Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-07-31
INRlcAlNo ENGLAND.
The told stauoard in That ountry an.


chequer says the high treasury was
never so full Cousols were never
higher, though the interest has been
reduced one-half within n century.
The deposits In savings banks hSvs
never been so great the deposits Id
other banks were never so large. The
revenue receipts have exceeded the ex.
ponditures; everything has an upward
tendency. Every class of the commu.
nifty Is nOurishing, except the agricul-
turists, who, there as here, have now
/ TO compete with better soil and cli-
mates in all parts OF the earth" This
ought to be astonishing reading for an
American. We hHve nearly double the
population OF Great Britain; we have
an Immensely greater area OF soil: wa
nave far richer RESOURCES in coal. iron
aud other metals We have n govern,
inent which we maintain Is much bss,
/ tor, or, at all eveuts dearor 20
tho people who live under n,
than the government of Great Britain.
We have no arnyi we have next 10 no
navyi we have no colohies or depend,
encies' we have little public debt; vet
we are not happy Walls over the bad
ness OF business meet ones eye ih every
newspaper; we have Co borrow money
at every quarter to keep our paper at
par The success of the loan is re.
ceived with shouts OF triumph, though
while IL Is being raised every business
man holds his breath"
What IL the cause OF the present
prosperity In England nud depression
In this country II must bc borne IA
mind that England Is "a creditor nation,
having Investments abroad amounting
To over $40, 600, 0OO.0OO, rs stated by Mr..
Gladstone Ia his speech In tho house OF
commons, published in The London
Times, March !, 1898, commanding
from foreign Countries an annual
tribute of not less than $500. Coo, ,OOu.
paid To her not In money. but i'm couI.
moditics, tho prices Of which arc con.
trolled by the gold standard, and oha-
half OF which are paii by this country.
This question Is very clearly answered
by want the London Statist. n Qold
paper has said. In its issne Of july l..
1893, In speaking 81 the cio,u of the
lndinn mines. June -, 1903. IL said:
"Ihe new policy of the Indian gov.
ernment is likely TO intensity the an.
! probation OF gold. We have pointed
ont elsewhere that the new policy ~
tentative and provisional. nd that the
most powerful lnem6crs OF the Ucra
Hchcll committee, who. I'm fact. carried
the committee With him. loolt forward
20 the adoption OF gold ns the cuulula,
tion or gold reserve, whlla other
members considor that tic new. policy
cannot be carried out uuless gold re-
serve Is accumulated as soon as may
be. We are bound, then, 90 assume
thnt, 10y aud ly. India will bocome n
much larger consumer OF gold That
being 40. All the other governments
VII DC anTiors ~t7-afrHc 11sft.r--
and the Likelihood Is that the scratn.
bic Tor gold VIII receive IA new Impetus
II a. does, then we have 70 look for.
ward 20 further fall In prices. 10 fro.
quent fluctuations ia the value of
money aud to occasional severe spasms
In the money market Ooe conse.
quonco OF the further depreciation OF
gold will be TO intensity the agricul-
tural depression ali over Europe. Also,
IL Is evident that the burden OF debt,
.not only upon individuals, but upon
| governments, will be much Increased.
! Everywhere the burden of debt wilt
necessliate Increased taNation. and SO
VIII weigh very heavily upon the gem
eral population"
In It's Issue OF January 10, 1905, iu
describing the cffect OF this policy, It
aaid' The producing countries have
becn plunged into so much distress
that they nre compelled 10 sell at
whatever price they can get, and our.
people are 80 we'll off that they arc
IA ole To buy larger and lorger qnanLi-
ties every year The hrst consequences
OF this Is that the working classes are
exceedingly prosperous, and the foun-
dation Is being laid in the second placs.
Tor great increase In our trade, be-
cause merchants are laying in stocks
81 material ~ exceptionally low prices.
"The Unitci Kingdom has the labor,
The machinery and the capital To sup
ply all the rest of the world with any
quantity OF goods IL may require but
our foreign customers were too poor'td
buy from us Oh the usual scale. Tho.
exports merely confirm what the i'm.
ports tell Us, that the producing ooun,
trSos are In deep distress, and that we
ore growing In wealth. Roughly, ths
decline In prices In the exports is half.
the decline of prices In the imports; or
TO put IT differently, wo gained twice,
as much by bayiug our imports cheap.
as we lost ia selling our exports also
cheap. Bat as n matter. of fact the
loss must have besn trihing. II there.
was any loss This country manufac-
lures cheap goods for all parts of the
world, aud cheap, coarse stufPs ineludaL
IN their value not very much labor; tha
chief item is the raw material But in
buying the raw material we gained.
Immensely, aud. consequently there
was nc need for very much reduction
in the wages"
We here SEQ that I'D the Judgment OF
the Stotist the gold standard is en-
riching England, n creditor nation, gt
the expense of producing counties, Ck
which our own is the foremost, (which
have been plunged into so much disl
tress that they are compelled To sell
Tor whatever price they can get" Do
not the advocates of the gold standard
Insult the intelligence of the Ameri-.
can people, who are pre-cminentlv the
victims Of this destructive policy. bv.
making them to vote for its continu-
ance2 Monetary conditions favorable
to ENGLAND. a creditor country, are .un&
favorable To our own, a debtor counG
try. ENGLAND wants l0vyar r1rfoae g..