The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-05-06
MORE YARNS.

MORE YARNS.
The Minneapolis Tribune said the
other day:
I'm explaining the business reasons
why we must maintain the existing
standard OF values Mr.. Simmons calls
| States is and must be the debtor ma
tion. Foreign money has built our
vast railroad systems in the West and
| South. London has taken our Securi-
ties and furnished us the funds we
need as growing country with enOr
| nous possibilities. Having had con-
! tidence in our promises and our ability
to pay dollar for dollar, foreign CAPT
taliStS poured their surplus into this
country for profitable investment.
Suddenly grave question is raised.
Not whether we can, but whether we
will. pay our honest debts in honest
dollars. In other words whe ther,
having received guild we will, if the
lender asks it. pay him back in gold.
BY reason Of this question having
been raised, suspicion Of our credit
has ripened into distrust and finally
into an utter lack Of confidence,
which has resulted in the unloading
OF the enormous volume of securities
| held abroad and the withdrawal Of
| millions upon millions Of our credit,
| and the utter and absolute refusal to
accept anything more at our hands
| under existing conditions "Thus,"
adds Mr.. Simmons. I'VE are burdened
with our surplus Of marketable pro-
| ducts and our surplus Of securities
an embarrassment of riches,"
That foreign capital would flow to
| the United States in large volume if
| the owners were satisfied with the
| sOundness OF our financial system is
| evident from the fact that there is
such plethora Of idle capital in Lon
don that it is eagerly seeking safe in
veStment at rate Of interest, in
| some instances, as low as one.half OF
| one per cent per annum. Contrast
this with the condition that has pre-
vailed in numerous cities of the
when it has often been impossible to
borrow money at any rate of interest,
on what in ordinary times would be
| considered gilt-edged security. We
heard banker saying, the other day.
| that his bank was not loaning any
| money at all, even to old customers,
no matter how good the names or the
| collateral offered. Ii there was free
| influx of foreign capital such a con-
| stricted condition of finances could
not exist. Many foreign capitalists
would regard four to six per cent per
annum rich return for their invest
ments, but they want to be assured,
| first and foremost, that the principal
is safe. They want to be assured
that they will get back essentially the
| same kind of money that they lend,
at or least money of equal purchasing
| power. The adoption Of the right
| kind Of sound money plank by the
wards giving them such assurance"
| We have too much respect for the
editors of the Tribune to believe that
they ever wrote any such trash as the
| foregoing. It is one of those articles
which are prepared by some bankers
clerk in Wall street, New York, and
shipped out here for the delectation
of the western fools.
The foreign investments we're with
drawn because one-half Of the rail
road corporations, to which European
capitalists had been making large
| loans, were "bus ted" bankrupt, in
the hands of receivers, and unable to
pay interest on their bonds and stock;
and they are not able to do SO to this
hour. And this gave "black eye" to
all United States securities, very
naturally. In addition to this our
whole population has become so poor
and beggared that they cannot ray
the interest on their debts, or even
the taxes on their properties. The
whole country is fat on it's back; and
the gold standard has helped to put j t
there. And now the cunning rascals
tell us that If we will only declare
that the gold standard and the re-
sulting conditions shall be permanent
and perpetual the good times will re-
turn at once! In Heavens name what
will make them return? Is 1t the
loan of more money? Is not the whole
land plastered over with mortgages
already? Is there room for any more?
And if there is will it increase the
prosperity Of the country to increase
its debts? Already our interest due
across the Atlantic is about as large
as all our products available for ship
ment abroad.
| Have these men no conception Of
the prosperity that can be produced
by 70,0O0,000 industrious workers,
freed from the shackles Of the Shy
locks, and turning out In ten years
of prosperity more wealth than all
Europe possesses? No their whole
idea is to keep the American people
idle, let them borrow money from
England to live on; and continue this
process, decade after decade, until our
land becomes gigantic Ireland
shipping all it produt g; to its foreign
masters, while the natives sink. like
the poor Irishmen, into abject wretch
edness.
And they call this craftsmanship!
1t is cemoniac deception justifying
the despoilment of continent.
Robert Schilling, publisher Of the
Milwaukee Advance and RefOrmcr, is
by authority from national central
committee getting up Il souvenir for
the Populist convention. 1t will con-
tain full history OF the reform move
ment with portraits and sketches OF