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HE REFORM CLUB lations or otherwise, encourage an adof New York and verse balance of trade. Every excess of the gold press as- imports over exports should be prevented sume that our for- if possible. To provide a currency eseign commerce pecially fitted for the payment of an undepends upon the favorable balance of trade would be a

gold standard, and ruinous policy, and if it resulted in the that low prices bene- export of money such export would disfit alike all classes of turb business, contract the volume of the community. Each money, produce falling prices, and create of these assumptions is hard times. so manifestly false that The United States is not engaged in

it seems a waste of time foreign commerce. Exporters and imto refute them. But as they constitute porters do that business. If John Doe the stock in trade of the goldites, you and Richard Roe buy more goods in forwill pardon me for calling attention to eign countries to sell in this country than facts showing the absurdity of such con- can be paid for with the commodities we tentions.

send abroad, they are engaged in an illeLegitimate international trade, or com- gitimate and injurious traffic. Let them merce, consists in the exchange of the find the means of payment, and let them commodities of one country for those of cease asking for legislation which will another, and such exchanges ought to enable them to export United States balance each other without the use of money and thereby deprive the people of domestic money.

a stable volume of money for domestic The American importer buys goods in purposes. England with English money and the Comparatively few individuals are enEnglish importer buys wheat and other gaged in foreign commerce and they can farm products in this country with Uni- take care of themselves without regard ted States money. The money in each to the character of the currency in this or case is procured by bills of exchange in any other country. While they are endrawn against the exports of the two gaged in exchanging our commodities for countries respectively. If neither coun- the commodities of other countries, their try buys more than it sells, the accounts business is legitimate and beneficial; but balance, and the trade is beneficial to when they attempt to interfere with the both. The country whose aggregate im- currency of this country to accommodate ports are more than its aggregate exports excessive importations, they are public goes into debt and creates what is termed enemies and should be restrained by the an unfavorable balance of trade, which legislation and administration of the govmeans disaster.

ernment. No country should, by currency regu- If we should admit that gold, for example, would answer the purposes of for- prohibitory than the McKinley tariff ; eign trade better than silver or paper, that their trade with India fell off while and that the coin money of this country it increased with the United States, notwas actually used in foreign trade, it withstanding the McKinley bill. The would by no means follow that the peo- productions of the farms and factories of ple of this country should be deprived of India and the exports from that country an adequate volume of money for the increased so rapidly under unlimited coinconvenience of the few who are engaged age of silver' as to produce distress and in international trade. The domestic alarm in England. trade and commerce of the United States The year before the suspension of silis at least ninety-five per cent of the en- ver coinage in India, which took place in tire trade of the country. Why should June, 1893, that country supplied her ninety-five per cent of the business people with textile fabrics and exported of the country be sacrificed for the of such fabrics more than fifty million convenience of the other five per

dollars in value. She also exported over cent? When and where did the money sixty million bushels of wheat, besides of any country prevent such

coun- jute, raw cotton, opium, and other protry from buying and selling in any part ducts, in like increased proportion. The of the world ? What difference does it avowed object for suspending silver coinmake to the shopkeeper of Paris, or the age in India was to take away these adwheat grower of America, what kind of vantages and restore them to the mother money the people use where the French country, and give England not only the goods are manufactured, or where the trade of India, but that of the East which wheat is grown? The money of differ- India was acquiring. The change was ent countries frequently fluctuates in most disastrous to India. While her value or purchasing power, but that does mints were open to the free coinage of not prevent international trade.

silver, she paid annually $80,000,000 in It is true that the country having the gold for interest to English bondholders. larger volume of money compared to its The cutting off of the supply of new population and business has some ad- money by the suspension of silver coinvantage in trading with a country which age so embarrassed the business of India has a more contracted volume of circulat- that she was forced to issue in the foling medium. This was fully demon- lowing year fifty millions of bonds to pay strated by the discussions of the Royal current interest. Commissions of England from 1884 to The repeal of the purchasing clause of 1888, in considering the trade relations the Sherman act in this country has been between England and India. England followed by like results. Since that rewas on the gold basis and India was on peal $162,000,000 of interest-bearing the silver basis, with her mints open to

