The Penn's Grove record., 1896-08-21
Don't Be a British TOady.
Stand on the Declaration
of independence and
L. S. Constitution.

tariff. for-reyenue-only law, which OPEN
ed American markets to the English
capitalist and manufacturer with their
underpaid labor, and closed our own
factories and turned our laborers out as
begCars. This was the colossal crime
of the century. We need
capital from abroad. . There
is in circulation 81, 521, 5S4,2S3. Then
nine-tenths of the business of the coun-
try is done by checks. Besides there
was never more idle money"
Let us see how these statements hang
together. The Government reports
show that the average duty OF the vii.
son tariff for the year 1895 was 4l,75
per cent. The average of the McKin-
lev tariff for four years was 1850 per
cent. Now who is foolish enough to
believe that a reduction Of only Z per
cent in taxes is free trade and is a
''colossal crime" Would a reduction
of your taxes : per cent. be a Colossal
crime?"
The annual average of imports for
four years under the Mckinley law of
goods free was SAT- ,319,947, dutiable
S3G9,977, 534. Under the Wilson law
in 1895 the imports free were $376, $780,.
100 and dutiable $3.50, 271,9 900. Where
is that flood and colossal crime? 1--WE
fear the dog days have unduly inflamed
Editor Patterson's BRAIN and caused
him to make it so elastic as to stretch
the truth.
But the case is given away when he
says We need foreign capital money
but cau do with out foreign goods (capi-
talI. We need foreign money when
there never was more idle money. That
is an absurdity. Your statement that
there is 81, 521, 5S4 ,2S3 gives 70,OOO,OOO
less than so per head. Secretary Nc
Cullough in his report for Dec. 1865
said there was about $1,000, 900, 900 in
circulation, which was about S6 per
capita for 5000, 900. Don't that show
a contraction?
On Nov. IA, 1862, John Sherman
said, 1.-The wonderful prosperity OF all
classes, especially of laborers has a ten
dency to secure acquiescence in all
measures demanded to carry on the
war. We are only another example OF
people growing rich in a great war.
This is not shown simply by inflated
prices but by increased production, new
manufacturing ESTABLISHMENTS, new
railroads, new houses, &c. In 1866 he
said, "TEe truth is, the close of the
wal with our unimpaired
gives an elevation, a scope to the ideas
of leading capitalists far higher than
anything ever undertaken in this coun-
try before. No doubt the contraction
that must soon come will explode mere
visionary schemes but many vast UNI
dertakings."
We can do without British goods but
need British gold money. That is a
confession this country has not enough
money of its own. Why should we
borrow of England when our fOrefatli.
ers formed a constitution which says,
Congress shall have power to coin
~(silyer and gold) money and regulate
the value thereof"
When We confess we have to borrow
of England we become b0ndservants OF
British capitalists, and have TO pay
them tribute in interest and dividends.
When w buy English goods we do not
become bond-servants, because we stand
on an equal footing in barter and trade
which is mutually profitable to both o.
the trading would not be done.
A. S. Heildelback in Feb. Forum es
Inmates our annual interest on bond:
and securities to be paid a broad al
$3.50, 900 900. At A per cent, indicate!
our foreign Indebtedness at $4,000, 900,
900. They want it paid in gold. Tht
Secretary of the Treasury says there ]!
only $4,000, 000, 600 of gold in all thu
world now. On July LIST there was on
ly SILT, 000,000 in all the banks, abou'
$100, 200, 900 in the Treasury, and bu'
little in the peoples pockets. Tit
Phila. Record on July 30, showed tina
81, $685. 600, 900 of gold were boarded ii
foreign countries and only $21S, 5000
was in this country. This shows out
country is bankrupt to-day on a golt
standard, Notwithstanding Our export
exceeded our imports $100, 900. 900 TO
the year ending July l, 1896, and th'
production of gold in this county il
1894 was only S39, SOC, 900. We can on
ly pay our debt abroad by issuing NOR,
bonds ard stocks and getting further il
debt.
Money is hoaided in the banks be
cause under the gold standard money
approaching in value while property i
depreciating and investing money il
business to give labor work does not In
sure a return, because of falling price
which are caused by the restriction o
all credit money to final redemption il
gold. Foreign countries have abou
doubled their stock of gold since 1S9'
and we have lost nearly half of ours
Our financial structure is no stronge
than the narrow gold base on which j
stands and the foreign bankers hav
taken or now own nearly all of it.
A gold dollar standard that appre
ciates in value is a dishonest dollar be
cause it robs the debtor. 1t is making
a few thousand millionaires and mil
lions of paupers.
British capitalists could well affor'
to have given Ernest Seyd 100000 t
buy our Congress in 1873, to prohibi
the coinage Of half our mineral wealtl
/ iailVpPN infO ,onnar oaI aa,.II ,,1i NJ