The midland journal. (Rising Sun, Md.) 1885-1947, 1890-03-07

Debts of railroads. 4,4Sl, $40 i'oo
Debts to national banks. ........ l.s06,729 1884
Debts to other banks .......... 1850 ,0SS 6I2.0O
Debts to insurance companies,
capitalists and others. ....... 5000. 600 90
Total. .s2l $40 ,l69. 7S
sOf course the last two items are mere
conjecture. They are, however, probably
noSexaggeration.
"Dr. Denslow quotes, in,a note on page
448 of his work on Political Economy, an
estimate of the entire Indebtedness in the
United States, published in the Iron Age.
The aggregate of debts, public and private,
contained in this estimate is $27 1868, 247 ,04S.
This may be an exaggeration. But however
tina, may be, the debts of the people of the
United States are simply enormous.
"The assessed valuation of property in the
United States, for the purpose of taxation,
was, according TO the census of 1880. $16,-
9O2, 1898, SAB. In 1888, according to the
American Almanac, the assessed value of
the property Of the thirty-eight States of the
Union was $22,637 1888 ,298. Whether or
not the debts of the people of the United
States equal or exceed the assessed value Of
their property is immaterial for the pur-
pose of this argument. But it is undoubt-
eddy true that the aggregate Of debts very
nearly approximates in amount the assessed
valuation of the real and personal property
of the United State.
X Il Il +
"The capital which is borrowed has a
right to select at pleasure from the produce
of the country certain articles, the price Of
which equals the value of the money at the
time the loan was made. An equitable ad-
justment Of the contract at the time of pay
ment would seem to be an amount Of money
sufficient to buy the same quantity of prop
erty which the money borrowed would COM
mand at the time the loan was made. This
would return to the creditor the capital
loaned without increaae or diminution. In
other words, if money were dearer, he
should receive less; if cheaper, he should
receive more. All the creditor is equitably
entitled to is his capital with interest. He
ought not to suffer loss or make gain of
capital beyond the interest stipulated to be
paid. A creditor will not be justified in
conniving with other creditors after the
loan is made to diminish the supply OF
money for the purpose of obtaining from his
debtor greater value for the principal Of
his debt than he loaned.
INTEREST IS SUFFICIENT COMPENSATION
FOR THE USE OF MONEY.
SIT must be admitted that wilful change
Of the contract by legislation is dishonest
and ought TO subject the offender to punish
ment. This is the view entertained BY the
producing classes of the clandestine acts
which demonetzed silver. They are an
able to distinguish them from any other
pooling or cinching process invented by the
knaves of stock boards to swindle the
unwary.
SIT is manifest that the reconciliation Of
silver is paramount necessity. Without
it the nse of gold as standard money is q
delusion and fraud. A sufficient supply
of that metal is impossible. Its use eau
meyer become universal. If the world is to
have metallic basis for standard money
both metals must be used. The unlimited
use of both metals must be restored. The
progress of civilization must not be destroy
ed for the want of money. Ifsilver Is re-
jected as money metal. it is idle 10 adhere
to the use Of gold. Both metals must be
used or neither. If the creditor class, which
controls the legislation of the western world
insists upon gold alone, with its inevitable
consequences Of contraction, bankruptcy
revolution. or abject slavery, IT is the duty
of the people of the United States to demand
the reconciliation of silver, or failing in
that, to insist that gold shall also be demon.
etized and thst some other material be used
as money out Of which a sufficient amount
ofcirculating medium can be manufactured