worthy of the least consldera-
ton, SO far as our financial interests
are 'ncerned. If our financial af-
fairs were conducted in proper man
ner, we POSSESS all the means within
ourselves for supplying our people
with all the money they require to
Carry on their business affairs; and,
besides, we could, under proper man
agemeht, pay off every dollar we owe
at home and abroad from our profits.
and not, as We are now doing. from
our principal alone. The yearly in
crease, under proper management of
our finances, in the value of real
estate in this country, is enough to
pay off every dollar we owe to for
eigners within ten years. But our
present laundering manner of CARVING
on our business interests compels rs
to allow the foreign capitalists to draw
from us all our profits and portion
OF our principal, each year, on inter
est and dividend account, aside from
the large amounts they gain from us
IN the low prices at which they OBJ
tam our necessities and products,
The "sound money" cries a1e simple
catch-words, intended to mislead the
ignorant and delude the credulous.
who do not think for Themselves nnd |