The Madisonian. (Virginia City, Mont.) 1873-1915, 1895-08-10

III order that such a transaction may
result in great loss to the masses Of our
people it is not necessary for a panic to
occur. The loss could be gradual. but
great.
Inconvenience Only.
In case, Only the men who bought
abroad would be subjected to inconven-
lence-and it would be Inconvenience
merely. for, as l have said, they would
in no case be subjected { Q loss. In the
other. every man in the United States
who owes a debt would be put not mere.
~ to inconvenience, but to loss.
1t is The most mOnstrOus Of ideas that
because a few men can make a profit by
sending out the money Of the country
Ill the industries Of the country must be
d~isarranged. In an age of enlightened
civilization nothing seems more absurd
and unjust.
1t is natural and proper that some diff
fculty should be experienced in trans
muting the money Of one country into
the money Of another.
1t people i'll one country wish to buy
in other countries more than can be sold
from their own country. they are warn
ed by the state Of the exchanges that the
balance is against them. According Is
the balance becomes more and more
against them, those who persist in buy
ing should personally suffer the incon-
venience. The people Of the entire coun-
try, who have nothing to DO with i'm
portaticns, should not be compelled to
suffer. - -
Whenever that which may be termed
international money has its normal val
ne, it is at the par of exchange. When it
becomes Improbable to ship products
and the demand for money for shipment
becomes excessive, SO that q premium
arises, the persons who should pay the
premium are the importers-those who,
for their own profit, import into the
country more than the exports Of the
country can pay for.
The people Of the whole country, who
are conducting a business 100 times as
large as the entire importing business,
and under our system Of credits involv-
ing themselves in debt to enormous
amounts, should not be compelled to pay
a premium upon every dollar Of their
domestic debts simply to suit the con
venience Of a few importers. Amy bal
anc of trade which can possibly be
against us must always be infinitesimal,
compared with the enormous amount of
domestic debts that are constantly being
paid by our own people. If we had an
ample supply Of silver money for the
transaction Of our own business, all that
we could need Of gold would be such
sum as would meet any adverse balance.
Professor Stanley Jevons, M of the
most renowned Of the financial econo-
mists Of Great Britain, in a paper read
before the American Social Science as
sociation in Saratoga, in 1877, said:
"Gold is not really requisite except
for making international payments. and
the stock need not be very much larger
than will meet any conceivable demand
for expectation"
I call the special attention of those
who have a horror Of the silver standard
to a remark Of the London Times, which
with them ought to be the first Of au-
thorities, in discussing the very bill
which it is now proposed to repeal. In
al editorial on the 50 called Sherman
law The Times Of Sept. l, 1890, said:
"Under a silver standard rich coun-
try can keep as large a stock Of gold as
it requires for all purposes without any
difficulty whatever"
Effect Of the Gold Standard In Great Brit
ain.
The creditor classes are. and we'll may
be, content to receive. not the money,
but the materials which the money will
buy. Producing nothing by their own
labor, they can observe without regret a
constant fall in the prices of the prod
ucts Of other mems labor. They know
that it would he impossible to obtain
the gold, and that, if obtained, it would
be good only for its purchasing power
as money. For hundreds Of years, as I
have shown, it has been the determina-
ton Of those classes to dominate the
commercial and industrial world. They
are too intelligent to attempt in this
age a domination Of force. They know
how to acquire domination by strategy.
This was the basis Of their Getermina-
ton to limit the supply of money to gold
alone.
When they decided to adopt the gold
standard, they knew that the quantity
of money in circulation determined the
value Of the monetary unit. Before TAX
ing that step they were not unaware Of
the difficulties that would be encounter
ed, but not being themselves producers
Of wealth they had nothing to fear. The
miseries which their curse might in
fict upon others was not a matter which
0OnOovr,od tbom Tn tho Investigation h~