Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-07-31
ENRloAlNa ENGLAND.
The {, old standard In rha. oua,ry and


In recent leading article contrastingS
the condition OF England upon tho
gold standard Will, that of this coun.
try, says: "rhe chancellor OF the on,
chequcr says the high treasury WA
never so full. Cousols were never
higher, though the interest has been
reduced one-hnlf within century
The deposits In savings bnnlss have
never been so great the deposits Id
other bnnks We're never so large. The
revenue receipts have exceeded the ex-
ponditures; everything has an upward
tendency. Every class of the commu-
nity Is ilourishing, except tho ngricul-
| turists, who, there ns hero, have now
to compete with better soil and cli-
mates in ail parts OF the earth" This
ought to bo astonishing reading for an
American. We have nearly double the
population of Great Brituin; we have
nm i'nmcnsely creator area of soil; we
hava far richer RESOURCES in coul, iron
aud other metals We have n govern,
mont which We maintain Is much bo4,
tor, or, ut nll evonts dearor TO
tho people who live under n,
than the government OF Great Britafn-
We hnvo no arnyi we have next 70 no
navy; we have no colohles or depend.
enciesi we have little public debt; vet
we are not happy. Walls over tho budt
ness of business meet ones eye In every
newspapers; we have to borrow munb7
at every quarter to keep our paper Mt
par Tho success of the loan Ia re.
ccived with shouts of triumph, though
while 1t Is being raised every business
man holds his breath"
What Is the cause of tho present
prosperity In England aud depression
In this country 1t must DO borne Ia
mind that England Is creditor nation.
having investmont Is abroad amounting
10 over $40, 000, 0OO, 900, ms stated by Mr..
Gladstone In his speech In tho house OF
commons, published in The London
Times, March !, 1904, commanding
from foreign countries nm nnnunl
tribute of not less than $500, Goo, ,O0u.
paid to her not In money. but in, con\,
moditics, tho prices OF which arc con.
trolled by the gold standard, and ohl.
half OF which nrc pail by this country.
This question is very clearly answered
by wnut tho London Statist, n gold
paper, has said In its issne OF July l.,
1903, In spcating Of the clio 'nre of the
Indian mincs. June 70 1903, IL said:
"The new policy Of the Indian aov-
probation OF gold. We have pointed
out elsewhere that the new policy Is
tentative and provisional. and that tho
most powerful membcrs of the lIcrA
scholl committee, who, In fact. carried
the committee with him. loolt forword
TO the adoption OF gold ns the cnu,ula,
tion of gold reserve, wlilO other
mcmbcrs considor thut tlir new policy
hs.a lad ,,,la 4
aerve Is aocumulated IA soon as NAV
[ be. We nre bound, then. To assume
, TINT, by aud ly, Inlin will become a
much lnrScr consumer of gold That
being SO. ali the other governments
VIII be anSiovis "t5-afrtSiaih aihp7is PIT, 1n1,ttfs
and tho Likelihood Ia that tho scrain-
BILE for gold will rcccive now Impetus
( II IT. does, then we have to look for.
ward TO further fall In prices. 10 frcfs
/ quent fluctuations In the valnc of
| money aud To occasional severe spasma
( In tile money rnarltet One conse.
qnence of the further dcprccintio OF
gold will DO TO intensity the ngricul.
turnl depression nli over Europe. Also.
IL is evident that the burden OF debt,
.not only upon individuals, but upon
governments, will be much incroased.
|
ncccsSltnte Increased taxation. and 80
will weigh very heavily upon tho gen.
ernl population"
. In its issue of January 10, 1905, iu
describing the eifcct of this policy, 1t
nnid, The producing countries have
bocn plunged into so much distress,
that They nre compelled to sell at
Whatever price they can get, and our
people are 10 we'll off that they nro
nolc To buy larger and lnreer Qnnnti-
ties cvory yoar The nrst consequence
OF this is that the working classes are
exceedingly prosperous, and the foun-
dHtion is being laid IN the second plaoe
for great incroasc In our trade, be-
cause merchants nre laying in stocks
of nntcrinl Mt exceptionally low prices,
"Thc Unitci Kingdom has the labor,
The machinery and the capital To sup
ply all the rest of the world with any
quantity OF goods II may require. but
our foreign customers were too pooE't6
buy from MS on the usual scale. Tho.
exports merely confirm whnt the i'm,
ports tell us, That the producing ooun.
trjos are In deep distress, and that we,
ore growing In wealth. Roughly, tho
DECLINE In prices In tho exports Is half,
she decline OF prices In the imports; OF
To put 1t differently, wo gained twioo,
AS much by Phying our imports cheap.
as we lost in selling our exports also
cheap. But as matter of fact tho
loss must have bean trifiiug, II there.
was any loss. This country manufac-
lures cheap goods for all parts of the
world, aud cheap, coarse stuffs Include.
in their value not very much labor; tha
chief item is tho raw material But in
buying the raw material we gained
ipmcnsely, aud, consequently there
was NO need for very much reduction
In the wages"
We here SEQ that. in tho Judgment OF
the Stntist the gold standard is en-
riehing England, n creditor nntlor, Et
the expense OF producing counties. Gk
which our own is the foremost. (which
have been plunged into so much disi
tress that they are compelled to self
| for whatever price they can get" Do