bonds have been sold for gold tp carry on unlimited coinage of that metal. It the government and maintain the gold abundantly appeared in those investiga- standard. It is now the established poltions that England was at great disadvan- icy of the Administration and the Repubtage, and that India was greatly ben- lican leaders to borrow money to mainefited by the difference of exchange ; so tain the gold standard. The only matter much so that English manufacturers ap- now discussed is as to the character of pealed to Parliament for relief, declaring the bonds to be issued, what rate of inthat the difference of exchange was more terest they shall bear, and other mere

matters of detail. There is no difference other power? Why was India able to as to principle between the leaders of maintain free coinage alone until it beboth of the old parties. Both regard the came necessary for England to stop it, issuance of interest-bearing bonds as the not for the benefit of India, but for the legitimate business of the country, if the benefit of England? Does anybody rulings and recommendations of the Ado doubt that these and other free coinage ministration and the votes in Congress countries are more

prosperous and of Republican and Democratic leaders happy than ever before in their history, are any indication of their political or while every gold standard country in the economic views. They are logical. world is more miserable than at any They are goldites, and the only way to other time for the last 200 years? If maintain the gold standard is by a per unrestricted coinage of the two metals petual increase of the national debt. makes every country which adopts it Our fixed obligations to foreign countries prosperous, and a single gold standard are enormous. They are estimated at makes every country which maintains it $150,000,000 or $200,000,000 for our miserable, why should not the United carrying trade in foreign bottoms; States reopen her mints to the unre$100,000,000 annually expended by

by stricted coinage of both metals and enjoy tourists in foreign lands; $250,000,000 a new era of prosperity? The combinaannually paid to foreigners for interest tion which wickedly, dishonestly, and and dividends on their investments in clandestinely demonetized silver and dethis country; aggregating the enormous stroyed one half of the metallic money of sum of about $500,000,000 each year

the world dare not admit why they did which this country must pay to Europe,

it and for whose benefit it was done. and all must be paid in gold. When The plain truth is that it was done for these facts are presented, the parrots who

the sole and exclusive benefit of dealers echo the lingo which the goldites have in money, owners of bonds, and hoarders prepared for public consumption ex of gold. The reason for it, and the only claim:-" This is a bad state of things; reason for it, was to reduce the volume how can we help it? The United States of money and thereby enhance the purcannot remonetize silver alone ; our cred chasing power of each remaining dollar. itors in Europe must help us break the The one hundred thousand millions of chains of financial bondage by which indebtedness existing at the time this they make us their financial slaves, we transaction took place was payable in must wait until the gold syndicate of either gold or silver at the option of the banks and bankers, with the Rothschilds debtor. By destroying silver, gold was at the head, will act with us and aid us to made the sole money of ultimate payovercome the combination which they ment. The value of gold rose more than have formed against us.”.

one hundred per cent. The obligations The United States unable to coin both of every debtor were doubled. Prices gold and silver as provided by the Con commenced falling and still continue stitution! What nonsense!

Why is

to fall; enterprises were wrecked and Mexico able to maintain free coinage of are continuing to be wrecked. The silver alone without the aid of Europe? money of the combination controls everyWhy is Japan able to maintain the free thing and absorbs the wrecked fortunes coinage of both gold and silver alone of those who have been destroyed by without the aid of the Rothschilds or any the iniquity of the conspirators. This

conspiracy against civilization benefits There is another suggestion of the only those who by stealth and cunning goldites which the gold press and hungry have placed themselves in a position office-seekers frequently iterate and rewhich enables them to say to the nations iterate. They say if the price of propof the world, “Stand and deliver, or we erty which the people sell is low, the will ruin you.” It enables them to say price of property which they buy is also to every monarch in the civilized world, cheap, and the poor wages paid to labor “Divide the substance of the people with is compensated by cheap living. In short, us or we will destroy your government,” cheapness is beneficial and benefits everyand to say to Mr. Cleveland, “Give us body alike. ten millions of the people's money and The absurdity of this stale argument is buy protection for the country for nine illustrated by the object-lesson presented months.''

by China. There everything is cheap; The power to command and extort, wages are from three to ten cents a day, which the gold conspiracy has acquired and the people live on less than it costs by reducing the money of ultimate pay- to feed American chickens. All the ment to gold alone, ought to satisfy the wealth in the country is owned by a few greed of Shylock and the ambition of nabobs and mandarins. Do the people Lucifer. With no motives but ambition of the United States want such cheapand greed, it is natural for the conspir- ness? If they do they want Asiatic ators to invent hypocritical, equivocal, civilization. Besides, falling prices are and dishonest phrases and put them in more disastrous than the stationary the mouths of subservient politicians and cheapness of Asia. Every investment echo them through the commercial press, in any kind of business or enterprise is which they own and control.

