Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-09-03

| COSL OF everything DouehV " o"o'
countries Of Great Britain. Now thi
lessening in the cost of things bough
from silver using people is very mic
thing for those classes in Great Britain
enjoying annuities and fixed money in
comes that have not been threatened BY
the bankruptcy Of debtors, but it il
quite the reverse to the farmers Of Grea
Britain who have had to lessen thu
prices for their products just as the cos
OF buying such products from silver
using countries has been lessened. Sc
also the increased cost te
silver using peoples Of everything
bought in England has been any
thing but a cause Of rejoicing to the
manufacturers of Great Britaian. This
increased cost, being due entirely to a
rise in gold as measured by silver, has
not by any manner of means benefited the
British manufacturer for the gold price
received has not been increased, though
the silver price, and therefore the cost tc
silver using people, has been much in.
creased. And this increased cost has
greatly stimulated manufacturing enter.
prises in all silver using countries with
the result of curtailing the market for
British manufacturers.
Some years ago British manufacturers
imported considerable raw cotton from
! India ,,,a5o :, ~ that cotton op5 roturnad
it to India manufactured into coarse
cotton goods. But this course Of trade
suffered rude check with the rapid fall
| in exchange on India and the resulting G
increased cost Of cotton goods imported
into India from Lancashire. India took
to turning her own cotton into cloth
under the stimulus of the premium on
gold which was added to the cost of
everything bought from Great Britain.
The closing Of the India mints in 1893
and the keeping Of this premium at an
arbitrary figure, while the premium in
the other silver countries Of the east went
on increasing, has made still further
change in the trade of India. Cotton
manufacturing has been encouraged in
China and Japan at the. expense of the
Indian mills, and Japan now imports
raw cotton from India where formerly
she imported yarn. In 1889 Britain i'm.
ported 273,S1O,SS0 pounds Of Indian
cotton, in 1896, 66,OOO,OOO pounds In
1888 80 Japan imported 10000 pounds OF
raw cotton from India and %. 143, AGO
pounds of cotton yarn. In 1S9697 she
imported 149, 100000 pounds of raw
cotton and only 634, 800 pounds of cotton
yarn. What England has lost Japan has
gained. India is raising just as much
cotton as ever, but it is being made up in
the cotton mills Of Indla and Japan, not
the mills of Lancashire. 1t is such loss
OF trade with silver using countries that
Is turning the cotton manufacturers of
Lancashire to bimetallism and inclines
the British government to assist in restor-
ing that parity of exchange between gold
and silver using countries, the breaking
Of which has been so disastrous to British
trade with those countries.
Finally, d further accentuation of this
policy OF an appreciating dollar that has
so far greatly profited the creditor classes
Of Great Britain. threatens to bankrup,
their debtors and turn the erstwhile
creditor classes and owners of debts into
owners OF property. And this is pros.
pect that the greater part Of the creditor
class does not relish. 1t is, indeed, just
what the speculative money lender has
long aimed at, for he sees great chances
for profit in see.saw of values. a syste.
matte depreciation Of property on which
he has loaned money until he bankrupts
the debtor and buys in the property for
the face of the debt and then an equally
systematic initiation of values. So we
have this money lender Intent on carryiny
out the S, stem Of gold monometallism to
its logic end, the general bankrupting of
debtors. when, having made and availed
OF the opportunity to get the property Of
his debtors for the face of the debts, be
will abandon gold monometalism as det-
rlmental to his interests and advocate
return to bimetallism, or anything else
which promises to make money worth
less and property more. But rs there
are many banking houses Of London
whose clients do not wish to enter upon
this magnificent scale of speculation, but
would much rather continue as creditors
without thought or worriment as to in
come, we find among the financial inter-
ests Of London many who would prefer
to stop short of bankrupting their debt
ors. So the pressure that the money
lenders can bring to bear on the British
government to block bimetallism is weak
ened, and the land owners and cotton
are able TO make their
hand felt in opposition to the money
lender.
Thus it happens that the British gov
ernment is or was inclined to lend us
hand in restoring bimetallism. 1t stood
ready to reopen the IndiaI mints to free
V,ov ;nono a ~ ~ q hA ro