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Waterbury, New Haven County, Connecticut
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A London Financial News editorial predicts that if the US adopts free silver, it would control markets in America and Asia, ruining British trade despite some losses on gold obligations. It criticizes US imitation of England and urges action against greed.
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If the United States Adopt Free Silver. They Can Gain Control of the World's Markets.
Goldbug papers pronounce the following editorial from the London Financial News, the leading financial newspaper of Europe, one of the "humors of the campaign:"
"There is a plain moral in the remark that if the United States should venture to cut herself adrift from Europe and take outright to silver, she would have all America and Asia at her back and would command the markets of both continents. The barrier of gold would be more fatal than any barrier of a custom house. The bond of silver would be stronger than any bond of free trade.
"There can be no doubt about it that if the United States were to adopt a silver basis tomorrow British trade would be ruined before the year was out. Every American industry would be protected, not only at home, but at every other market. Of course the States would suffer to a certain extent through having to pay their obligations abroad in gold, but the loss on exchange under this head would be a mere drop in the bucket compared with the profits to be reaped from the markets of South America and Asia, to say nothing of Europe.
"The marvel is that the United States had not long ago seized the opportunity, and but for the belief that the way of England is necessarily the way to commercial success and prosperity undoubtedly it would have been done long ago. Now, Americans are awakening to the fact that so long as they narrow their ambition to become a larger England they cannot beat us. It has been a piece of luck that it has never occurred to the Americans to scoop us out of the world's markets by going on a silver basis, and it might serve us right if, irritated by the contemptuous apathy of our government to the gravity of the silver problem, the Americans retaliate by freezing out gold. It could easily be done.
Every man with a heart in his bosom ought to find it easy to join in a campaign against greed. It is greed, not anarchy, that threatens the destruction of the republic."
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United States, Europe, South America, Asia
Story Details
London Financial News editorial argues that US adoption of silver standard would allow dominance over world markets, especially America and Asia, devastating British trade, while criticizing greed and US imitation of England.