Jasper County Democrat, Volume 1, Number 49, Rensselaer, Jasper County, 18 March 1899 — POLITICS OF THE DAY [ARTICLE+ILLUSTRATION]

POLITICS OF THE DAY

TRADE BALANCE FOR 1898. Among the many Items of unusual interest contained in the annual report of the Secretary of the Treasury for the year ending June 30, IS9B, none will interest thoughtful persons more than the extraordinary showing of our trade with foreign nations. Our exports during the past year reached the phenomenal sum of $1,236,587,569, or more than one hundred million dollars per month. During the same period our imports fell off greatly, amounting to only $646,977,435, the lowest figures for eighteen years, except the years 1881, 1885 and 1886, says the Silver Knight-Watchman. The figures given include silver bullion, which must be classed as merchandise, since the mints are closed against the coinage of that metal. After offsetting imports with exports, there is a balance due the United States of $639,610,134. This represents the amount of gold the United States should have received from other countries during the year, and our gold moiley ought to have been increased by that amount. The Secretary’s report, however; shows that the excess of imports over exports of gold during the year amounted to only $104,985,285, or $534,624,849 less than the amount called for by the trade balance in our favor. How docs it happen that of the $639,610,134 due us from other countries to balance the accounts of last year we actually received in gold less than onefifth of the amount, or $104,985,285?

The answer is, the United States is a debtor nation, having an enormous interest account to meet in Europe each year. As near as it can be ascertained, the indebtedness of the people of the United States to the people of Europe amounts to six billion dollars, consisting of national. State, city and county bonds, the bonds of railroad and other corporations, and mortgages on city property and farms. The interest on this indebtedness, together with rents on American property owned by foreigners, must be paid by Americans to foreign ship-owners for freight and the money expended by American travelers abroad, fully accounts for the difference between the amount we received and the amount that was due to balance the accounts of last year, as herein set forth. Thus it will be seen how completely the industrial forces of the United States are within the grasp and at the mercy of the bondocrats or gold trust of Europe. The largest trade balance that has ever accrued to the credit of the United States prior to 1898 was In 1897, when it amounted to $286,263,144, or $353,346,990 less than that of last year. Therefore it will be seen that if we were able to draw from Europe last year only $104,985,285, we must have largely added to our foreign debt in 1897, notwithstanding the large trade balance in our favor, and that our foreign indebtedness must have been greatly augmented yearly for many years prior thereto. We have abundant evidence that this is the case, because for many years it has been common knowledge that foreign capital was being used in the construction of railroads, and that foreign capitalists were making large investments in our flouring mills, breweries, mines and other enterprises. The treasury tables during these years failed to show that gold, to represent these Investments, had been In our favor every year except three for the past tw’enty-three years. The Investments made by foreigners in this country have simply beep reinvestments of the interest and dividends accruing to them on their American holdings. The foundation of our vast foreign debt was laid in the years immediately following the civil war, through the manipulation of American securities by British financiers. This country was at that time under a suspension Of specie payments, and English financiers not only manipulated our markets through the gold board, but through their agents and partners manipulated ouY politics, ana secured legislation 1b force the resumption of specie pay-

ments through a policy off violent erne rency contraction, « etfiteßatol in their succeeding to foretog ntjaunptien in gold alone. The history eff <etwy step taken in the manipulation «T earn* public debt and currency from t*r close of the war down to and totteding the demonetization of sSvw to 1873. is a history of crime .against American producers and tabnrera to the interest of foreign and doanestje bondholders and money dealers. When resumption took place it was on borrowed gold, and our foreign *>M5gations outstanding at the time nefinesented many times over the amount gold in the country. The folly «ff (toning the mints to the coinage es «Shnw, which was at par with gold the wtndd over at the ratio of 13% to 1, is not ftey known to our jieople. The growth off foreign and domestic todebtettoess during the past quarter of a ccntany, the development of millionaires and pampers and the multiplicaticm of the homeless are among its fruits, and its deadly work, which is yet but fairly begun, if persevered in. wfll to tbeete reduce our people to a dependent tenantry. s

Wkit Cos-tcm I»dL What the Fifty-fifth Congress was elected to do and what it really aid are two quite different things. Taking the Republican platform as a guide as to what Congress should iraxxdone and its own actions as to what it actually did, the account is easily summed up. The platform advocated a proteetksn..

Congress gave that with a vengeance, but failed to secure revenue. Reciprocity was promised to the pitaffferxß. but neglected by Congress. Duties for the restoration off like American marine were recommended, but no swh duties were levied. Pensions were promised, ate it earn be truthfully said that there was no economy practiced in that matter. As for foreign affairs, the yftatffomi “The Nicaraguan canal sfticnjM he built, owned and operated by the United States, and by the purchase the Danish islands we would secacne a groper and much-needed naval teattosi Ul the West Indies.” Nothing was terne in regard to either off these important matters. Sympathy for Cuba was expressed to the platform, and the I*emocrats to Congress forced the redemption off this liromlse. Civil service was approved ate its extension advised. Nothing was terne to extend civil service and everythltog to contract its influence. But Congress has broken the reoond of extravagance. It has passed a late army bill, it has made the eensns bateau into a scramble for spoils, ate han allowed politicians to bring death ate suffering into the army. Representing the Republican party, the Fifty-fifth Congress has made a record which will destroy the temtototration it represents.

For Workinararen to Cum in. If this administration takes over the Philippines permanently the savages whom we are now shooting ate tayanetlng will next appear as oeapettfeon with American labor to the totetstiial field. The cotton goods wvfcicfc we are now sending to the far east may same day be manufactured in Manila, ate the raw product carried acnsas the Pacific in ships to which the pfflf afftbis country will be compelled to pay asufcsidy. The products of the rbfflltfflßi n tobacco and sugar—may be brought iato competition with the products off the United States, and when that tiaue comes American labor will site ttoeif confronted with the problem of reduced wages.—Baltimore flea. Insolence of Inmerisll— Imperialism is showing up in its tree colors when an arrant pair of teauagogues like Grosvenor of Ohto <MrKtoley’s political chief of staff* ate Ctannon of IQinois bawl «t "treaete" ee the floor of the House as ttafr boot Answer to Democrats, anfl Populists who denounce potMteate’ ter sis ‘teil♦rtrttfngrtiee te the KMmMKvJhttebtoc fete. ,