Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-14
OUR DEBT TO europe.
a Qaery Fhat stuck "a q o,d standard org.
M fhe Mu0-

Qaery fhat stuck q Old standa rd Organ
sa the Md
some time ago citizen of Georgia
wrote to the editor of the New York
Journal of commerce for certain in
formation. liam Informed" he wrote.
that our annual interest debt 20
Europe is estimated at $50. 900. 900 paw.
able in gold. and that our total prod
net of gold is less than $40. OO0 600
How can we pay our debts and have
any gold left for local currency or re-
demptiou purposesT'
In reply the New York editor wrote
to his Geor .ia correspondents that the
/ estimate Of SlJ0, 900. 900 for Interest on
our foreign Obligations IS greatly ex-
sggeratcd. But he adds that the face
value of our obligations held abroad is
estimated by ''those most closely con-
nected with that branch of our foreign
financial relations at between $500
900, 600 and $1,000. 600. 600. and added:
Many Of Che securities ray no interest You
can form your own est mate OF what may be
the interest payable on tsese stocks am bonds
the latter lavtnV mostly four to i've per cent
Ia my Judgment S9J.uOl.O would be an ex-
travagant allowance. hut that would re luce
your estimate OF orr foreign interest payments
by S6OOoO.0O0 The remain lcr (silOB8lD *
more than set OF by our excess OF cx orts OF
merchandise over the like kind OF imports So
Tar from this interest Indebtedness havipy n
tendency 10 Grain us OF or sto ks u Rold tn,
TACT Is. that uatil the tr a ,ury arrangements
OF the lat three or four years. caused hy the
apprehension Of tree silver. we have on the
average imported more gold than we have cx-
ported. causing steady increase IA our na-
tional stock OF the yellow metal Your cstl-
mate OF - 5000 - as the home product OF goll
Il nearly slj.oO0.OO0 too low. The mint esti-
mates the product for the current year NJ SIS
VO.0O' that OF last year for the wlolc country
mot for part OF II. u given In Valentines
estimate) was S52.OOO.ODO
1t will be observed, rejoins the At
lanta Constitution, that the able editor
attributes the gold drain not to the
fact thot we are Obliged to ship IL
abroad TO pay interest on our greatly
increased foreign debt, bit TO the ''ap-
prehension of free silver" Our uold
never did begin To 90 ont, except I'm re-
Spouse 10 the natural demands of trade.
nntH the fall Of prices in 1893 We had
leGisiated to cut down the forei IN
prices of our cotton, wheat and other
exports 30 per cent, and this operation
cut OIL the movement of gold In this
direction and turned il the other way.
with the balance of trade IN our favor
the balance OF debt is "a -aiust US.
The gold men predicted "A drain of
gold when the Bland Allison net be- /
came law. But what was the result?
Under the additions TO the currency
made bF that act, prices rose - per
cent between 1873 and 1890. and
Europe was compelled To send its gold
here TO pay for our exports. WHY?
Because we got better prices for our
exports No matter which way this .
question is turned the simplicity of it
crops out at last At bottom IL is n
question of good and bad prices-be-
tween honest prices and dishonest
prices.
From January, 1891, 70 January, 1896,
we have shipped out Of the country not
only the amount of the whole of our
own product of gold. but $3.50. OOO. 900
besides, all because the gold standard
lists are upholding n policy that has lost .
TO ;-ie creator of wealth in this country
80 per cent of the value of his prod .
nets. Under the operations OF the 4
Blaud-Allison law, small as were the
annual additions TO our currency, we
imported more gold than at any other
period since the war. 1t was, in fact.
due to the Bland Allison act that the
panic of lsS0, the result of the rcsump-
ton act, was not worse. And il was
this law that made resumption posi-
BILE, as John Sherman admitted.