The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-01-08
HOW IT WORKS.
We Are a Dependency
of England.
THE FURTHER WE GO THE
DEEPER WE SINK.
No Remedy But the Peoples Party
Platform.
philadelphia American:


Philadelphia American:
Although any demand on the part of
our foreign creditors of the principal of
cur debt, as by the return of our securi-
ties, must lead to accelerated gold eX-
ports the truth is that our foreign debt
has, under the approaching gold stand
ard, grown to such immense proper
tions that the payment of interest
charges alone together with the large
sums due foreign shippers on our carry
ing trade, and the annual expenses Of
Americans living and travelling abroad,
which have become enormous, makes a
constant drain on our stock of gold in
evitable. Gold monometallism has
brought us to the stage where gold ex-
ports are no longer periodical, and inter
mittent with gold imports, but continu-
Gus. We have reached that condition
where the only check to gold exports is
by borrowing gold from abroad by the
sale of government bonds,-the pledge of
only one step to bankruptcy.
Our effort to meet our foreign charges
and reduce the principal Of our foreign
debt has been brought to naught by the
appreciation of gold. We have trebled
the quantity of our exports during the
last twenty years, but the total value of
exports has increased scarcely 20 per
cent. The decline in the prices received
for our exports has made it impossible to
meet our annual charges, much less re-
duce the principal of the debt, and we
have gone on adding mortgage to mort
gage, and interest charge to interest
charge vainly arriving to put off
the inevitable until finally our
individual promises to pay are no
longer acceptao Die, and We can avert
bankruptcy. even temporarily, only by
the pledge of our national credit. We
must stop sacri ifcing our property, or in
evitable ruin and virtual dependence on
foreign money interests awaits us.
Our patriot sm will be of no avail to
save us from dependence on Great Brit
ain, unless we throw off the yoke to
which we are now blindly bending our
necks, cast aside the suicidal policies that
we have accepted from British money
lenders who have cajoled a great nation
into a policy OF adopting a policy that
sacrifices our material we'll being to their
own ACKNOWLEDGEMENT and power, and
unite financial and industrial with pOlit-
ical independence.
In defence OF our political independ-
ence, in defence Of the rights of a kind
red republic, we arise as one man and bid
definance to an overbearing and power
ful aggressor. But even as we bid def
ance, we make ourselves vulnerable to
the subtle attacks of the same aggressor,
on our financial and industrial independ-
ence Even while we BID definance to
Great Britain, we blindly tie our own
hands and strengthen hers by submit
ting to voluntary tribue. We permit her
to increase the burden of interest charges
on our foreign debt and fix the prices of
our exports at such low figure as OBJ
serbs all the profit Of production.
glance at our trade for the first II
months of the present year. will suffice
of itself, and aside from any demand
for the payment of the principal of our
debt, to explain the expectation of gold.
For the eleven months ending November
GOTH net exports of gold. less net imports
of ore. amounted in the aggregate to
$565 5510, ,452. and silver. less net imports
of ore. to s27, ,S65 or total of SS3,-
660317 that we have sent abroad in eley-
en- months. During the same period our
imports of merchandise exceeded exports
by 81, 14S, ,033 so that the total balance in
our favor appears to be only $76, ,512 284
which, as a matter of fact is more than
it really is. for ad vanOrem duties put
temptation on the differentiation of i'm
ports. For the same period, expenses of
Americans travelling and living abroad
probably required the remittance of an
equivalent sum. which leaves interest
charges and freightS due foreign ship
pers TO the amount of not less than $780,
100000, entirely unprovided for, and call
ing for settlement No wonder gold
gees!
The idea seems to be prevalent that our
foreign debt has been materially reduced
since the Barring failure in November,
1890, by the return of our securities. But
nothing of the kind has taken place. as
can be readily shown. During the five
fiscal years 1S91-1S95.e .eX ports of merchan
disc have exceeded imports by $497 7,416.-
722, net exports of gold have amounted
to $192, 5,S14, and of silver to $62 .S24,-
1876 or total balance in our favor and
available for payment of our indebted
ness of $752, ,SS6,671. But obviously this
sum was not available for reduction of
the principal of our foreign debt Dur
ing the same period the value of our i'm
ports carried in foreign bottoms was So
114,O0O, ,O00 on which freights due foreign
shippers could not have been less than s
per cent. or $249, 100000. For the same
period American vessels carried nearly
1867 ,O00, 900 worth of exports, on account
of which they would have earned, if
they received freights equivalent to II
per cent of the value of the cargoes, S43, ;
1000, thus leaving an adverse balance
due foreign shippers of $205, 100000 for
the five years. Add to this. expenses of
Americans abroad, $4,000 900 year for
five years, of 1915 200 900 and we have a
total charge on account of current in
debtedness and aside from interest on
the principal, Of $3.50, ,13O 900, which de-
Quoted from the sum of $752 ,SS6,67 to
our credit for the same period, on account
of excess of merchandise and gold and
silver exports over imports, leaves but
t172, ,756,671 available for the payment of