The midland journal. (Rising Sun, Md.) 1885-1947, 1890-08-22
Relieving the Money Market.

lie uuauCleTS Oh wall street are III
quandary about how to "relieve the money
market" and as is their wont. are appeal
ing to the Secretary of the United States
Treasury, begging him 10 advance money
for their relief, by anticipating the time for
payment of bonds and in addition to the
face value of the bonds and interest, the
premium these sharp shylocks have got on
them. They are out of money and have
no visible means of procuring money TO buy
the western farmers produce unless the
treasurer opens Uncle Sans vaults and ex-
changes the millions collected from the peo-
pie in taxes, for the public debt which
these sharks hold and is not due till 1891,
which is $107 100000 A per cent bonds,
outstanding, $45. 81 900 of which are held
in the treasury as security for public depos-
its in the banks or bank circulation The
banks have been using the currency which
this $45, S71 900 in bonds have been pledg.
ed for as collateral, without interest Git not
being legal to pay interest to the govern
ment for The use of the peoples money!.
The premium on these bonds, if bought
outright, together with the plus of the bank
circulation would be snug little sum of
several millions, in addition 10 the balance
of the $107 100000. This sum in ready
cash would help the Wall street gamblers
amazingly out of their pinch. If this
should fail the Secretary is asked to ''antc-
ipate interest on the public debt for six
months, which would have the effect of
increasing the offerings of AS at least.'
Another plan this Wall street crowd
have in view is to send a committee to
Washington to beg Senator Sherman and
other republicans of both houses 10 hurry
through bill which he. Sherman, has
offered, increasing the issue of National
bank notes from 80 per cent of the bonds to
their face value, and also reduces the
amount of bonds required 10 secure circula-
ton. The passage of this bill would put ten
or twelve millions into circulation, which
means that much more into the hands of
Wall street spectators who find themselves
exceedingly short on account of the money
not all returning from the West which they
last sent out. Population is increasing and
the volume Of business is increasing and
more money is absolutely necessary to tran
sact it hence the Western people are forced
TO keep part Of the money to transact their
own business with.
Had the advice of these gold bug contrac-
tionists been carried out to the full extent.
and all the silver dumped into the ocean
rather than coin it into dolloals, as Geo.
5. Coe, the leading national banke. of New
York, expressed himself in 1888, what
condition would the country be in to-day.
AS bad as it is 1t would have been infinitely
worse.
Henry Carey Baird, of Philadelphia,
commenting on the above in the National
VieU, saws:
wv hat a commentary is the foregoing
from gold bug of the gold bug papers Ia
correspondent Of The Philada. Press) OH The
yillaIny Of contraction lS65-7S"
The same writer in the same paper pur-
sues the subject as follows:
sILvER-DEMAND IN LONDON.
Apropos the silver question, a member
of the firm Of Zimmerman & Forshay, the
silver bullion dealers here, said there was
still heavy demand for silver in London.
They sold silver on Monday in that mar
ket at so pence per ounce, though the
highest publicly quoted prices was 5l2
pence. The demand comes largely from
India. this being the ssason when money is
needed in that country. Mexico and the
West Indies are also inqnirers after the
metal, and Mr.. Zimmerman showed me a
cable saying the syndicate. which bought
the Roumanian silver have sold out largely.
Here is more evidence of the stupid ig-
norance of the banker, who told us how
many millions or hundreds of millions of
dollars of silver were ready IL Europe to be
dumped down upon US" as soon as we gave
free and unlimited coinage, or increased the
coinage so as to cover American products
of silver.
Asia is, and has for 5000 years, been the
dumping ground )" "lhe sink" of the prec-
ious metals, and probably will be for 5000