The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1896-07-11

woriu, possessing FesouiOc VI
kind and enormous reserves, Whlch
enable her to endure with comparative
ease. the economic competition OF
those nations whose monetary stand
ard is deprecated in regard to go'G,
like the countries of the far east.
Mexico. The Argentine Republic, etc.
The United States of America, Oh
the contrary, are debtors TO Europe |
for a portion of the sums which they |
have employed in the development OF
their industrial system, aud must
necessarily hquidate their debts abroad
by realizing upon the products of their
soil and of their manufactures.
"Now, as these foreign debts are, on
the one hand, contracted in gold, aud
as. on the other, American products III
Europe have TO reckon with the
depressing competition of products
exported by countries having silver
standard or paper money, it follows
that the appreciation of gold, in regard
to silver, that has taken place since
1873. has had two-fold result for the
United States-which have remained
faithful to the single gold standard
since that date-namely ~ II has
diminished by half. on American ter
ritory, the value in gold of all the
national products which are subject
to the said competition; aud (2) il has
doubled the real burden of the debts
contracted abroad in gold since double
the quantity of American products is
now required to discharge the annual
liabilities arising from those debts.
"The native products of England
have evidently felt the depressing in
, fluence of the same competition with
J similar products from countries whose
standard has been deprecated in re-
gard TO gold; and in this respect Eng
I Ilish agriculturists and manufacturers
/ are preiudicially affected in the same
f way as the agriculturists and manu-
e facturers of the United States. For
this reason, an understanding between
s The two countries looking to the re-
/ establishment of the equilibrium be-
e tween the two monetary standards
: and the maintenance of stable parity
1 of exchange for the future. was logi'
: cal. reasonable and desirable for The
y world at large.
d "But if the interests of English agri
C culturists and manufacturers are seri
e ously affected by ths competition o
l. countries having de preciated none
q. tary standard, the exterior finances o
% the United Kingdom do not suffe
SIS thereby, since England has no debts
Y. contracted abroad, and, in this respec
a at least, the English escape that par
!; ticuar evil from which the finances
t. the United States of America suffer
so cruelty.
s. "Furthermore, England being
ls large creditor of foreign countries, III
re London bankers eau argue-as 81
re William Harcourt did in so categor
re cal a manner in his speech of the 1T
e of March last in the House of Con
err mons-that increased purchasing powe
lie of the gold due they from abroad, tn
We amount which, owing TO the fall III tn
in gold price of products imported int
IS England by debtor countries, is To-
y. by the agriculsurists aud manutactu
i'll ers of the United Kingdom.
"Is that the case with the Unite
in States of America? No, most assured
re ly mol for they are debtors in go
EST to foreign countries, and 1t is with II
a proceeds of these same products, II
ar gold prices of which have been depr
he ciated by the competition OF silve
ur siandared or paper-money countrle
Oh that they are obligated TO pay the
lot foreign debts.
he "rberefore, the present moneta
Le situation in the United States
lc- doubly unfavorable to the econom
interests of that great nation, sine
lty owing to the state of affairs now o
S. tanning. the gold-standard countries
'ur Europe. aud particularly the man
IN featuring countries like England, fl
her it enormously advantageous to pt
chase their raw materials IN tho
|. countries whose standard is depre
ated with regard to gold, like
Asiatic countries, Russia, or the a
gentiue Republic, and, on the 9th
'h- hand. TO sell Their manufactured pl
lca' ducts in the American market, whe
n ne they are paid for in gold currency.
ino "The present monetary policy OF
iai United States is consequently We
let- % ~ ;r,arasto Of II,
ADVANTAGEOUS W tuO iusOiOoto "a IL
oe land, gold-monometallic country,
" il is utterly ruinous as regards
o '.' foreign financial relations of the UEi'
iiu- States, aud especially for its nat
la producers.
u "This is why, inasmuch as Englan
.uo attitude prevents the realization OF
'e' ternational bimetallism, and conden
. W. one-half of the world to gold-mo
'n0 metallism, and the other half to silv
'ei monomeialism, were | citizens of
'e" United States, 10 become-l, Germ
ecu chi, the father of International bin
a. allism, as | am everywhere called
,ue silver monometaliist.
.From theoretical point of vi
,o' The free coinage of silver at 16 TO
,nu' re-established by the United Sta
'n0 without the concurrence of Eur
oa would be vicious solution, blu
'Ies would nevertheless be step in
% -, direction of international bimetalli
"'"' for under the regime of the new sta
ard, the productive power OF
'"s United States would receive so en-
'aa nous an impulse, aud this deyel
W. ,,,ant xunuld hova st1ch 6isastr