seriously embarrassed by continuously “Parity of the two metals" is an- falling prices. The farmer, the manuother cheap-John catchpenny phrase. facturer, the merchant, or any other What do they mean by it? If they mean man engaged in business, feels the loss anything they mean that silver shall re- when his property depreciates in price. main demonetized until the market value Profits are reduced, and if business is of silver bullion, with silver so demone- continued loss and ruin follow. Entertized, shall rise to the market value of prises are stopped and labor is thrown gold bullion with gold continued mone- out of employment. The result is unitized. This impossibility they require versal stagnation in business and enbefore the mints are opened to silver. forced idleness throughout the land. But They know full well that if silver had falling prices are not only disastrous but the same right of mintage with gold, the absolutely ruinous to the debtor class. parity between the two metals would be The aggregate indebtedness of the people restored and maintained as it was for of the United States, public and private, thousands of years previous to the crime is estimated at about thirty thousand of 1873. But what do we want with millions, drawing an annual interest of parity of one metal with another? What about two thousand millions. Five hunthe people want is parity of money dred millions is exacted by the general with labor and the products of labor, so government through taxation, and the that money, which is only a measure of taxes for State and municipal purposes value, shall be an honest measure be- are estimated to be double that amount. tween the rich and the poor, the debtor The people engaged in productive enterand the creditor.

prises must sell much more than they buy. They must sell enough to pay reason why they do it is well illustrated taxes and interest, educate their children, by Mr. Cleveland's own case. support the church to which they belong, The country now sees the effect of and meet many incidental expenses be- falling prices, and it seems idle to be fore they buy at all. The fact is that compelled to tell the people that it is not the fixed charges upon the people of a good thing. No country has ever prosthe United States absorb the proceeds of pered or advanced in civilization while all they can sell, leaving only a meager prices were falling. Every country and parsimonious support for themselves which has made any progress in civilizaand their families. This is true of the tion has been able to do so through an inmost enterprising wealth producers, while creasing volume of money. Reason and millions are suffering for the necessaries experience teach us that falling prices of life. What a mockery to say to them lead to bankruptcy, ruin, slavery, and that the cheapness of the few articles barbarism; that rising prices lead to which necessity compels them to buy wealth, prosperity, and higher civilizacompensates them for low wages and low tion. Times were good when Solomon prices for what they are compelled to sell built his temple, because gold from the to keep the red flag from the door and the land of Ophir was abundant. Times sheriff from ejecting them from their were bad when the Roman legion occuhomes !

pied Jerusalem and the money of Judea · It is easily understood why Mr. Cleve- was transferred to Rome. Times were land regards the gold standard as sound good in Greece when Athens was the money. It took on an average 33,333 university of the world and the armies of bushels of wheat per annum to pay Presi- Greece were invincible, because the dent Grant's salary. It now takes mountains of Thrace were furnishing an 83,333 bushels of wheat to pay abundant supply of the precious metals. President Cleveland's salary for one Times were bad in Greece when the year. In other words, if the salary mines were exhausted. The people, beof President Cleveland were paid in ing impoverished and without money to wheat, he would receive 50,000 bushels defend their country, became a prova year more than President Grant would ince of Rome. Times were good in Rome have received. Is it not preposterous in when her conquering heroes had robbed Mr. Cleveland to contend that the farm- the world of gold and silver, and were ers who raise 50,000 bushels of wheat enslaving their conquered enemies to more to pay him than they did to pay mine in Spain and Italy, because there President Grant are as much benefited was nearly two thousand millions of gold by low prices as he is? Mr. Cleveland's and silver in circulation in the empire. case is the case of all officers and persons Times were bad when the barbarians of having a fixed income or drawing interest the North overran and conquered Rome, on time contracts. The case of the farm- because her mines had failed and her ers who raise the additional 50,000 bush- coin had disappeared by wear and loss, els of wheat is the case of every wealth and Rome was conquered by poverty and producer in the land. None but office- want before the foot of a Northern barholders, annuitants, and coupon-cutters, barian entered upon her soil. Fourteen and those whom they control, argue that hundred years of contraction of the a shrinking volume of money is “sound money volume are called the Dark Ages, money” and “safe currency," and the and people wonder why it was so called,

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