The midland journal. (Rising Sun, Md.) 1885-1947, 1888-04-13

Under the above caption the Dank
ing firm of Harvey Fisk q Sons, OF
New York, publish the following cir-
cular letter which contains in q briei
space much information which the
general public would bo the better fo'
becoming more familiar with. We
place the letter in the Farm Depart
ment in the hope that farmers will be
induced to study government matters
more than they have done in the past.
More Of such information will be Of
great advantage to them in the future.
1t is we'll TO seriously ask, "What 10
the 'Trouble'l" when all securities
stocks and bonds. and even Govern
ment Bonds, are steadily declining =
when all products; when the great
stsple-iron; when wages, as we'll. Of
the hard working man, are all declin-
ing. ["Capitap cannot keep mp its
wages to the working man un.ier these
conditions. and in consequence
"Strikes," "Strikes" all over the land,
and worse yet to come, it the "Treas.
ury" is to be allowed TO keep on in the
lockipg.up process.
We say it is we'll to ask with all
seriousness, "What il the 'Trouble'?"
With our population increasing with
uuexampled rspidity, with peace in all
our borders, why should this be?
If a we'll, hearty and strong man
should suddenly lose quart Of blood.
and each month. blood should dribbl",
drlbble from his veins, would any one
aware Of this tact ask, "What is the
No! Why should they?
The "Trouble" is, the depletion Of
the life blood of the nation in the loss
of its currency.
II some strong combination should
suddenly withdraw even ten millions
Of currency from active use. it would
almost create panic.
What is the fact? There is now
locked up in the Treasury Of the
United States nearly two hundred
millions Of currency. once in active
use. Let this ont, and at once the
"Trouble will cease
The President Of the United States
has seen fit to raise point about law
authorizing the use OF the surplus in
buying bonds, under which Law already
nearly two hundred millions of bonds
have been bought--much to the ssv,0g
Of the people. He asks Congress to
re. enact the same lsw,-wh,ie waiting
for this, the country suffers. The
'' House" promptly re enacted the law;
the "Senate" will ins time do the came.
During the terrible wsr Of the
the Government was
compelled to pay six per cent. on its
bonds, in gold, to obtain money. Then
the National Banks could afford to pay
the one per cent. tax on their currency
now, when bonds will pay at
prices only about u per cent,
the same tax 10 imposed, aud, 10 con-
the currency issued by them
has decreased over one hundred mil
lions, and the whole Of this amount IL
locked up 10 the Treasury.
Congress should order the Admins
trstiOn TO at once invest all the surplus
10 Government Bonds; should at once
take the tax from Natiosal Bank CIR.
should at once order Q safe
part of the hundred millions locked up
for retired National Bank circulation
TO also be invested in Government
Bonds, and the "trouble," IS far IS
caused BY the loss Of life blood Of the
nation," would cease at once.
Can the Government purchase two
hundred and fifty millions Of its own
Bonds? We cay yes. without trouble
They are falling due in 1891, two hun.
dred and thirty millions Of a per cents.
These could nearly all be obtained to
save the Government two per cent per
anaum for the time they have To run.
The "Fours" could be obtained in large
quantities to save It per cent. per an
aum, and the "Currency Sixes' to save
q to 81 per cent. But, as the 43s fall
due so soon, it would seem the part OF
prudence to retire them frst.
We insert here some startling figures
as 70 the extent Of the withdrawal of
currency from the business Of the ma.
ton.
The following figures are from the
oficial statement Of J mes w. Hyatt,
Treasurer, U. s., issued March 81. 1888
Gross amount Of Cash in his hands
as Treasurer, 1878. 15S ,37l.69, against
which has been issued in gold, silver
and legal tender note certificates S292,
395, ,S94.O0, leaving net mouey in his
hands rs Treasurer, $3.50, ,762,917 90,
out of whish The Treasurer has SOL.
23l,s47.86, lying in the National
Banks, secured BY deposit with hi'n OF
Bonds.
Of this vast sun, sl0O,OOO,OOo H.