Arizona republican., 1896-03-27

time, or offer to foreign buyers com modities at prices as low or lower than are asked by competing nations. Our competitors are Russia. India, the Ar genuine Republic, the Balkan states and Australia Gan we hope to re- duce the prices of exports out Of the European markets? Is it not plain that no matter how low the price of American wheat, they will shade it a little, as they have in the past, market ing their surplus crop at figures profit able to the wheat growers where wages is one-tenth what labor coses Amer tcan farmers, and leaving to America market for just enough ito make up the deficiency?
 Supporters of the gold standard make no effort to answer this argu- ment, which, in itself, conclusively shows that under existing conditions only by enormously increasing our obligations abroad, may we hope to prop up the gold standard in the United States. And what makes the matter all the worse is that by in- creasing the debt of the Nation and the people, we are not escaping the enormous losses entailed by the shrinkage in values. The American people are not only compelled to en- dure the sacrifices and losses imposed by producers everywhere by the gold standard, but are being saddled with increaseda tax burdens and interest charges. :$
 The Wall street statesmen have not and cannot gainsay these facts. They content themselves with denouncing the senators and congressman who do not recognize in the financial policy which is producing such disastrous consequences a formula for the saliva tion of the country, as ag.tators and their followers and supporters as fa- natics. This, with the fatuous pre- tense that gold productions is increas- ing and will in time render the supply of the yellow metal adequate to the needs of commerce, is the reply mono metallism makes ito protests against the destruction of one-half the worlds supply of metallic money. The Cen tury Magazine attempts to prove that bimetalEsm is not necessary for the expansion of business because the worlds product of gold is likely to reach S2OO,OO0,0O0 annually. It goes on to point out that the gold is not used up every year, but continually accumu- lates, and that therefore the stock is continually getting larger All that is true so far as it goes, but the de- monetizattion of silver at once enor- mously decreased the amount of mon ey in the world, and even a product of S200,O0O, 900 a year will have to con- tinue for a long time before this loss is made up. Then, again, when the demonetized silver has been replaced with gold there still remains the in crease in population and business to be met, consequently it will be years, if ever, before gold can furnish a suf- ficient volume of currency by itself.
 The only persons who can possibly benefit by single standard are the great money lenders of Europe and our northeastern states, who are the actual owners of the visible supply of coined gold.
 To say that increased gold produc- ton will in the course of time render the supply of gold adequate is to ad- nit its present inadequacy. What is th.s but a confession that the demone- tization of silver has injuriously affect ed the commerce of the world with the promise that if mankind will submit for an indefinite period to the extor- ton of the money lenders who are be- ing profited by the wrong, the yield of the gold mines will put an end to the reign of the money kings?