Rensselaer Republican, Volume 27, Number 35, Rensselaer, Jasper County, 7 May 1896 — BRITISH TESTIMONY. [ARTICLE]

BRITISH TESTIMONY.

The foundation of this country’s financial trouble is an overdose of democracy, and to this fact there is plenty of testimony, not only in the experience and observation of our own citizens but in the admissions of democracy’s allies off- the other side of the Atlantic. A clearer or more candid statement of the situation could hardly be made than the following editorial from the London Standard: When the barriers of McKinleyism were partially demolished goods rushed in from abroad to fill up the empty spaces in the home markets of the Republic. Our ' woolen “manufactuxefl---iu particular.benetited by this~changq, as the trade and navigation returns of the United Kingdom very clearly exhibit. For the eleven months of 1895 for which we have the figures, the United States have taken

nearly six millions sterling worth of woolen and worsted tissuse from us, as compared with less than a million and a half’s worth last year, and not much intrre than two and a quarter millions’ worth the year before. A gap produced by the long suspense of the tariff question had to be filled up, and the enlarged market opened by the reduced tariff further increased the buying. To a less extent' the same phenomena were discernible elsewhere, and the broad general result was that at the very time when the States, fiudiug the markets for their own productions restricted or unprofitable abroad, they saw foreign goods pouring in upon them in an augmenting volume. They therefore had more to pay and less to receive, and as they also owed a great deal of money adroad their foreign exI change market became permanently adverse. Shipments of gold to Europe were soon tho order of the day, to such an extent that the Goverment of Mr. Cleveland has had to intervene three Jimes within two years by selling interest bearing bonds in order to replenish the stock of gold in the publie Treasury.