The midland journal. (Rising Sun, Md.) 1885-1947, 1889-09-27
Nloney.

In 1873 the circulation of the (National)
banks rose to $342, 100000, since which
time it has rapidly declined and is now not
more than 1929, 900 900. This rapid deple
lion Of the bank note circulation is one of
the most remarkable features in our banking
history. The total contraction during the
last five years has been $3.50, 900 900. This
enormous and unprecedented withdrawal of
bank notes would have caused severe per-
tGrbation and frequent monetary stringency,
with other grave disasters, but for various
safeguards, one of which is that the cancel
led bank notes when they disappeared from
the channels of the monetary currency were
replaced by other currency issues, and cs-
pecially By the issues of silver coin and of
gold and silver notes.-the Ftnancter.
Is it matter for surprise that prices of all
products have steadily tended downwards
| with this enormous contraction and with
drawal from the channels OF trade, till the
volume Of currency was Of a convenient SIZE
10 handle by professional currency manipu-
lators? Besides being reduced in volume,
| the money has been collected into the hands
Of a comparatively few individuals, who be
ing able to control large part of it, these
few Rave managed 10 transfer most of the
property Of the country into their hands
81 goo persons it is stated own three-ifth'
of the property Of the United States. Hac
it not been for the issue of silver dollars anc
gold and silver notes, directly from the
Treasury without the intervention of bank
ers and other professional money manipu,
lators, what would have been the condition
of the producing classes at present? 1t II
hard to conceive of the distress and poverty
among the masses that would now exist.
The financial policy which places thu
currency in the power of bankers TO contro
its initiation or contraction at their pleasure
as they can readily do by The Nationa
Banking System, is to hand the entire in
dustriai population over t. the tender mer
cies Of a government created plutocracy
The power that holds the purse strings OF ;
people is the power that holds their Liberties
in lis hands. In place of there being ;
necessity for the government passing th'
currency of the nation through the hand
of class of bankers before it reaches the
people there is not sensible excuse for it
The policy pursued, and insisted on by the
bi metalsts, which has forced the govern
ment to issue silver dollars and gold anc
silver notes-though unwilingly compiled
with, and to limited extent-has saved
the country from ore Of the most destructive
money famines and the greatest devastating
era Of bankruptcy that this nation, and per
haps any other, has ever known. Will
over six hundred millions of gold and silver
piled in the vaults of the treasury and
ninety-ive millions of the precious metals
produced annually from our mines, the peo-
pie through their government should be in
dependent of the whole horde Of money
manipulators. The U. S. Treasurer could
be ordered by Congress to issue notes based
on and made payable on demand, in this
immense mass of gold and silver wealth
virtually idle and unproductive in the
treasury, and the output of our mines
reaching nearly hundred millions yearly,
and which would all flow into the treasury
in exchange for demand notes based on the
uetal. Bankers would then be unable to
contract the circulating medium at their
pleasure, and be placed on an equality
with those in all other lines of business.
The National government would be the sole
uttcrer of the money of the country, with
gold ond silver in its vaults ready to re-
deem millions of notes if need be on de-
mand. 1t is the credit of, and the millions
of specie ia the hands of, the government
that stands behind all the National Banks,
the Bonds, the Greenbacks, and sustains
them, and there is no reason for class Of
National Banks to be reared up between the
government and the people, receiving the
money from the government and passing it
over their counters to the people, The
whole scheme and theory of National
Banks having control of the nations cur
rency is a financial juggle soon to be
abolished