The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-10-30

clerS, producers ana meTCnanlS OF Luz
rope would be very different from what
it would be should the United States
maintain the gold standard. THE
BURDENS OF ALL THE AMERICAN
DEBTORS WOULD BE LIGHTENEn
AT THE COST, AT LEAST, OF ALI
THOSE CREDITORS WHOSE BONDS
ARE NOT SPECIFICALLY PAYABLH
IN GOLD. AMERICAN PRODUCERS
WOULD BECOME AS FORMIDABLE
COMPETITORS IN THE WORLDS
MARKETS AS, FOR INSTANCE, THE
ARGENTINE WHEAT GROWERS AND
THE BOMBAY MILL OWNERS HAVE
BECOME. THE BURDENS OF EURO
PEAN DEBTORS AND THE BRITISH
COLONIES WOULD BE INCREASED
BY A FURTHER FALL OF GOLD
PRICES. Perhaps the European in
vestors might hesitate in deciding
whether the fall in American bonds
might not be compensated by rise in
the value of American railway shares
consequent upon the increased activity
of the American export trade and the
reduction-in terms of gold-of the
fixed charges. But, on the whole, in
view of such prospects, it seems prob
able that even London and Hamburg
would become anxious for a confer
ence, and that, we take it, is Prince Bis
marcl1's opinion"
Extract from the Manchester Guards
ian, dated September %, 1896:
with reference to Prince Bismarck's
letter on the American monetary con-
test, an opinion expressed by M. Henri
Cernuschi at Mentone in April last
shortly before his death-to NJ. Ed
mond Thery is of interest. We quote
from a pamphlet entitled 'Cernuschi's
Last Words on the Silver Question in
the United States,' by M. Edmond
Thery (Paris: 'Economiste Europeen):
Tnasmuch as ENGLAND'S ATTITUDE
PREVENTS THE REALIZATION OF
! INTERNATIONAL BIMETALLISM.
and condemns one-half of the world
| to gold monometallism and the other
half to silver monometallism, I would
not hesitate, were I citizen of the
| United States, to become-I, Cernuschi,
the father of international bimetallism,
as I am everywhere called-a silver
monometallist. Under the regime OF
the new standard the product powers
of the United States would receive SO
enormous an impulse, and the develop
ment would have such disastrous ef-
feet upon the economic and financial in
terests of England and other European
nations now governed by the gold stand
ard, that it may be confidently predict
ed in advance that the course of events
would force the adoption of interna~
tional bimetallsm as the only true So
luton, even upon those who to-day
deny the possibility and efficacy of it,
The English bankers are laughing at
our American financiers. In an article
published in the Bankers Magazine OF
October, 1896, w. r. Lawson a recog
nized financial authority, has an inter-
esting financial article entitled: 'Tlre
Refux Of Gold to America"
From what Mr.. Lawson says the Eng
lish capitalists are not losing any
sleep over the loss of their gold. Many
Of our people seem to imagine that i'll
some mysterious way we acquired $780,
100000 or $40,ooo,0oo of English gold
without paying for it, and dumped it
> into our treasury vaults and locked 1T
up before the Englishmen knew what
was going on. But Mr.. Lawson does
not agree with this theory After de-
failing the various movements of the
gold current between England and
America and back again he tells of the
enormous exports Of silver which pre-
ceded the recent gold imports to Amer
, lea. He then says:
'If the observation-disclosures which
: Americans exhibit in their daily busi-
= ness could be brought to bear on this
money question directly, and without
the interposition of faddists or politi
clans, they would soon see what a mel
. ancholy farce is being played on them.
WHAT IS THE REAL USE TO THEM
= OF ALL THIS LABORIOUSLY COL
e LIICTED GOLD? WHAT ARE THEY
TO DO WITH 1T THAT WILL BE OF
=, ANY GENUINE BENEFIT TO THEIR
= HOW MUCH WILL IT HELP TOWARD
|, THE RELIEF OF THEIR FINANCIAL.
, DIFFICULTIES, OR THE REMOVAL.
OF THEIR COMMERCIAL DEPRES-
D SEON? AND HOW IS IT GOING TO
= PROVE ITSELF WORTH ALL TIT.
TROUBLE AND SACRIFICE THEY
AREMAKINGTO PROCURE IT? OR TO
i PUT THE QUESTION IN IT'S PIIAINES1'
n POSSIBLE FORM, WHAT PRICE DO
L. THEY SUPPOSE THEY ARE PAYING
:, FOR IT, AND WHAT CAN THEY HOPE
TO RECEIVE IN RETURN?
\ THE Americans are buying this gold,
3 or, rather, they are borrowing it tempor-
arily, on the most onerous terms con-