Show OUR FINANCIAL Wo We W u copied recently from Irom McClure McClure's 5 the state state- statement men ment that thai the thc Morgans J. Morgans-J. J. J Pierpont t j and his lather father reopened America to the huge i investing vesting resources resources re re- re- re sources of England It was perhaps necessary The Tho government owed a mighty indebtedness from the great war the railroads that thai had been projected pro pro- an and built with little capital save from froni the selling of interest bearing notes note were in a fearful plight and the country depended then as now upon the railroads to get their j to market and to open ne new fields In that way more progress was made between 1870 and 1900 than without it have been made in in twice the time but note what the people have paid in interest and what s 8 still to be paid Five per cent bonds mean that the debt if t tl t. t inter interest st is paid h been once onee paid every twenty years and the principal is as great as ever It is not so bad when the tho debt is a home debt for the interest in that case ease merely changes hands and still remains a part of the volume of f money in the country But when that indebtedness reaches such an amount that the interest about absorbs absorbs absorbs ab ab- ab- ab sorbs all the annual net profits of a country and is 18 s sowed owed to foreigners the case is clear that the debtor nation simply works for the cre creditor nation That w we think is the case of the United States today We have but two sources from which the money of I the country can can be increased one one is through the yield of the prec precious precious ou f metal mines mines mines-in in our country only from the gold mines mines and and the other is through a profit in foreign trade So far for the past fifteen fifteen fifteen teen years we have from these sources gained on onan onan onan an average some annually But note what has become of it Interest owed by the gove government gov- gov gov gov- e and corpor corporations in foreign countries and aud dividends due fo foreigners eigners on investments in this country per annum for fares and freights paid to foreign ship owners O Oper per annum money spent by tourists in foreign countries say making a total of Land and property generally has increased increased increased in in- creased in value in our country in those years but w. w we do not believe that there is as much money in inthe inthe inthe the country as ther there was a dozen years ago Ve We mean of course real money There is a wide distribution distribution distribution dis dis- dis- dis of national bank notes but they are not money Is it n not t reasonably clear that in all these years the American people have been working simply simply simply sim sim- ply fo for foreign creditors 1 And if any emergency arises where a large largo amount of loney toney for any use is required what is the remedy under the present system 1 Why float more interest bearing bond and sell them abroad and thus increase the national national national na na- na- na slavery And if a company can find a new route over which a cheap railway would pay by cheap we mean a road that would cost equipped per mile what is done 1 It organizes issues issues is is- sues stock and bonds at per mile sells the stock builds the road pockets per mile and owns all the capital stock The bonds gravitate gravitate gravitate tate to Europe The people pay in fares ares and freights the operating expenses repairs and the interest interest interest in in- terest o on the bonds and as much more as the traffic will bear And for every mile of the road the interest is sent abroad What would come with IH years year's crop failure What is the matter with the president and congress that this whole business is not overthrown in a month 1 When the great civil war was raging and the expenses reached over per day the people people peo peo- pie looked on and shuddered and thousands said I The debt will have to be repudiated There is profound peace now and the secretary of agriculture ture reports a crop worth to say nothing of f shop and factory and mine but we are every day running behind more than That is the money we have to send abroad exceeds that amount and the principal remains a sword of I Damocles hanging by a thread over our country all aU aUthe the time Has lIas the reason of the men of the United States States' i been lost 1 |