The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-30
MINING.
stocks.
Credit at Home md Abroad.

one OF the most curious OF the absurd.
ties OF the free silver campaign is that
while its ayowed object is TO make money
cheap, it is the one influence now at work
TO make it dear. Money has been drug
in the markets of Europe before, but
never for period 30 long as that which
shows no signs OF approaching an end.
For more than two years the Bank of
England rate stood in the minimum of 2
per cent, consols are very near per
cent basis, the stock Of English corpora
tions are quoted at prices yielding little
more than ~ per cent, and the deben-
lures oi English railways are only frac
ton better from the investors point of
view. According to IN English financial
authority, bankers are being continually
harassed by solicitations from their GUS
toners TO invest their surplus cash in
something sound, - yielding from 3 to
81 per cent. A few years ago such
commission could have been executed
in moment; today il is a most difficult
task.
1t will be not disputed that there il an
abundance OF perfectly sound investments
in this country yielding more than 3h
per cent, and that there ia room here for
the profitable employment OF hundreds
OF millions of new capital at rates con-
slderably higher than that. But it is
equally certain that no British or other
European capitalist will regard any in
Nestment in the United States as sound
while our people are not agreed as to the
meaning OF the word dollar" 1t would
be difficult to exaggerate the enormous
price which we have paid, and are still
paying for the doubt which exists on
this point. When the quotation of our
800 bonds jumped from 80 TO above par
as the result OF the act of 1860 pledging
the country to their repayment Of coin,
1t marked the end, at least for any ser-
Gus purpose. OF an agitation which was
as unsettling, as dangerous, and az cost
~ as that which is now approaching it's
climax. The transition from doubt to
certainty meant an Improvement then of
20 per cent. in the credit OF the govern
ment a similar transition now would
add % per cent. to the value of every
productive enterprise in the country and
would multiply many times over the abll-
ity OF every solvent borrower to find mon
ely to apply TO profitable uses. Ii il Gre
dit which forms the basis of the abpor-
mally low rates for money which rule in
England, and as the Bankers Magazine
puts it, credit is but the expansion and
the earnest OF wealth possessed in some
form or other, and thus wealth is not
only misrepresented by, but is almost
apart from, the question OF the supply OF
gold lt would be ludricrous, were it
not truly pityiul, to place in contrast
with England the case of country like
our own, rich in the possession OF wealth
IN many forms and vet shivering over
the possibility Of general and most dis
astrous contraction OF credit. All the
silver that ever was, or that ever will be,
extracted from the mines OF the United
states would represent a sum entirely in
adequate to compensate the country for
the loss which from first to last il has
sustained in the course Of the vain strug-
gle TO arrest the depreciation of the
metal, and unquestionably the worst
that could happen TO those who are lend
ing their aid to the present phase Of that
struggle would be its success.
The above article taken from the
Boston Herald ,ofSunday. contains much
food for thought, so we gladly reprint ii
Our stock Of sash. doors and mould
ings il the best in the market. We carry
the largest stock of interior finish in the
Upper country.
"A Ttffpr 49, \