The midland journal. (Rising Sun, Md.) 1885-1947, 1890-11-28
The Financial Crisis.

The Financial Crisis.
That panic ghost which has haunted the
money centres for III ee weeks will not down
for lie hopes Of The daily press, Or The rose
colored views extracted from bank presi-
dents By the ubiquitous reporter. When the
Earrings put the last twenty millions in the
Argentine country, they hoped they we're
fixing another muck rake to gather in the
products Of the people ofthat country as the
same class ofshy locks are gathering in the
products Of the toll Of the people Of the
United States. But the South 4.meric4ns
cannot draw as heavy loads as the people Of
this country, and the Barings having failed
to sell the bonds at so cents found them
selves stuck. The Argentines cannot stand
such taxing, and having drawn the money
and the bonds remaining in the hands
Of the banking 6rm, the firm was un-
able to meet other engagements. 1t is
worthy Of special notice to see how
readily The Bank of England and France
came to the relief of their Semitic bretheren
And New York responded Immediately.
The Clearing House, an association Of a
hundred banks issued Certificates. million
at a time 10 support the falling ones. Ros-
ton and Philadelphia-the banks we mean
--acted just as promptly; loaned their
credit to tide over the danger. And The
I, rr,, se <l,;lv <.zv,oe,,1 tt,ot tLr n,,,r.t 90
over" &C., &c. But the worst is not over.
This loaning credit by one concern to
another and renewing maturing obligations
is giving time 10 business houses TO get
together all their available means, dispose
Of their securities at low prices, and having
scraped together every possible cent avail
able, pay for these accommodations Of an
extension Of time by the money ring, 10 the
full extent Of usury which they, the BUSH
ness men, can bear. Having raked in all
the surplus property which this class had
accumulated, with business contracted the
men oftrade and traffic will be allowed TO
go on and gather more within circumscrib-
ed sphere from which those who have been
ruined by the financial tempest have drop
ped out and joined the ever increasing army
Of wage takers.
The cause of the financial trouble which
has been shaking upthe country has lis
source IN the small volume of money which
has TO suffice to transact the ever increasing
volume Of business. Steam and electricity
have multiplied the power to transact bus
iness, and hence the business Of the word
is increased many times, over what existed
fifty years ago. More currency is required
to carry this business steadily on. But in
place Of taking common sense view Of the
situation. the parties whose every interest is
to have the volume OF circulation increased
have been led away by the siren song of the
debt holder whose interest is always antag-
onistic to the producing and credit class
The debt maker and holder, The man OIL
usury and interest has persuaded the busy
producer that small quantity Of money
is best for him that gold is all sufficient
Tor the money unit The unit being con-
fined to one OF tie money metals is neces-
sarily contracted which increases the
amount Of credit business. The men who
hold this unit in their fingers can use it to
control credit at their pleasure. They can
expand business by employing credit Till
productive industry has accumulated rich
store, when they can as easily contract by
drawing in the golden strings as the fisher
men can pocket net when they have sur
rounded school of behring's. This is the
reason and only reason for the Jew debt
holders Of Europe. led by those Of England,
efiecting the demonstration of silver. By
employing this method they have increa sed
the credit system Of the world. The bust
o'her nations resembles cone stood on its
apex. The small end representing The