The midland journal. (Rising Sun, Md.) 1885-1947, 1889-05-17
Money. Money.


on this important subject.
One Of our dai.ies demonstrates with some
of our Western farmers against their de-
mand for larger circulating medium. Ii
threshes over plenty of old straw, such as
there being plenty of money at low rates,
etc. There is not plenty OF money, and an
idiot ought TO have pretty nearly sense
enough TO known it. There is locked up in
the United States treasury the largest pile
of money that the world ever saw; the ciScu-
lation of silver is discouraged to the Utmost;
the banks have curtailed their circulation;
the greenback circulation has been cut
down, and the result of all is that the per
capita circulation of the United States is the
smallest of any nation in the world. The
most of The business of the country to-day
could not he done at all il it were not for
individual checks that are made TO pay any
where from two TO dozen debts before they
reach their banks. No sensible man advo-
Gates an unlimited supply of money, but
every sensible, honest man ought to advo-
cate sufficient volume of currency TO float
the commerce of the country.
But how shall the money be- got in cir
culation? Shall the government make a
present Of it to the peopltp These are ques-
tions that the daily ,eftrred to foolishly
asks! 1t is not stupid enough to be sincere
in asking snch questions. The first trouble
comes from not compelling the banks to
maintain full circulation. Good borrow.
ers are ready 10 take money if they can gel
it at reasonable rates. IF the banks were
compelled TO carry circulation sufficient
for the needs of the country, money would
not be locked in their vaults until some
man who could get along without the mon.
ey, upon pinch, applied for it. The banks
would seek borrowers instead of the Dor
rowers seeking the banks, and that is what
ought to be.
AT present the money of the country is
made an article Of commerce, and as the
banks are permitted to say how much
''stock' they will carry, they can and do
limit the supply, and are dictators in the
strictest sense Of the word. The govern
ment can say how a banking business which
is directly under its patronage, shall he
managed. 1t does not say so now. The
banks say how they propose to manage TIE
business, and the government agrees to it
The time will come, We believe and hope,
when the government will manage the
banking business of the country in the in =
terests of the people.
To the above we will add word. II
matters not how low the rate ofinterest may
be at the money centers." farmers and
people in the country must paw six per cent
if they borrow. Yet money is so plenty
that bonds issued by New York city are
eagerly snapped up at q per cent and a
plethora of money is proclaimed by com.
mercial papers. This is termed 'sprosper-
ity" and the advance in the wealth of the
nation is pointed to by that class of papers
and stump orators os unexampIed prosper
ity. But is it a healthy condition when the
blood of man is gorged in the head?
Neither is it sign of health and prosperity
when the money of the nation is found
piled in government vaults, collected in the
hands OF brokers. bankers, gamblers 10
stocks, trust combines, ETC., and the products
of industry at the lowest point ever know in
this country. When the above class can
control all the money of the nation. they
can dictate the price of all kinds of produce
and set the price of every article that the
producing class has to buy. And this is
precisely what has been done and is now
being practiced. The gold ring control Of
the finances of the country through the
United States Treasury, for the last quarter
century, has got business down to the finest
point 10y scientific manipulation of money
that it has ever been brought to. The TAX
ing from the many for the benefit of the few
has never before been witnessed In the
worlds history on the magnitude of the
scale that il is practiced to-day. How long
can this condition of affairs last with the
great agricultural industry of the nation
paying not more than one tenth of one per
cent, while this commerce in the nations
circulating medium pays so per cent and the
large manufacturing industries 80 to IS per
cent?