Republican news item. [volume] (Laport, Pa.) 1896-19??, 1900-09-20
OUR FINANCIAL DESTINY
WoRKlNCMEN INTERESTED IN THIS
COUNTRY BEING WORLDS BANKER.

We Have Achieved This Position by Ad-
herence to the Tenets OF Financial
Observation-Disclosures Of n Protected
Market and a Hundred Cent Dollar.
What does 1t mean to the avera re
working American farmer or clerk or
mechanic or merchant or business man
that his country shall remain "the
worlds banker" as one Of the English
papers in the first fit Of surprise over
the taking in New York Of $2S,OOO,OOO
out of the $5O,0O0,OOO Of the second
South African war loan dubbed it? Is
it anything to him. or does it concern
merely the customers Of the high
/ financiers who have subscribed for the
securities? Is he interested at best
otherwise than as policy holder in
one of the huge insurance companies
who may be supposed to be large in
vestors in the new securities?
The answer is that every American
who is interested in the stability of
capital invested in American enter
prises is also interested in the perma-
nence of his cOuntry's position as
creditor nation, as worlds banker"
In the occupancy of the converse DO
sition has been found for now over two
generations the source of many of our
financial disturbances and distresses.
From the days before the closing of
the second bank of the United States
down to those of the failure of the
bank of the Barings the sudden with
drawal of European capital from the
use of enterprises through which the
resources of the country were being de-
Veloped has been frequent cause Of
disaster. 1t has not played as promi,
nent part as mas been assigned to
1t by those who have confounded
money with capital and demanded that
our undertakings. 1t has been the re-
suit of the workings of trade laws and
not Of malevolent intent But it has
been a check upon our even growth.
and the financial independence which
prevents its recurrence Is Il benefit to
the workers. the money earners Of
every community in which money is
borrowed at banks. That means every
community in the country. Not every
call loan, but every one will have
financial connection with some of the
great communities which have foreign
money on call loan
If it is conceded that 1t Is worth
while to retain this position which has
been achieved by patient adherence TO
the tenets of financial civilization, it
may be worth while to inquire how
may we retain it. Can any political
action of ours affect our tenancy of it?
If we have accumulated this wealth
which makes us creditor nation. how
can the turning out of one party and
the letting in of another dissipate It?
The old argument that we needed to
be honest in order to command for
eign capital no longer applies when
we are lending domestic capital to for
eigners. But the continuance of this
surplus depends entirely upon the con-
tinuance of the conditions which
created it. The money which we have
sent to pay the forage bills and buy
new khaki suits for the British forces
In South Africa, after we had sent
nearly ten times as much to pay our
own forage and khaki bills in Cuba
| and the Philippines, and after we had
put over fifty times as much in lin
uustrials," Is money made or rendered
available only since we have been con-
WINGED of the immunity of our money
making schemes from political attack.
! This tremendous accumulation has
been due to the liberation of capital
and the turning over of capital under
the guarantee of protected home mar
ket and hundred-cent dollar. Let
| that guarantee be withdrawn and the
activity which has caused this nc
cumulation now overlooking into the
depleted Golfers of the Bank of Eng
land will cease. We shall no longer be
the worlds banker" because. under
the reopenlng of the free silver agita-
ton certain TO follow the election of n
Democratic President and Congress
teither in whole or parU, the making
of the money wherewith we have been
able 10 finance the world will stop.
Capital will leave the country because
Its return to the investor will be surer
abroad than at home. But Il will not
! be surplus capital finding foreign
use after domestic wants are supplied.
/ IL will be capital withdrawn from its
own proper employment of providing
u livelihood for Americans.
| For one Inoneyed man there are a
/ hundred thousand workingmen inter-
ested In the retention Of the country's
place as the worlds banker" And in
/ this land of one man one vote IL Is
those workinemen who must see AZ the
polls 10 its retentlon.-New York
Press.