Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1896-05-07

we produce ana that is enough. My
people will not have balance Of trade
against them then. We can sell if we
cannot buy, and we will soon make
what we want.
Roth.-But your credit will not be
good as long as you maintain a silver
standard.
Mikado-My credit has been good
with the people of Japan tor untold
centuries. Yet have only silver. Why
should want credit abroad when the
Japanese are capable of furnishing me
with everything. But tell me how
could adopt this gold basis even if /
desired to.
Roth.-That is easy. Provide your
self with a gold reserve of $s200,00o,0o0.
Then make all taxes payable in gold
and issue $4O0,000,O00 of paper money
payable in gold but not receivable for
taxes.
Mikado-My people have no gold.
They have only silver. But first, where
shall | get the gold for my reserve?
There is no gold in Japan.
Roth.-I propose that my house will
accommodate you with the gold.
Mikado-Your generosity is great
What will be your terms?
Roth.-The loan of course will be an
experiment. We shall expect the bonds
of Japan for the amount. These will
be payable in twenty years with in
terest semi-annually at five per cent.
payable in gold.
Mikado-But how shall l pay you
the interest? My people have no gold
and | understand that the reserve
which you loan me is to be kept intact
to take up the paper money and the
bonds when due.
Roth.-That is true. You must, as
have said, collect your taxes in gold.
Mikado--Then must collect taxes
of S5,000O00 every six months in gold
in addition to what l already collect,
to pay you for your gold which |
must keep idle. My country has never
done such fool thing in all these cen
turies and you ask me to be the first to
do it. You amuse me. Go on, but eX-
plain TO me how my people who have
| no gold will be able to pay their taxes
in gold.
Roth.-That is simple. We will es-
tablish branch banking houses among
them and loan them gold, or our credit
for gold, at a low rate OF interest, say
since the enterprise is experimental, al
eight per cent. per annum. Then your
towns and various subdivisions Of the
empire will want to bond themselves
to get our gold to carry on public works
and we can take their bonds and you
can collect the gold from them which
has been so generously circulated by
my house.
Mikado-Ihen as understand It you
want to divert thousands of millions
worth of bonds of my people into your
Golfers and that will compel them tc
pay you millions annually by way OF
tribute. And the first wedge you in
sert for this grand scheme is the es
tablishment of a gold standard at my
instance and the enforcement of golt
payment of taxes. Suppose | adopl
your gold standard but do not let yol
loan gold money to my people. Wha
Will be the result? Will il not be tha
must pay you two hundred milllo1
principal or $s4oo,O00.oOo for the privi
lege you so kindly gave me to kee]
S2UO,OO0,OO0 in reserve in my vault:
Roth.-But it is dishonest to hav
any other kind of money. A countr
SO perverse as to persist in using silve
must come to a bad end.
Mikado-I am through with yol
d Y ou are not fool but you are not to
much for me. | understand that yo
y have salted the United States of Amer
lea and in a certain sense have the pro
> ducts of the labor Of Its artisan fo
J scores of years slowed away in you
vaults in London in the form Of gol
bonds. You shall not treat me tina
y way. know you. My country is
y very ancient one. In all the centurie
y Of its existence it has never paid tril
ute to any foreign country. Some c
} your commissioners once had mic
l. little scheme to control US, but w
- kicked them out and we wont let theI
in now. Your plan is a shrewd on
You expect my people to pay you eyer
: year as much money as | compelle
. China to pay in all after whipping he
in an honorable fight. l am not to |
= conquered in that way. In addition I
= this you expect to get the schen
against the central government dupl
- Gated and repeated against every cit
town and subdivision Of my empire,
:. :, that in about twenty years from no
- my whole empire will be mortgaged
you. My ancestors have never bee
- approached in this way and l do NJ
l 1y1 80 n III rs