The Winslow mail., 1899-09-21
The Currency Question.
NOT ENOUGH TO GO AROUND.
when Gold Is Plenty in This Country
There Is n Financial Drought
i'm England.

We have already referred to the fact
that the foreign credit of Mexico has
been in nowise impaired by the fact
that it has the silver instead of the
gold standard. The success of that
country in having its public debt fund
ed at low rate of interest by the lead
ing bankers of the world has suggested
to some observers that this consolida-
ton of the Mexican debt really means
that that country will before long
change from the silver standard and
adopt the gold basis.
We shall not dispute this prediction,
for we are perfectly well aware that
the money power-and by that we
mean the half dozen great banks of
the world which own or control the
gold supply-is able to sway nations.
This has been demonstrated in the
case of the United States, Austria, Ja-
pan and India, and what has been done
in those instances can just as easily
be carried out in Mexico. Therefore,
we shall not be surprised at any mo-
ment to hear that our neighbor re-
public is making arrangements to Sc
cure a gold reserve for the purpose of
putting in operation the single gold
standard. If the international bankers
desire this result, it will be accom-
plished.
Meanwhile, since the matter has
been made of timely interest by our
London dispatches, we cannot refrain
from calling attention to the financial
unrest which is said to exist in London.
The dispatches referred to said that
business in financial circles is consid-
erably checked owing to certain anX-
iety as to the future This anxiety is
based on the scarcity of money in the
worlds greatest money center. This
scarcity is of so grave a character that
rumors are current of Impending
financial difficulties" In view of these
difficulties the Statist, of London, says
that the rate of the Bank of England
has been raised from three to three and
one-half, with a possibility that it will
be still further advanced, even as high
as five per cent.
This step, it is declared, was prac-
tically forced upon the bank by the
demand for gold from France, the abil
ity of Japan to take gold from London
if she wants it, and the inability of the
Bank of England to obtain gold abroad
to a greater extent than is necessary
to meet interior requirements. The
bank rate, as our readers know, is raised
not only to prevent gold exports, but
to invite gold from abroad. With this
explanation, it is not necessary TO say
that the apprehension" in London
and the Impending financial difficult
ties" are the result of the scarcity of
gold.
1t is curious how hard these financial
troubles follow upon the heels of the
adoption of the gold standard in this
country and in India. We are scarcely
permitted to enjoy a quiet hour with
our trade balance and our neW-found
prosperity than these ''impending
financial difficulties" are thrust under
our noses. Long, long ago, one heard
bimetallists remarking that there is
not enough gold in the world for all
the nations to do business on a pros
porous basis at one and the same time.
Hence it is that when we have an
abundance of gold in this country
there is financial drought in England
or some other foreign nation, and
when there is plenty there, we have
drain here.
But these bimetallistsl What vexa-
tious creatures they are, already
watching events and ever ready to cry
out: I'VE told you so!"-Atlanta Con-
sfifnfinn