The midland journal. (Rising Sun, Md.) 1885-1947, 1890-12-12
A Misunderstood Attitude.

Our contemporary, The Midland Journal
OF Maryland. takes us to task for upholding
Wall street at the peoples expense.
Remarks of the kind alluded to are unjust
and show misunderstanding of our motive,
and charge US with what we are not guilty
OF. AS there are other farmers journals
who look upon our efforts in illustration of
simple facts as being biased in favor of Wall
street interests to the exclusion Of the
Nation as q whole, it may prove expedient
to clear up such misconceptions.
In the first place we are no more striving
to support Wall Street Interests than the
journal quoted. Wall street to us is merely
an observing ground and only interests us
as il furnishes news in the financial field
Our specially is bank news, and banks ale
located in Maryland and elsewhere as well
as In Wall street. While we deal with all
large financial subjects, there is nothing In
Wall stree: that makes us favor banks
there any more than the banks in any other
active money center.
When we said that money was needed 10
relieve the market, we did not refer to Wall
street spectators, but We spoke in behalf of
the commerce OF the United States, which,
every farmer must know, cannot continue its
affairs under pressure for the want of
money to carry it on, without deeply affect
ing In most damaging way the farmers
themselves
The peculiarly Of our system Of banking
is such that wherever shortage of cash
occurs in any part of the country, it is
instantly reflected on the Stock EXCHANGE
in Wall street. This is not because Wall
street is specializing, but because it is the
money center of the cmntry, that has its
radiating qualifications reaching to all parts
Of the land. Wall streets relations to this
country are somewhat like the human
hearts relations to man. The arteries and
veins Of commerce extend to the most re-
mote points, but the current or currency
Gibbs and flows with the tide of demand and
supply.-1Re Finansier.
Tour remarks referred to by The F;nanc;sr,
that very able financial Journal, were not
intended as reflection on its course in re.
porting the condition OF "heart failure" of
Wall street, but we referred to the anomaly
Of a business in a state of almost collapse on
account Of great money dearth in the coun-
try, and at the same time leaving no effort
untried to prevent an increase of our cir
cuIating medium. That street and its banks
have waged relentless war on silver. on
greenbacks, or national currency, aud OPP
posed every suggestion to increase the cir
culution; in short nothing but gold and
national bank notes were in their opinion
DIT 10 circulate as money. Suppose this
school of inanciers could have had their
way what would be the condition Of the
money market today? Less than six hun
dred millions Of gold coin, with more than
nail OF that IN the treasury; fifty millions
OF subsidy silver coin and one hundred and
seventy nine millions Ofnationa bank notes
which are being destroyed at the rate of
million and quarter a month over their
increase by new banks. If business could
have ever staggered along to the present
time the crash wonld have involved not
merely loss Of $25 00O, COO in New York
and Philadelphia, but hundreds oil millions
We blame the parties who fight against ali
remedy for this financial evil. and no,
The Findncter; only when it encourages them
IN this blind course. 1t will not saw or per.
NIT word to be said in It's columns in favor
oil silver or against our ruinous national
bank currency system.