But the United States Treasury is, and has been for over thirty years,
the clearing house for the foreign holders of American securities. We
are a mortgaged nation, and the office of our National Treasury is the
place of all others where our foreign owners should get their interest.
We are still in possession of the office, however, and in this we are
ahead of Egypt, but it will take much hair-splitting to show any
substantial difference in the results.
History does not contain, the imagination cannot evolve, a more damnable
exhibition of incompetence than this failure of our scrub statesmen to
extricate their country from the clutch of its foreign masters.
Ruling one or the three principal gold producers of the world, they are
compelled to resort, to all the shifts known to the desperate bankrupt
in order to keep a few millions of it in the Treasury, and thereby save
our whole monetary system from going to the dogs. For let us not delude
ourselves; the moment the United States Treasury cannot give gold for
its greenbacks, that moment will the history of the greenback begin to
repeat itself. And we are not saving ourselves by making greenbacks lean
on silver.
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