Semi-weekly independent. (Plymouth, Marshall County, Ind.) 1895-1897, 1896-01-22
n WILL DENY IT7

tlmated at aD0ut S.D,~UVu,VVV,'v''
~ To meet the interest on this sum
Bt 1 per ent. requires the payment Oh
500, 600. OOO annually. Since the dis
covery OF gold in California in lSiS our
production of gold has averaged ST.
225.O0o per annum. For 1894 the pro-
duction of gold in the United states l.
given by Mr.. Preston. director OF the
mint, at $50. 900, 900. and he estimates
that the production for this year VIII
reach $46.O00.O00. Americans trave
in. and living abroad have spent, Tor
the last few years, probably not less
than $4,000, 900 per annum In excess
of similar expenditures of Europeans
ira Yelling in America. 1t has been es-
iimated that American travellers in Eu-
rope spend IS for every 81 spent by Eu-
ropeans travelling in America. either OH
business Of pleasure. Fol the five hscal
years, 1S9l-1S9J. inclusive. the mer-
rhandisc trade balance in favor OF the
United States has averaged S1OI,2So,-
p79. being S536.42 9,S94 for the five
years. During the last twenty years the
trade balance has been against the
United States in only three years. IN
1855. 1889 and 1S93-thc largest adj
verse being S2S.OO2, Coz for 1883.
II is impossible 10 pay the interest on
our foreign debt, let alone the primer
pal. in actual gold. for even II we
rouid command the total annual pro-
,luction OF gold the world over ii would
~ ...Hs., a.. 80 tho intQrpSt OH orr
foreign deht. Nor would all the gold
ever mined in the world still in use rs
money be sufficient to cXtinSuish IL
foreign debt if payment were dem;ead-
al in gold. The gold OF the world III
use rs money is estimated ut about
$1,000. 600. GOO. our foreign debt at So
600. 0O0. GOO.
The major portion Of the interest.
ms we'll as the principal, of our foreign
debt rs il falls due, must and VIII he
paid in merchandise or moi ut all. In
merchandise we can pay both Interest
aud principal. but not if we persist IN
the policy of gold recommendation. The
constantly increasing quantity OF com
modities that we are required to eX-
port to meet the charges of our foreign
debt. as gold appreciates AMI prices
fall. is impoverishing our people ana
driving us to bankruptcy. With wheat
ut a dollar and cotton ut twelve cents
we could readily pay the interest and
reduce the principal of our foreign debt,
hut ut present prices this is quite i'm
possible.
our foreign creditors have i'll many
cases stipulated for payment in gold.
but where payment in gold is not spec
ificaliy called for It is our right TO pay
I'm full legal tender government money
10 pay in merchandise we must offer
our commodities ut such low prices that
our creditors will prefer payment in
commodities to gold.
Gold is rot desired of itself. 1t is
desired only because it commands the
accessories and luxuries of life.
Therefore. if gold will buy mere of such
commodities as are desired for con
sumption by our foreign creditors in the
United States than elsewhere. they will
take such commodities i'll preference
to gold. But under gold monometal-
lism, to make our chief articles of cX-
port cheaper than those offered by sill
yer using peoples, means the impOver-
fshment and degradation of Our pro-
aucing classes. Our task then is TO
remove such cOmpetitiOn-and raise the
price of wheat and cotton and other
products. This can be done by open
.nn mimic 10 cilynp nn1 rat,rntna,
10 genuine bimetallism.-The American.