Mexico weekly ledger., 1896-09-10
FINANCIAL FORECASTS.
What the London Financial News
Said of the Issue in the United
States.

LONDON, March 10th.-The London
Financial NeaUs says: The financial
situation in the United States is very
serious. The Senate has blocked all
relief measures proposed by President
Cleveland, and Congress is at dead
standstill ON the money question. The
free coinage Senators are masters of
the situation.
The condition of affairs in the United
States Congress demands the imme-
diate attention of the British financiers
and statesmen. The trade of the
world is now in our hands, but it will
not long remain there if the United
States goes to a bimetallic basis with
free and unlimited coinage of silver.
With the addition of silver to the
volume of money everything in Amer
lea would take on a new face; labor
and industry would gain new life. The
grip of the gold standard on the pro-
ducts of the world would be loosened
and prices would rise. Great Britain
would lose her markets in South
America, Asia and Europe, and Amer
ican ships would not be long in cap
turing the carrying trade of the world.
British creditors must now apply
themselves quickly to the American
money problem. The sound money
and banking interests, led by Senator
Sherman, Cleveland and Carlisle, with
plentiful supply of means, have
been beaten. The American people
are now thoroughly aroused and edu-
Gated on the power and use of money,
and made desperate by debt and busi-
ness depression they are forcing free
silver as the man issue.
Great Britain need fear no injury to
her trade or investments if the Repub-
lcan party can force "proteetion tar
iff" as the main issue in the coming
presidential campaign, but if free sill
yer dominates the American mind and
carries at the polls, it will bring about
a change in England that will be ruin
GUS from its suddenness and severity.
The damage that can be done British
manufacturers by protective tariff is
slight compared with the disasters
that would be entailed by a change
from single gold to complete BIZ
metallic standard
1t is evident that the Democratic
party will not renominate man who
holds to President Cleveland's ideas
on money, and the only hope for a
continuation of Mr.. Cleveland finan-
cial policy will be in the success of the
Republicans in the next election.
The success of free coinage will
bring down the rate of interest on
money and cause an immediate rise in
the price of all commodities. When
silver becomes primary money the
American mines will pour their pro-
ducts into the mints, and new era
similar to that produced by the issue
of greenbacks during the silver war
will begin. Geld will leave the banks
and enter into competition with silver
in the avenues of trade, and the man
ufactories of the United States, which
have been shut down or crippled since
1892, will again resume their fight for
the English markets.
1t is doubtful whether the Republi- |
can party can be held much longer in |
check by sound money statesmen, as
its adherents are divided by powerful |
factions. The Democratic party is |
also breaking up under the weight of
the free silver agitation. 1t matters
not to Great Britain which party sue
ceeds if the gold standard is main
tanned, but either of the old parties or |
a new party which goes into power
pledged to free coinage will be mimi |
cal and prejudicial to English manufae-
tories and trade.
The American people cling with |
wonderful tenacity to party organiza-
tions, but financial embarrassment and |
business stagnation has become too
severe for their patience, and they
are ready for any change that prom
ises relief. They are becoming con-
vinced that it cannot be found in the
protection theory, as that has been
tried, and they are massing now ON
free silver. When that issue comes |
fairly before the American people
England will regret her apathy and
adherence to the single gold standard.