The midland journal. (Rising Sun, Md.) 1885-1947, 1890-10-10

show for the benefit of the national
banks and the few favorites, who par
ticipated in them, if the truth could be
got at ! The people are learning.
however; the process of education goes
on. and day Of fearful reckoning will
surely come.
Of course, l mean no reflection on
the personal honesty Of any of the gov.
eminent officials, as they simply follow.
ed the line of their predecessors
and the policy recognized by the
government All the same, however,
these transactions are still great crimes
committed against the legitimate indus
tries Of the country. as every one Of
them will be finally taxed for whatever
loss arises from them. Does the Sec
retaiy of the Treasury ever visit any
OF the agricultural and other industrial
ccnters OF the country, when they are
10 trouble, when the banks shut off
discounts for their accommodation
When money is tight and dear, does he
offer to loan this class Of citizens some
of the government surplus for their
relief? Not much Nor can he, under
the policy laid down by Wall street and
made part of the organic law of the
governmct; for, as is well known every
financial measure adopted by the gov
eminent for the last thirty years, was
inspired by Wall street and then
enacted into law by congress. Of course
there were material reductions made in
interest after hard struggles, and silver
given some chance, but the national
banks were compensated in some other
direction, and no doubt will be again,
as is proposed, by permitting them to
increase their circulation to the full
amount Of their securities; thus they are
never the losers. Now, then, what is
the remedy, and how are the people to
get rid o. these financial wrongs? Sen
ator Stanford of California, points out
the way. He is willing to trust his
millions. lie boldly proclaims to the
world that its real wcalth-labor, is
entitled to larger share Of it's own
earnings, and that this eau only b.
procured by an entire radical change in
our financial system, so that every man
who produces should be free to borrow
all the money he needs at the lowest
possible rates Of intere.t without the
interposiIion Of any Of the so called
"middlemen"-bankers, if you please,
who are only rendered necessary in any
community hy reason Of the false sys-
tenn under which heir business is con-
Quoted. As mediums OF exchange and
collectors Of debts and credits between
business centers, their functions could
be carried on, on an honest, legitimate
basis, and this would cover their entire
circle of usefulness
Retire all the nativnal bank circula
tion, and let there be hut one Glars OF
paper money issued by the government.
and this money loaned at per cent a
year, or just enough to pay the expense
of maintaining its circulation The
securities to get this money should be
the same as is now asked and accepted
by all the banks OF the country-no
better, no worse. Whist are now used
as sub treasures can be turned int
discount branches Of the government
This plan would remove all possibility
OF a stringency in the money market,
as no one man or set of men could pos
-ibly control the volume OF circulatiou;
nor would there at any time be an,
more currency than the demans Of bus
mess would require.
AS to the perfect security of such 4
system, it would have all the protection
and security now thrown around
private and bank looms, with this diff
ference: that one mans securities, Of
equal worth and safety, would be as
current as the other, and that man
could exchange it for money at his own
convenience, and use it as long as he
needed it and paid interest On it
Money would cease TO be king, aud
labor would hold the relation to which
it i, justly entitled. Milllonaires, if
not sati.fed with l per cent interest
would have to make it earn more in
some Legitimate industry, and, if lack
ing the business or industrial, talent to
do so themselves, the next proper ster
would be to find such ability. This
would be reversing, and justly so, the
present idea of society Idle wealth
l. would be compelled to seek out indus