The midland journal. (Rising Sun, Md.) 1885-1947, 1889-10-18

the substitution of National Bank Notes for
greenbacks, and to that end l venture TO
submit for the consideration of Congress the
following measures:
81. Funding in bonds the greenback debt
of $346, 68l ,016, or so much Of it as may be
presented at the Treasury within limited
period of time, say three years:
20. The bonds to be issued only to Nation
al Banks presenting greenbacks for that
purpose; to bear a low rate of interest not
exceeding q per cent, and TO mature only
upon the failure of the bank or upon lis
dissolution, whether voluntary or upon the
expiration of its corporate existence.
! -. The bonds so issued to be available
only as deposit TO secure National Bank
circulation, and entille the banks deposit
ing them to receive circulating notes to Ihe
amount OF their face"
In plain English the above advice from
the Comptroller is TO take up the greenbacks
redeemabIe in gold and issue National Bank
notes, not redeemable in specie, and perPet-
uate the National debt for ever, for the pur-
pose of paying the banks q per cent interest
on the capital they are using in their BUSH
ness. With such comprehensive system
of national 6nanceering as this is it matter
of surprise that in the very height Of the
most productive industrial period Of the
worlds history, that the purses of one class
who produce nothing, should swell with the
accumulation of thousands of millions
while the classes who produce everything
should be pressed steadily downward
toward the borders Of poverty?
To further elucidate the imposition Of the
gold ring upon the people Of the United
States read the conditions on the Nationa
Bank note:
"This note is receivable at par In al
parts of the United States in payment Of al
taxes and excuses and all other dues of thu
United States except duties on imports, ant
also for all salaries and other debts and de
mands owing by the United States to indi-
, viduals, corporations and associations with
in the United States, ercept interest on til
, public debt." Mark this. National Baul
E notes will pay every debt in the United
:, States but interest on the bonds that wer
issued to capitalists for greenbacks. Tha
mus, be paid in gold. These notes are goo
enough money for the working millions bu
the gold ring must be paid in gold for tn
bonds they purchased with the peoples
y greenbacks And our Wall street Treasur
r ers and U. s. Senators leave no stone un
n turned TO perpetuate this condition ofafiair'
e 1t must be born in mind that every bon
= was purchased from the government wit
: greenbacks and National Bank notes whe
i these notes were far below par in golc
k Large amounts of these bonds did not coz
!, the capitalists more than fifty cents on tn
g dollar in gold. They were all issued lon
r before the government began to redeem II
e notes in specie. As the issues became du
: they were refunded, and latterly at a lowe
y rate of interest.
h The financial policy which has kept tn
: bonded debt from being paid in the none
e it was created with, has enabled nonopoli,
II 10 spread over the land and absorb the carr
re ings Of labor. resulting in $1,000 person
n owning three-ffths of all the property
g the county, and threatens to drive our farm
n ers from free holerds to tenants ofgreat Ian
k lords. Shall this thing go on unchecked