The midland journal. (Rising Sun, Md.) 1885-1947, 1890-11-07
Friday, Nov. z, 1890.
Land Currency.

treaties on the question of the government
loaning money 10 producers and the policy
of system of finance based on land.
Since Senator Stanford intoduced his bill in
the U. s. Senate, providing that the gov
eminent should turn its favors toward
producers, in place of making the money
class its exclusive beneficiary, farmers have
been much interested in the question. Mr..
Maybell has taken hold of the subject and
eyhaustively discussed il in most scientific
manner. Under present conditions, referring
to producers of wealth and holders of debts
he very aptly says: "There are 5000 takers,
and 60 ,O00,C makers. The takers now
hold the mortgages, draw the interest there
of and thus take. Let us 60, 100000 makers
turn the tables upon the takers and reverse
the system. Let us hold the mortgages and
draw the interest.
"Then we the makers will become the
takers-the takers Of our own product, for
the process bv which ii has been taken will
be reversed. The product will flow toward
us, where formerly it flowed from us. And
this too without the change ola law scarcely
the making of a law, save bureau where
land is coined for currency"
Our present system of finance is based
relatively on nothing. All of our money is
supposed TO consist Of gold and silver or rest
on gold and silver. And this system is the
system of the world, which being fiction
has been taken advantage of TO rob labor Of
its earnings. The manipulators Of gold can
control all money that rests on gold and
silver and refers back to them. But if the
money Of a nation is cut loose from these
metals which are constantly diminishing in
ratio to the increasing volume of the worlds
business, and based on the land Of the
nation, the mani pulators of gold lose their
control and it passes into the power of the
people who hold the land and give it value
by their productive industry.
Legal tender notes made by the govern
ment and loaned on land would be aptly
termed Land Currency. This currency Loo n
ed by government at 2 per cent would soon
lift the mortgages of private capitalists
which now rest on the land, drawing six
per cent interest, and replace them with
government mortgages running long periods
of time, but payable at the pleasure of the
borrower, and drawing low rate of interest.
The interest thus payable to the government
would not be wholly lost to the payor, as
is the case at present when private capital
lists hold the obligations. But the interest
would 60 into the treasury, and be used as
taxes are used 10 defray the expenses Of
government. Under the present regime
the mortgage debt Of the farmer is drawing
6 per cent out of his earnings which goes
into the pocket of the private capitalist,
and the assessor and tax collector come and
demand still further Contributions.
Thetax paid on the governments mortgage
would go into the treasury and benefit all
by being used in defraying the public ex-
penses. making interest cooperative.
. Let us apply this system of land currency
TO Cecil county. The census enumerator of
the 9th district found about half the farms
in the district under mortgage. 1t is fair to
presume that half the farms in the county
are under mortgage. We believe the num-
Der will far exceed this estimate. These
mortgages are drawing six per cent interest.
Suppose they were replaced by Land Cur
rency loan from government. This cur
rency would pay off the six per cent private
capitalist and he would haye to put his
capital into s,me productive business which
would employ labor at wages which wages
would be spent to purchase farm produce
and other necessaries. Hundreds of hands
are ont of employ now and living on hall
rations, on account of scarcity of money.
The good effects would not stop here, the
interest of two per cent or less probably
paid by the land borrowers in Cecil would
go into the county treasury at Elkton, and
the treasurer would pay it out for county
expenses, greatly tightening, if no, en-
tirely abolishing, the taxes now levied 70,
that purpose.
The assessed value OF county property il
round numbers is fourteen million dollars
Place the land value at seven millions
which value is clear of improvements. The
amount of currency which could be borrow
ed on that basis would be three and one hal
millions which at two per cent would amount
to $4,000 annually. This sum would NOR,
than pay the taxes, or public expenses fol
which taxes are levied in the county. Thi
brief illustration of the land currency system
OF finance will serve to enable our readers /,
at least partially comprehend the proposed
system of finance and to perceive the inesti
mable blessing it would confer upon farmer
If inaugurated. Every farmer should senc
20 cents in postage stamps to the author
Stephen Maybell, No. 265 Clara street, Sar
Francisco, CAL, and secure a copy of th,
pamphlet, "Land Currency" The follow
ing extract from private letter from III,
author of Land Currency will be of interes
10 our readers:
The farmers are under the power of III,
gold ring. The gold ring coin their prom
erly: gold" When the farmers can COR
their property then they are the none,
power. The farmers are producers-Iet n,
make the producers the money power. Alsf
let us, the people, hold the mortgages and
receive the interest. What ever is Maid II
n1nllIQ in ha e