The midland journal. (Rising Sun, Md.) 1885-1947, 1889-02-15

0uW ihbSAOoU AZ 6SAU WAaSA 80 ~
manded. This is exactly the case
with farm mortgages and every
species of debt. This state of things
has all been produced by the con-
spiracy of the 'gold bug' class
against the productive industry of
the United States and European ma
tions. This deplorable condition of
affairs can be changed very readily
if the peoples representatives in
Congress so will it. But every man
in Congress heretofore who has dared
to give his voice against this system
of extortion and robbery, and advo.
cate reform, has been ruthlessly set
upon by those conspirators and de.
feated at the polls through the
agency of the people, who are prone
to believe every falsehood published
against their best and truest repre-.
sentatives, by the minions of these
conspirators.
In the days Of old state banks it
was considered very safe business II
bank kept in its specie vault one
dollar in coin for three dollars in
notes which it issued. With this coin
reserve no draft was liable to break
the bank unless in time of extreme
panic. There never could be panic
raised against the United States gov.
eminent. In its vaults are now
stored more than 100000 in
coin and bullion. On that basis it Is
entirely safe to issue eighteen hun
dred million dollars in silver and
gold notes, and at the same time re
monetize silver making it legal
tender again as it formerly was.
If the Treasurer was authorized to
issue certificates for all silver and
gold offered, the currency of the coun.
try would soon be represented dol
lar for dollar by bullion in the treas
ury. Money becoming plenty the
premium on bonds would fall, for the
rise in interest with the increase of
the circulating medium would lower
the price of bonds below par, which
would be placed ON the market to
procure money to invest in other
lines that paid more interest which a
stimulated industry and business
would give confidence in and make
safe investments. The present
National Banking system which is
robbing every industry through its
double taxing system would be
swept out of existence, and those
who followed banking would ex-
change other property for govern.
ment notes. payable at the United
States Treasury in coin, and no
longer. draw. interest from the U. S.
treasury and interest on the bank
bills of the government as they are
now doing.
The decrease in circulation, the U
S. Treasurer tells US, has been $l7,.
100000 in the last year, which means
additional value to all debts pubic
and private. The greater the con-
traction of the circulating medium
the lower prices must go of every
thing produced, which is the same
thing as increasing the amount of
debt. In the face of this condition
the Treasurer says:
''The recommendations of the
comptroller as to new legislation
are, first, the funding of outstanding
greenbacks in bonds bearing not
over two and one half per aunum in.
terest. available only as basis for
national bank circulation, and pay.
able only upon failure of the bank
or upon its dissolution otherwise,
the banks to receive par of the bonds
in circulating notes."
You see tina. this finance man of
Mr.. Cleyeland's administration, as
of all his predecessors, is one of the
bond party. He has the supreme
lmpudence to recommend that the
government greenbacks which have
been used by the people as money
since 1868 without interest shall all
besdrawn in and burned, and in their
place bonds shall be issued bearing
interest, to be paid to bankers who
shall deposit the bonds with the
treasurer and receive their face val
ue in bank bills to discount with