Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1900-06-28
The Monetary Problem.
eeeeesesseeeeeeeseeeses

ana II Is towards an event Oh THIS KIM
that we are steadily marching.
.'The writer has now been long time
in the city, although not long enough
to remember the Black Friday of 1866,
and it has been his lot to observe many
a sharp twinge in the credit market,
and some severe collapses there; but
at no time, not even in the months just
preceding the troubles of 1890, has the
market seemed to him to display more
symptoms of approaching trouble than
it does to-day"
Since the middle of February employ
ers of credit have been compelled to
lean upon the Bank of England almost
without interruption. The power to
finance new undertakings, to subscribe
for fresh loans, and to conduct the ordi-
nary business of life has been in no small
degree withdrawn from the market, ex-
cept as it obtained assistance from the
bank.
Each fresh creation of debt, or fresh
issue of capital by public authority
or corporation, has served to empha-
size the markets poverty and embar-
raised position, until now we find that
SACdt anu N1OCAy SOiOoi dtN6 W "a 4oSAh
subscription turning out to be so hol-
low as almost to represent hoax on
public credulity. Neither thishuge loan
nor any other colonial or domestic is
sue has been taken up by investors, for
the good and sufficient reason that in
vestors do not possess the free means
with which to subscribe, and have been
plotting and syndicating and manip-
ulating to present show of success so
as to avoid open failure. With each in
stalment coming due the Khaki loan
will reach a lower price, and presently
when the government has to confess,
as it must very soon, that it's estimate
of the cost of the war was totally in.
adequate and misleading, and has in
consequence to appeal to the public
for further assistance, it may not be
able to raise 10, 100000 by offering
four per cent. for it. But 6 1000, 900 in
another two or three months time will
probably barely amount to one-aifth
of the amount actually required to pay
the war bill. and how is it going to raise
all the necessary money without break
ing our market in pieces is beyond the
wit of ordinary man to comprehend.
In these observations we simply give
an outline of existing market dangers
and proba bilities. AS weeks and
months pass this outline will have to
be filed up in fashion so melancholy
that we forbear to anticipate it; but
it may be said now that surely Nemesis
has begun to dog the footsteps of those
who provoked strife wantonly, and
plunged the country into war on false
pretenses for base and ignoble ends.
We are going to be punished for this
war-the innocent and the guilty-in a
manner the nation has not been called
upon to endure since the close of the
Titanic struggle with the first Ma
poleon.
Exports of the metal are, as mat
ter of fact, being held back now be-
cause the government is abstaining
from meeting its current liabilities. 1t
prefers to hide it's head in the sand, al |
low its debt abroad to roll up, hoping |
against hope that some favorable !
turn in events will enable it to pour
money out without hurting the CON-
merce and investment interests of the |
nation. But debts must be paid wheth-
er victories are won or not, and during |
the next six months the pressure upon
the Bank of England for gold to export |
must become severe. Where are we |
to draw supplies to meet this pressure? |
None comes to us from South Africa, |
little or none from Australia, and none |
from India
We can count only upon help from
stocks of the metal already in existence.
and there is no one market, except pos |
sibly New York, that can assist us to |
any extent worth reckoning upon.
Gold is expected from st. Peters
burg, but st. Petersburg is still en-.
to wrestle with and over |
come crisis that is eating into the |
very vitals of its credit Institutions
If, therefore, the Imperial bank be.
gins to ship gold that crisis must at |
once develop, andl assume dangerous
in the public eye.
Germany, again, is almost as much
n need of gold as we are. New York
hanks to its banknotes based on /
lebt, double debt which amounts to
raud on the industrial and business
on every citizen-may be
IDlc 10 spare some HllllOnS, out only
It the expense of Decentralization of its
stock market and probably a danger
,us crisis in Wall street"
Thus is it all round wherever we
ook; each market has it's own troubles
% wrestle with, even France, which
Promises this year to be the strongest |
redit center in Europe. We shall con-
have to depend upon DER own
esources to meet the advancing crisis
nd almost on these alone. Because
his is so there is no measuring the
ead1y destructive forces that may de-
e1op in our money market, but as we
ave sown so must we reap.
OVERLAND STOCK WIRE.