The midland journal. (Rising Sun, Md.) 1885-1947, 1898-10-07
Why the Gold Standard MAY be q
Good Thing in Great Britain and
not in the United States.

AVN hA thC OulLSA oh6bCS.
From an address by T. W. Wood Richmond. Va
would like to say here that I do not
desire to disparage Great Britain, as I
| consider her government the most liberal
on earth, and the purest in national and
municipal affairs. The gold standard
which she has adopted may have been
wise policy for that nation, considering
her position, but it has kept back the civ
ilization of other counties. She is a small
country with large population, which
she could never expect to keep employed
except by developing her manufactures
and commerce. She had great wealth,
which could not have been retained or
her manufactures either, if the colonies
which she possessed had not been kept
bare of money, so the gold standard may
be considered as good policy for Britain,
but oppressive for other countries, by
restricting and making nothing money
that had not gold basis, which basis she
controlled. 1t was that policy that kept
the United States back so long from being
a rival manufacturing and commercial
nation, and it is that policy that is Grip
pling it now, and it is the gold standard
policy that checked India some years ago
when she was developing her manufac-
lures. India Suddenly found her money
cut short, and she impoverished by the
mint being closed to silver, and Japan and
other nations will find that it will cripple
them and keep them poor and dependent
by being influenced by the gold policy.
1t is likewise the policy of Great Brit
ain to keep produce low, so that her great
population can be cheaply fed, and her
manufactured articles kept low to compete.
This has another advantage in keeping
other countries poor and dependent upon
her markets and factories. But it is
poor policy for the United States, which
has large territory and immense agri-
cultural and mineral resources to develop,
which are capable of absorbing greatly
increased supplies of money and employ
ing more than double the population.
Over reproduction need not be feared if
civilization is allowed to advance in this
and other countries.
must, however, in candor admit that
British capitalists as a class are great
improvement upon capitalists of the
United States OF course, there are
isolated exceptions. In Britain capitalists
readily sutnbit to pay more than their
share of taxation. They pay income and
graduated inheritance taxes, and have no
exemption of bond taxes The general
system of taxation there is to tax luxuries.
of all kinds, and let necessities go free.
In the United States the above is gener-
ally reversed and incomes and bonds
exempted. In Britain capitalists aid the
government as we'll as manufacturers and
commerce in all ways. This may arise
from enlightened selfshness. In the
United States the great greed of capitalists
oppose these, unless they can control
them. Capitalists in this country are the
great corrnptors of national and munic-
ipal government, their avarice leading
them to spend money freely in debasing
manhood, so that they can control law
making and obtain valuable franchises,
through which the public pay tribute.
Recent examples of this were seen in the
last presidential campain, when such i'm
mense sums of money we're used to cor
rupt voters, and moie recently to influence
the municipalities of Philadelphia,
Chicago, etc.