Rock Island Argus., 1896-10-25

would b. the chief sufferers ~ the fall
ure. AMI whose governments are al
ready pledged. In conformity With Tes-
oiutiOns passed recently - their Re-
spectiye parliam-nts. TO d. their ut
most to make the experiment a sue
cess.
Let US suppose that the effect OF
Mr. Bryan's election were to be n
speedy restoration OF the American ra-
ito between gold and silver through
out the world: can any one imagine
that the governments Of Germany.
France. Great Britain. and India would
dare 10 take the responsibility Of allow
ing such an opportunity for securing
that stability of the exchanges which
all have declared to he desirable to
pass unutilized. or would face the pos
sibility OF another disastrous fall with
out doing any thing TO secure the posi-
ton? or. to take the extreme view on
the other side. let Us suppose the couSe-
quenCe of free coinage in tbs. United
States would he rapid depletion of
the gold reserves in the United States
and a consequent fall of the American
exchange until the dollar became -
cent dollar; would the European and
| Indian governments regard such i'm
pending results with equanimity and
| refrain from doing anything 10 avert
| or mitigate them?
For. with such a prospect. the posi-
ton of the investors. bankers. finan-
| ciers, producers. and merchants of Eu-
| rope would be very different from what
| it would be should the United States
, maintain the gold standard. THE
| BURDENS ALL THE AMERICAN
DEBTORS WOULD BIZ. LIGHTENED
| \ l.
THOSE CREDITORS WHOSE BONDS
ARE NOT SPECIFICALLY PAYA-
BLE IN GOLD. AMERICAN PRO-
DUCERS WOULD BECOME AS FOR
| MIDABLE COMPETITORS IN THE
| WORLDS MARKETS. AS. FOR IN
| STANCE. THE ARGENTINE WHEAT
| GROWERS AND THE BOMBAY
| MILL OWNERS HAVE BECOME.
THE BURDENS OF EUROPEAN
| DEBTORS AND THE BRITISH coll
| ONIES WOULD BE INCREASED gY
a FURTHER FALL Or GOLD
| PRICES. Perhaps the European in
| vestors might hesitate in deciding
| whether ,he fan in American bonds
might not Doe compensated by a rise in
| the value Of American railway shares
| consequent on the increased activity Of
! til American export trade and the re-
| duction-in terms of gold OF the fixed
| charges. But on the whole. in view OF
| such prospects. il seems proba bile that
even London and Hamburg would be-
| come anxious for conference. aud
that. we take it. is Prince. Bismarck's
| opinion"
Extract from the Manchester Guard
| ian, dated Sept. y. 1886:
With reference to Prince Bismarck's
| letter on the American monetary con-
| test. an opinion expressed by NJ. Henri
| Cernuschi at Mentonr in April last
| shortly before his d-ath-to NJ. Ed
| mond Thery * Of interest. We quote
| from a pamphlet entitled 'Ccrnuschi's
| Last Words on the silver Question in
| the United States hy NJ. Edmond
| Thery paris: 'Ecunonisty Eurnp-ruD:
! Inasmuch as EN"LANpfS NT-TI TIDE
| PREVENTS THE REALIZATION or
| INTERNATIONAL EIMETALLISM.
| and condenS one-half of th.
world To- gold monomcntalism and
the other half To silver inouometallism.
| / would not hesitate. were a citizen OF
the United States. I" become. Ger
nuschi. the father of international bi-
| metallism. as / am everywhere called
a silver monomctaIlist. Under the re-
|
tive powers of the United States would
receive so enormous an impulse. and
this development would have such u
disastrous effect upon the economic
and financial interests OF England and
other European nations now governed
by the gold standard. that il may be
confidently predicted in advance that
the course OF events would force the
adoption OF international biuetallism
as the only true solution. even upon
those who today deny the possibility
and efficacy of it "
The English bankers are laughing at
our American financiers. In an article
published in the Bankers Magazine OF
October. 1896, w. r. Lawson. a recog-
niZed financial authority. has an inter-
esting financial article entitled The
Refux of Gold To America
From what Mr.. Lawson says the En-
giish capitalists are not losing any
sleep over the loss of their gold. Many
of our people seem to imag gine that in
some mysterious way We acquired $780,
0Oo 600 or Sl0.0O0.o00 of English gold
| without paying for it. and dumped IL
into our treasury vaults and locked ii
| up before the EnGlishmen knew what
| was going on. But Mr.. Lawson does
not agree with this theory. After de-
failing the various movements of the
gold current between England and
| America and back again he tells Of the
enormous exports OF silver which pre-
ceded the recent gold imports to Amer
| ica. He then says:
If the clear-headedaess which
| Americans exhibit in their daily bust
: ness could he brought to bear on this
money question directly. and without
the interposition OF faddists or politi-
clans. they would soon see what a mel
ancholy farce is being played on them.
WHAT Is THE REAL USE TOTHEM
OF ALL THIS LABORIOUSLY COL
IECTED GOLD? WHAT ARE.
THEY To DO WITH IT THAT WILL
BE OF ANY GENUINE BENEFIT
TO THEIR COMMERCE. OR THEIR
FINANCE2 HOW MUCH WILL IT
HELP TOWARD THE RELIEF OF
THEIR FINANCIAL DIFFICULTIES
OR THE REMOVAL OF THEIR
. COMMERCIAL DEPRESSION? AND
, HOW Is 1T GOING To PROVE IT.
SELF WORTH ALL THE TROUBLE