The Caucasian. (Clinton, N.C.) 188?-1913, 1896-02-13

| only the CANCER Dut the real cause
They show BY quoting facts and figure.
backed BY able and convincing reason
ing, that IL IL The difference Of exchang
between gold countries and silve
countries that has worke this marvel
Gus change in the industrial Affairs O
the world. Thes show conciusivei,
that in gold countries. where rents
taxes, and other fxed charges are 10 b
paid In . constantly Increasing gol'
| measurement, the farmers and manu-
fscturers, when they ship their pro
ducts abroad. must get higher pric
for these products, or cut down tn
wages Of their workmen. or close thei
business. On the other hand, countFie
that have the benefit OF a stable cur
2fency, countries where . dollar viii
Pbuy no more labor and the products 0
labor than il would twenty years age
and where, on the other hand, q dolla
will pay rs much taxes and debts nov
"a it would twenty years ago, have
hundred per cent advantage OF thOs'
countries where the purchasing powe
OF the dollar has been doubled. The,
point out plainly that nobody in Eng
land is benefited by the gold standar,
except the money lender, and that j
10 his policy to increase the value o
the dollar, 50 that annual interest Oh
debts due from other countries may b,
doubled.
At this point ! desire TO call atten
ton to the following editorial from tn,
Mexican Financier, which | shall in
corporate in my remarks. 1t contrast.
in \ striking manner the conditions
existing in England and Mexico.
The article referred to is as follows
One OF our greatest Of English merchants
doing business with the whole world, in
forms IL, that sensible people in Great Bri
tain are getting their eyes well opened to tn.
foliies Of their rulers. A body of eminently
respectable business people up IN Scotland
got together the other day and passed reso
Iutions favoring bimetallism. Meantime
Mexican manufacturers are q contended lot
They are not filling the air with wailing
nor is their grief over the depression of Brit.
ish manufacturing such as to cause them to
lose sleep or appetite. Ten dollars for q good
sovereign has served as tonic to them.
Should silver continue low for two years
more, as seems probable, hundreds Of new
manufacturing enterprises are certain to be
started here lin Mexico). And the same
thing will happen in all silver using coun
tries. The manufacturing boom" has be
gun in the Orient, and that is the chief me
mace to the prosperity of Europe, for it i'm
plies the reduction of profits in the hitherto
immense and lucrative trade with Asia.
The low value of silver naturally tends &c
keep money at home, and this is why the
local traffic Of the Mexican railways begins
to reflect the more active internal move
mcnt. At the present rate of agricultural
expansion here the railways will, in two OF
three years, begin to note great improve
ment in their internal traffic. Exports will
increase, and these in their turn mean addi
tional imports.
Mr. BUTLER. | have also a recent
editorial from the London. Times
which admits that Asiatic competition
and the gold standard are running
everybody in England except idle
holders of wealth. Commenting upon
the marvellous growth of Japanese
manufacturing, the article says:
This extract is also omitted for rea-
sons given above.-ED. CAUCASIAN
The manufacturers and farmers in
England are suffering from this cruel
policy almost as much as the people
of the United States; but England can
stand out against this competition
longer than any other country, be-
cause the other nations of the world
owe and pay to her annually over ST.
DOC, 600, 600 in interest and other fixed
charges. This keeps steady stream of
gold pouring into England, while at
the same time it keeps a steady stream
pouring out of every other cOuntry:into
If this difference of exchange.
which the British consuls have pointed
out so clearly, is running the trade of
Great Britain, how much worse is it
for country like the United States,
which owes large debts abroad and is
forced to pay outannually $25O,OOO, 900
in interest alone, in fact about double
that amount, when all the fixed
charges are included. And if the
gold standard is to be persisted in by
our Government and this $500, OOO. 900
of interest and fixed charges must be
paid in gold, where is the
gold to come from?
The annual production of gold in
this country is only about $4,000, 900 a
year. This is only One-seventh enough
to pay the annual interest that we
owe on our foreign debts if we did not
keep an ounce OF gold in this country
to fill teeth, for the arts and sciences.
and not single dollar for circulation.
=
whole world is not over $4,000, 900.
if we had every ounce of
gold produced annually in the whole
world and presented to us as free
gift each year we would have only
half enough to pay the annual interest
that We owe abroad.
With this alarming condition of af-
fairs, how can any sane man say that
this Government ought to set up the
single gold standard and thereby put a
greater strain on gold, and thereby in
crease the price of gold against our
selves thereby increase the price of the
very commodity that we must have to
pay our debts in, by making it scarcer
and dearer?
Mr.. President, it seems to me like
he policy of men run mad. 1t is de-
liberately establishing a policy that
means double tax upon the people
and the industries of this country
to pay to foreign creditors double
what We owe. 1t is not only deliber-
ately making it impossible for us to
pay our debts in gold, but at the same
time puttinga blighting hand upon
our wheat fields and our cotton fields
and our factories and our industrial
enterprises, and forcing them to bank
ruptcy instead of allowing them to
prosper.
This enormous debt can not be paid
in gold. We can continue to plaster
mortgages on this country and b rrow
money from abroad to pay this inter-
est, but there must be soon an end to
any mans business or to any country's
that is not making both ends meet in
Zines Of peace and prosperity but is
forced to continue to pile up debt and
increase the annual debt to be paid. If
we continue to borrow now when will
we be able to pay? Every dollar we
borrow makes our burdens heavier
next year. More interest must be
paid each year. Can we ever get out
Of debt, can we ever prosper, under
these conditions? Can we preserve
our credit by running the country
INTO bankruptcy?Ifw we pursue this fool
sh policy, there is ahead of US, as sure
is the sun shines, bankruptcy and re-
pudiation. May God forbid that either
should come.
But we can nav this doht and o