The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-10-30
BRITAIN Us. BRITAIN DRUNK.
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from Page ~
features, to say nothing OF their ill.
used silver. They are flooding the mar
kets OF Europe with these commodities
at the least favorable season of the
yeGr. So enormous is the exodus OF
them that sufficient room cannot be
found for them ON Atlantic steamers
and freights have risen materially in
consequence. Outside of the markets,
however, a few special reasons for the
rush of exports may be traced. Doubt
less it was stimulated in the first in
stance by the tightness of money and
the drawing in of bankers loans. Then
it was encouraged and facilitated by
the rate wars ON the southern and
western roads, which induced holders
of old grain to ship it as fast as they
could. These rate wars enormously in
creased the volume of traffic, while
ndding absurdly little to the earnings
of the roads. ALI the grain collecting
centess, Kansas City, Minneapolis, Du-
luth, Chicago, st. Louis and Peoria,
had record receipts. A statistical au-
thcrity estimated that in the first three
weeks after the reduction of freight
rates 35,o0o,000 bushels of grain were
carried from the western and south
western states to the seaboard.
The whole of that work was evidently
done under great disadvantages, and
with little, if any, profit; much of it
perhaps at a positive loss. The farmer
who raised the grain may have starved
or gone bankrupt. The railroads
which carried it to the seaboard at a
cent per ton per mile are doubtless
qualifying for fresh receiverships. The
elevator companies, the brokers and the
exporters have all had to adapt them
selves to the hard times, and to work
on very slender margins. These i'm
dividual losses swell up into a huge, one
might say, a ~stupendous loss to the
nation. That is the price which the
United States is paying for the $780,
100000 or $4,000, 900 of gold, which it
has contrived to COAX back from Eu-
rope. It does not seem to be a great
riga Tor n Americans.
"They cannot hope to grow rich on
such one-sided trade. The millions OF
tons of surplus produce they are throw
ing overheard, as it were, in order to
get a few million dollars worth of
the yellow metal, are the best wealth
they have; almost their only exportable
wealth. 1t can never return to them
from Europe however fast the gold
they are getting in exchange for it
may return to Europe. It is so much
of the muscle and brain of the coun-
try gone forever. And for what? So
many bars of yellow metal, and 50
many barrels of gold coin, not a 1.-THE
of which is actually needed in the
country, either for money or for the
industrial arts.
eff gold had a bona fide and an effect
i've role to play in the currency of tho
United States, as it has in the currency
of the United Kingdom, there might be
some conceivable object in accumulat-
ing it, though even among ourselves
that is apt to be overrated. BUT IN
UNITED STATES GOLD IS A
MONETARY EXOTIC. TT HAS A
VERY LIMITED RANGE OF CIRCU-
LATION AMONG THE PEOPLE,
AND IT IS ONLY ONE OF SEVERAL
POSSIBLE FACTORS IN BANK RE-
SERVES.
There is no natural indisputable
place for it in the working currency Of
the union. It only embodies a tantaliz-
Ing and impracticable ideal which the
actual money of the country has to try
10 live up to, but SO far with very indif-
ferent success. If the ideal were made
practicable by means of adequate leg
.islation, or if its impracticability were
recognized, and the farce of playing
with it abandoned, the Americans
might at last find a real escape from
their monetary dilemma. AS it is now,
they pay d cruel price for u supernuity,
which will not stay with them when
they have got it, and which rarely re-
turns to them of it's own accord.
cit is ONLY BY FINANCIAL MA
NIPULATION, AS COSTLY AS TT IS
FOOLISH AND AS FUTILE AS 1T rs
UNSCRUPULOUS, THAT GOLD CAN
BE DRAWN EITHER INTO THEIR
BANKS OR THEIR NATIONAL
TREASURY. Their ordinary balance
Of trade no longer attracts gold to
except for a month or two at the
most favorable season of the year.
which they are now enjoying. At the
present rate of shipment the surplus
OF breadstuffs and other staples avail
able for export might easily be ex-
before a third Of the season is
and how are foreign obligations