The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-08-24
HALF FARE ON ALL ROADS.

the cosmopolitan f1nanciers the control
of the vast Indebtedness resting on the
producing classes of the world. There
upon these cosmopolitan financiers, by
demanding. payment of such debts, can
draw gold, depress prices, paralyze
trade, wreck industries, and then, when
they have bought up the wreckage at
decreased prices, loosen the purse
strings again, extend credits and then
sell out at inflated prices.
WHILE POLITICIANS LIKE BRY-
AN ARE LOSING SLEEP OVER THE
PHILIPPINES, ENGLISH BANKERS
ARE SENDING US ALL TO THE
POOR FARM.
How cosmopolitan financiers can
move gold around, recent raise in
points makes clear. A new loan of
s1O,000,000 sterling was being brought
out in London for Japan. That empire
wanted more gold to bolster up her gold
standard. London had not that gold to
spare. The reserves of the Bank of
England were low. To take gold from
the bank would force calling of loans,
a forced liquidation on the London
stock markets, something akin to a
panic. And this not being wanted, the
cosmopolitan bankers get together. The
United States has the gold, has been
accommodating lot of it. But how can
they, these cosmopolitan bankers, get
what they want of it? Easy enough.
They simply call for the payment of
some of the great Indebtedness of Amer
lea to Europe.
But the trade balances are against
other way around. Yes, the current
trade Indebtedness is. But there is an
other Indebtedness, the funded indebt-
edness, the Indebtedness represented by
American railroad bonds and stocks, to
say nothing of other American bonds
and stocks held abroad. But this in
debtedness is not in the shape of call
loans; the holders cannot arbitrarily
demand payment? No, they cannot,
but they can dump these securities on
our markets. If we would not see the
bottom drop out, we must buy. And
this they have done, and our speculative
cliques and their banks, not caring to
see the bottom drop out, have bought,
and the cosmopolitan bankers took
away $20,OOO,OOO of our gold in the
month of June Our banks expanded
their credits in the face of the with
drawal; there followed no contraction,
and prices were not affected. They
went on rising in June as before.
But suppose our cosmopolitan finan-
ciers want to do little fleeing and
take some more gold, take not 2O,OOO,-
900, but $50 1000, 900 or $500 900 900? They
can do it if they want, by simply
the purse strings, calling on
us to buy back with our gold $50, 900
or $1O0,OOO,OOO of our securities now
held abroad. and which they can send
us. Then there will come a contraction
of currency that our banks will have to
heed by contracting their loans. Then
will come crash in prices. The boom
will be bursted.. But these cosmopoli-
tan financiers will not squeeze us? Yes,
but they will, sooner or later. It looks
much as if it would be sooner, that they
had already had enough of the cheaper
ing of gold, that they are about to
squeeze the whole world. They de-
clare India must be put on the gold
and then there will be made
a new market for gold. The steps are
already laying, and if pursued there will
follow events such as were precipitated
by Austria and Russia getting down on
the same standard. Let Britain resolve
to put India on the gold standard,
drain the world of gold for that pur-
pose, and down again will crash prices,
crash our boom, our prosperity. AS
things are now, Britain may legislate
away our prosperity, the cosmopolitan
financiers can take it away, and they
ever will be able to do so while we cling
to the gold standard, until we get some
thing for our monetary standard that
they cannot move around, that can be
kept stable despite all they may do. To
what little pins, indeed, do we tie our |
fortunes; with what foolhardiness do
we put it in the power of other peoples, |
other nations, other governments, to |
pull those pins and let us slide destruc-
tionward! Let the British government i
under the influence of the cosmopolitan !
fnanciers, pull one of these pins by ap-
proving the recommendation of the In
dian currency committee. and putting |
India on the gold standard, and then |
will come great demand for our gold, |
be fun, crash that will put 1893 into |
the shade. About the opening OF the |
year, all our happy-go-
lucky people will wonder what the mat
ter can be, and perhaps learn in time
% save themselves from recurrence OF
such things.