Lexington gazette. [volume] (Lexington, Va.) 1871-1962, 1899-08-09
PUBLISHED EVERY wEDNEsD-
WE CAN RULE FINANCES OF
THE WORLD.

1uE w O1tG1s
In determining what powerful IT.
feet such nation as the United Sta 9,
would have in establishing the putty
Of the metals. Wa must take into con-
aderation the pivotal position that it
occupies as to the monetary systems OF
the world. The silver-standard ma
lions, which make their demands upon
silver alone for currency, constitute
one-fourth Of the nations of the world
in commercial importance. The world
is then divided into nations, one
fourth Of which are upon the silver
standard and three-fourtbs OF which
are upon the gold standard. The Unit
ed States alone constitutes in wealth,
commerce and power at least one
fourth of the world. Let that power
of the United States be transferred
from gold to silver, an : YOU immsdi-
ately have the world dividel into equal
parts-one-half the nations in COM
mercial Importance M king their de.
mands upon gold-and thus we have
IA eqnal demand up: quail metals,
according to. the prime pl =" supply and
demand, must make al dual price.
Great as the government is, there is
something still greater, and that is the
people of the United States. We are
the greatest people on earth. We are
the greatest producers and consumers
on the face of the globe. Our 15,00O,-
900 OF people are equal to 700,O00,0OO
OF the average OF tue balance Of the
world. 1t is strange but nevertheless
rue, that many Americans do not sp-
preciate the great power and wealth OF
this country, and it is remsrkaris that
in order to prove our high poxition
among. the nations we have to-, quote
from foreign authorities, Mr., Nulhall
an eminent statistician Of Englsnd,
few years sgo,in an article in the North
American Review. Analysed the effect
tive force and power Of this country
and made the startling statement that
in'power and effective force the United
States.was nearly equalts Great Britain
France aud Germany combined. he
said: ,n.
off we take . survey Of mankind in
ancient or modern times as regards the
physical, mechanical and intellectual
forces Of nations. We find nothing to
compare with the United States"
WHY BIMETALLISM IS PARA
MOUNT. 81.
It has been estimated that there are
between $40, OOO,OOO,oOO and $780,
100000 oflong-time indebtedness, con
sisting OF national, state, county, city
and corporation bonds, and individual
promissory notes, owed in this nation.
Over one.half OF this is payable in law
full money OF the United Slater. Under
free coinage, silver dollars become ls-
gal tender for the payment OF all that
ten or fifteen billions OF debt. 1t 10 .
principle recognized In all political
economies that if one dollar is cheaper
than another all the obligations pay
able in lawful money will be paid in the
cheaper dollar, and thus il silver should
eyer go to discount compared to gold
there would be that enormous demand
created for silver by the debtors who
owe the 1O,OOO,OOO,OOO or sl5.OOo,- |
OOc, 900. With such an enormous de-
msnd upon the limited quantity Of sill
yer available for coinage is it possible
that anyone would part with silver at
an ap2rsciable discount? You must
remember that this silver dollar is not
only legal tender for the payment Of
private debts, but it is also legal
tender for the discharges of state,
county and city taxes, which agreement
of all import duties, internal revenue
duties and postage dues Of the national
government, and you must remember
that the national government raises by
those duties the enormous SUM Of al
most $5O0,oOo,000 a year. The pre-
MUM scontracted to be paid in lawful
money each year in the United States
upon life insurance policies is $685.
9OS,S27 and upon Are insurance
policies is $15S,S19,3SS. The total
amount Of lie insurance IN force in the
United States, all Of which is payable
in lawful money. is SIS. 742, 4s5, $40.
FLOOD OF EUROPEAN SILVER"
FALLACY.