The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1896-08-15


profits by the Columbia river remain.
Ing closed. On which side will you be
found? Whose votes do you want in
the next legislature?
AID FROM OUR CREDITORS.
"Because the United States is debtor
nation it cannot dictate to its money
lead to bimetalism. for should it do so,
the creditor nations would sink it into
bankruptcy" is q favorite arguments of
the gold press at the present time.
And it is further asserted that, should
the United States adopt the unre-
stricted coinage of silver it would be
repudiation of our foreign obligations. ="
Are there not two sides to these
questions? Let US see. Let US con.
slider the situation of our foreign cred
itors from business standpoint and
see if they, instead of sinking US into
bankruptcy, will not aid US in bring
ing about most perfect system of BIZ
metalism. 1t is of course to their ad-
vantage that our public obligations to
them. both principal and interest, be
paid in the dearest money possible,
which is gold, but as our interest bear
ing public debt is payable in coin, the
creditors have no option as to what
metal they shall receive. The same is
true with regard to large amount of
our railroad and other bonds held
abroad.
The holdings of American securities
in England, France and Germany are
very great, reaching into billions of
dollars. and these secureties are held
by the men who dictate the financial
policies of those nations. What course
will those men pursue when they are
convinced that the United States has
determined that their secureties, both
principle and interest, are payable in
other coin besides gold? Will it be to
their interest to suffer their nations to
discriminate against a money which
they are forced to receive? Assuredly
not. It will be to their interest to
make the money which they must re.
ceive of full and equal value with the
recognized standard money of the gold
countries. If they are to be paia In
silver, they will want that silver to
have an equal purchasing power with
gold, and their energies will be exerted
in making it so by causing silver to be
recognized as a standard money in
their respective countries. And since
the supply of the two metals is so nearly
equal, based on ratiU of sixteen
ounces to one of gold, the logical
method for them to pursue would be to
establish system of bimetalism
throughout the commercial nations of
Europe on that basis. Hence as con-
servative and far-seeing business men,
In order to protect themselves, it will
be to their interest to aid in bringing
silver to an equal value with gold in.
stead of attempting to further depre-
ciate 1t and sink silver-standard
country into bankruptcy. Instead of
being our enemies and enemies to our
financial system, they will be our
friends.
The condition OF our European cred.
itors finds parallel in the circum-
stances existing betweet the bankers
of The Dalles and the wool raisers of
Eastern Oregon today. There are be.
tween seven and eight million pounds
Of wool stored hero. The banks of this
city haYe extended large credits to the
holders of this wool. In order that
these credits shall be met, it is to the 1
interest of the bankers that the wool
shall command the highest possible
price; that is that the purchasing
power of the wool be raised instead of
lessened The bankers want and are
entitled to the return of every dollar
hey have advanced to the wool raiser,
Ind they are exerting every means in
aiding their clients to realize every
lOlldE pOSolDl0 Ou Gu0lT pfOUucG, uOGbO
essen the value of the wool which rep.
'esents the property or the money of
heir clients. Our foreign creditors
ire In the same position. Now they
want their interest paid in gold, be-
,ause it is the standard money of the !
world, but when they are convinced |
hat their interest will be paid in sill. |
yer, it will be stand then in hand to
i'd in enhancing the purchasing power |
If that metal. This can be accom-
,lished by increasing It's demand.
which can and will be the result when
t is recognized as money metal by |
he world. Therefore when the United |
states leads off by removing the re- |
triction of its coinage, our creditors
will be compelled to force the remon-
'tization of silver in their own nations.
q. Z Thurbur, of New York,