Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-10-29
MONEY LENDING LONDON.
Alarm OF English bankers at Pros
pect of DimetaIlism.


pect of DimetaIIism.
Money-lending London is seriously
alarmed ut the prospect of bimetallism.
OF this there IL no question. The fears
Of those who profit from dear money,
who cling to the gold standard because
it enables them to rob their debtors,
fears that silver will be remonetized
and this power to legally rob taken from
them, find an echo In the London press,
subseryient, as Is the metropolitan
press everywhere, to the mony power.
And as the alarm OF the money lenders
OF London grows so do the hopes of
bimetahists in England and on the
continent OF Europe.
AL money-lending London is not gold
nonomctallic, but the greater part is.
1t was money-lending London that Gu
5oled the debtor nations of the world
into abandoning bimetallism and
throwing themselves into hopeless
financial bondage TO tho creditor classes
OF Great Britain. and having accom-
plfshed this, money-lending London
does not care to see severed those bonds
OF financial dependence. Cupidity
draws on the money lenders OF London
toopposc tho restoration of bimctallism,
tooppose tho undoing of the dear money
system that they hnvo yolcd 10 the
debtor nations OF the world. The clos
Ing of the lnints of the western world
to free silver coinage and the tying
down of the western nations TO the coin
age OF gold for their supply of money
made greatly increased demand for
gold. made gold dear and prices low,
so that when debtors come TO pay their
debts they must give to their creditors
moro produce than they covcnantcd
70 pay or, what Is the samo thing, pay
In gold that will buy more Of the prod
ucts OF mems labor than the gold Dor
rowed. And since 1878 gold has been
doubled In value and prices cut in half,
so that the creditor can exact on loans
rnade prior to 1879 twice the valuo
Loaned; that Is, II he can cxact twice the
the value II such piling on of burdens
has not bankrupted the debtor.
SO 1t IL that money-lending London
has grown In wealth and power with the
closing Of the mlnts of the western
world to silver and the appreciation of
gold. And ut the prospect of losing
this power to exact tribute from the
rest OF the world, the money lenders of
London. clinging TO this power, TO the
monetary system that has enabled them
TO rob their debtors, take alarm. Thus
IL IS that most of them are gold mono
metallists, for they have proiltcd from
dear money, and they cling to that
which has enriched them by enabling
rhptp N r,E,tlx,
exact from their debtors more Than Is
due. But il is not so with all OF them,
Tor many hive learned that cupidIty
carried too far defeats It's own ends,
that whom with misery greed gold is
driven ever upwards and property
down, tho point must inevitably be
reached when the creditor will find
! himself transformed into q property
owner. And Us SOON n9 he who started
as creditor finds himself property
owner his interest lies not in further
enhancing gold and drpreciatiug prop
erty, butin cheapeninK gold and cnhunc-
ing the value OF property. SO all money
lending London is not monomctallic;
part, that part which has come into
possession OF much property through
tho bankruptcy oi debtors and that
part which fears II further appreciation
of gold, knowing ii means bankruptcy
for their debton, md ownership OF
property for themselves, Is bimctallic.
Yet it is unqucstionable that money
lending London, revealing on the un
earned profits coming from monetary
system that constrains debtors to pay
more than they honestly owe, is pre-
ponderatingly Observation-Disclosures
lean.