The midland journal. (Rising Sun, Md.) 1885-1947, 1890-09-26

debt, held against their lands, they must
insist upon a system of fuance-of
credits-that will enable them to Dor
row money at rate of interest not ex-
ceeding 2 per cent, instead of as now,
from 6 to 10 per cent
If a MORTGAGE on their farms is safe
and secure enough to procure loan of
money from banker or from an iudi.
vidual, l can't understand by what
system of reasoning it can't be made SO
to the general government that alone
has the right to coin and issue money,
and that in point of fact, now supplies
the same bankers and individuals with
the same money by which the farmer is
at present held in financial slavery.
1t won't do to say that mortgage
securities, managed successfully and
without complications by private par
ties under the most oppressive system,
can't be conducted by the general gov
eminent without oppression to the Dor
rover, with at least the same safety and
success. It's the old, old story of the
money king and usurer. Precisely as
we were told by the gold bugs that any
attempt made to restore silver to its
legitimate use as money would lead to
all sorts of financial disasters, and yet,
even before silver has had a chance to
assert its rights, before it has received
full justice, all the fallacious predie
tions of its enemies have vanished.
Why? Simply and only because the
government, through the action of the
peoples representatives in congress, has
declared that silver dollar shall be a
legal tender for all debts. and in a very
sho,t time be the equivalent of gold, so
far as business is concerned in this
county. With a great government like
ours boldly asserting this policy, the
American people-the producer--can
laugh to scorn the gold bugs outside.
Now, then, | claim that the same cour.
age, the same perseverance on the part
of the people-those who are held in
bondage by our false credit system
can completely revolutionize it. The
Farmers Alliance can be made one of
the advance agencies in this direction
if their great organization will only be
safely guided.
The farmer wants precisely what all
the producing classes are suffering for.
A reversal of the relations Of capital to
labor, and the first step towards this is
a thorough aud complete change in our
credit system, making all securities
based upon labor alike, thus enabling
it to borrow all the money it needs
Never mind about the bug bear Gin
Aation,' as its dangers can only hap
pen in cases where money is issued on
: bogus securities and beyond its legiti-
mate demands. Such contingency is
not likely to occur whore the owner Of
a good security can never borrow money
for more that it is worth. All other
propositions for the relief of the farm
ers will fall short Of the proper remedy
until better and more equitable sys-
ten Of finance is devised, as all others
are mere collaterals leading to this all
important one.
II the Farmers Alliance can con.
tribute anything to this end, if it can
elect men 10 congress with proper hon
esty and determination enough 20 in.
sst on it, their Alliance will serve some
wise and lasting purpose. If, on the
other hand. they base their relief on a
plan such as the "warehous' scheme
suggests, their time will be wasted, as
it is without undatiou-resting on
things that are perishable instead of Oh
things that are lasting. A financial
plan, to be Of any account, must have
the characteristics Of permancnce, and
without discussing in detail the lack OF
these in the warehouse scheme" l am
glad to see that some of The cearest.
headed men in the Alliance are advis-
ing against it, and admitting that its
original adoption by the St. Louis con
vention, was both ill-conceived and
premature, as well as with the sanction
of a majority of the delegates present.
No The warehouse scheme won I
do, as something much better anil en-
tirely practicable can be found.
4, Senator Leland Stanford of Califor-
mia has presented a plan. which is
plain enough to b, understood by the
humblest in the land, and emanating
from a man of his vast wealth and bus-
mess intelligence, while it may, and no
| Io,,lk Mill H. I II