It does not look like business to make purchases abroad with income
producing property. But when they buy, say $50,000,000 of government
bonds at a clip, as did the late Wm. H. Vanderbilt, they turn the
interest as fast as it comes in into more income producers, and this
leaves their cash-till comparatively empty, so that when they need money
quick, for there is much competition among this gentry, as in the case
of a big jewel or a princeling, they have no option but to be up and
away, and our securities being pie to them over there they grab a lot,
and then the rush begins.
Nevertheless there must not be the semblance of injustice done to these
foreign investors in our securities when they arrive here to make terms.
We have the right to stop the interest, but the securities themselves we
must redeem. But redeeming them all at once in gold being out of the
question, and as that is the only kind of coin that is now acceptable to
the foreigners, they must either wait until we get enough of gold, or
until they think better of silver, and are willing to take that metal in
part payment, and in the meantime while they are making up their mind,
about it they must accept the best we are able to give them, namely
non-interest bearing bonds.
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