The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1896-07-03

OF International bi1netallic agreement,
then [ should cease to be an interna-
ltional blmetalllst-which nearly all INV
rlends IN the United Statec are.-and
should go over unhesitatingly to the.
camp OF the silver men.
AS matter of fact, in it's present
economic situation. che United States OF
America, that great and youthful ma
tion, suffers much more from the mercl-
less conflict that has been in progress
between gold and silver since 1873. than
England, a very wealthy country,
creditor OF the rest OF the world, DOS
sesslng resources Of every kind and
enormous financial reserves, which
enable her to endure with comparative
ease the economic competition OF those
nations whose monetary standard is
deprecated in regard to gold, like the
coun tries OF the for east, Mexico, the
Argentine republic, etc.
"The United States of America on the
contrary are debtors to Europe for a
portion OF the sums which they have
EMPLOYED IN the development OF their
ndustrial system and must necessarily
liqudate their debts abroad by realizing
upon the products OF the soil and OF
their manufactures
Now as these foreign debts are on
the one hand, contracted in gold, and
as on the other hand American pro-
ducts in Europe have to reckon with
the depressing competition OF similar
products exported by countries having
q silver standard or paper money. 1t
follows that the appreciation Of gold in
regard to silver, that has taken place
since 1878, has had a two fold result for
the United States-which have remained
faithful to the single gold standard since
that date namely: 1) 1t has di minlshed
by half, on American territory, the
value in gold OF all the national pro-
ducts which are subject to the said com
petition: and ~ 1t has doubled the
real burden OF the debts contracted
abroad in gold, since double the guam
tlty Cf American products is now re-
Auired to discharge the annual liabilities
arising from those debts.
The native products Of England have
evidently felt the depressing influence OF
the same competition with similar pro-
ducts from countries whose monetary
standard has been deprecated in regard
to gold; and in this respect English agri-
culturatlsts and manufacturers are pre-
judicia}ly affected IN the same way as
the agricultura]lsts and manufacturers
Of the United States. For this reason
an understanding between the two
counties looking to the establishment
Of the equilibrium between the monetary
standards and the maintenance OF q
stable parity Of exchange for the future,
was logical, reasonable and desirable for
the world at large.
''But If the interests OF English agri-
culturists and manufacturers are SER
iously affected by the competition OF
countries having deprecated none
tary standard. the exterior finances of
the United States Of America suffer SO
cruelty.
Furthermore, England being large
creditor of foreign countries, the Lon
don bankers can argue-as Sir William
Harcourt did in SO categorical manner
in his spesch of the l7th March last IN
the house OF commons-thAt the English
capitalists recover, by the increased pur-
chasing power Of the gold due them
from abroad, the amount which, owing
to the fall IN the gold price in products
into England bv debtor countries, ls
lost by the agricu|tur1sts and manufac-
turers OF the United Kingdom.
''Is that the case with the United
States of America? No, most assu' edly
not! for thev are debtors in gold to
foreign countries and 1t ia with the pro.
ceeds of these same products, the gold
prices OF which have been deprecated bv
the competition OF silver standard or
paper money countries, that thev are
obliged to pay their foreign debts
Therefore, the present monetary
situation in the United Sta tes is doublv
| ,nfavorable to the economic interests of
that great nation, since. owing to the
state Of affairs now obtaining, the gold
standard countries of Europe, and par
ticularly the manufacturing countries