The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-10-29

on TIE EuroT can countries, which
would be the chief sufferers by the fall
ure, and who's governments are al
ready pledged. n conformity with res
olutiuns Passed recently by their re-
speCtive pGTiia rente, to 90 their ut
most to tn1kC tt" experiment a sue
cess.
Let US suppose that the effect Of
CIR. Hryar's election were to be a
speedy restoration Of the American ra-
ito between s"ld and silver through
cut the world; can any one imagine
that tho governments OF Germany,
France, Great Britain, and India would
dare to AXE TIL responsibility of allow
ing such an opportunity for securing
th2t stability OF the exchanges which
all have declared to be desirable to
pass untitled. or would face the pos
stDiity CT another disastrous fall with
out doing any Ihin- to secure the posi-
ticE" Or, to take the extreme view on
the other side, let US suppose the COnae-
quCECe Of free courage in the United
States would he n rapid depletion Of
the sod reserves in the United States
and a consequent fall Of the American
exchange until the dollar became a So
cent dollar; would the European and
Indian governments regard such i'm
pending results with equanimity and
refrain from doing anything to avert
or mitigate them?
For, with UGH q prospect, the posi-
ton Of he investors, bankers, fnan-
ciers. producers, and merchants of Eu-
rope would be very different from wha
it would be should the United States
maintain the sold standard. THE
BURDENS ALL THE AMERICAN
DEBTORS WOULD BE LIGHTENED
AT THE COST, AT LEAST, OF ALL
THOSE CREDITORS WHOSE BONDS
ARE NOT SPECIFICALLY PAYA-
BILE IN GOLD. AMERICAN PRO
DTCERS 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 BY
A FURTHER FALL OF GOLD
PRICES. Perhaps the European in
vestOrs might hesitate in deciding
whether the fall in American bonds
might not be compensated by a rise in
the value Of American railway shares
consequent on the increased activity of
the American export trade and the re-
dUCtion-in terms Of gold of the fixed
charges. But on the whole, in view of
such prospects, it soer1s probable that
even London and Hamburg would be-
come anxious for a conference, and
that, we take it, is Prince Bismarck's
opinion"
Extract from the Manchester Guard
ian. dated Sept. 2S, 1896:
With reference to Prince Bismarck's
letter on the American monetary con-
test, an opinion expressed by M. Henri
Cernuschi at Mentone in April last
shortly before his death-to NJ. Ed
mond Thery is of interest. We quote
from a pamphlet entitled 'Cernuschi,s
Last Words on the Silver Question in
the United States by M. Edmond
Thery paris: Economists Europeen):
'Inasmuch as ENGLAND'S ATTITUDE
PREVENTS THE REALIZATION OF
INTERNATIONAL BIMETALLISM,
and condemns one-half of the
world to gold monomentalism and
the other half to silver monometallism
l would not hesitate, were / a citizen OF
the United States, to become-I, Ger
nuschi, the father of international BIZ
metallism, as l am everywhere called
a silver monometallist Under the re-
sime Of the new standard the produc-
tive powers of the United States would
receive SO enormous an impulse, and
this development would have such a
disastrous effect pon the economic
and financial interests of England and
other European nations now governed
by the gold standard, that 1t may be
confidently predicted in advance that
the course of events would force the
adoption Of International bimetallism
as the only true solution, even upon
those who today deny the possibility
and efficacy of it"
The English banker are laughing al
u 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-
glish capitalists are not losing any
Sleep over the loss of their gold Many
OF our people seem TO imagine ina IN
some mysterious way we acquired $50.
coo. 600 or $40, 0O0,G Geo of English gold
without paying for it, and dumped II
into our treasury vaults and locked il
up before the Englishmen knew VIVA:
was going OF. But MI. 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-
coded the recent gold imports to Amer
lea. He then says:
IF the clear-headedness which
Americans exhibit In their daily bust
ness could be brought to bea.' 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 DANGEROUSLY COL
LECTED GOLD? WHAT ARE
THEY TO DO WITH 1T THAT WILL
BE OF ANY GENUINE BENEFIT
TO THEIR COMMERCE OR THEIR
FINANCE? HOW MUCH WILL IT
HELP TOWARD THE RELIEF OF
THEIR FINANCIAL DIFFICULTIES