The midland journal. (Rising Sun, Md.) 1885-1947, 1891-10-30

road but class, of bounties to steam
ships but class, of loans to the great
national exhibition but class, of the
payment of national bonds, bought
with paper, interest and principal 10
coin, of the donation of millions OF
acres of public land to railroad com.
panies, but class legislation, and
whiskey warehousing but class legis-
lation? and the list might be extend
ed to much greater lengths. All this
has been class legislation of the
worst kind because its benefits are
enjoyed by the favored classes at
the expense of the general public,
with the promise to the latter of an
incidental benefit to them which
might be reflected by the full meas.
ure of benefit to the favored recipients
of this legislation. in about the same
degree that the earth is illuminated
by the light reflected from the planets
under the full glare of the sun on
them.
The ssclass legislation asked for
by the Alliance is legislation that
will increase the volume of currency
at the time when most currency lie
needed to transact the increased
amount of business that moving the
crops requires. The farmers receive
the money not to loan and speculate
with as the banks do, but to pass off
in payment of legitimate expenses
incurred, and the money goes into
the circulation Immediately. No
class is injured while all are benefit
ed by an increase in the volume of
money when most needed and with.
out creating stringency in business
centres by Withdrawing the money
from them. Storing the produce near
where it is raised until wanted for
use or shipment would prevent glut
in the market which always occurs in
the fall, and the break down of
prices, when the crops get into the
hands of the spectators, who buy at
depressed prices by having it in their
power to control the small volume of
money, and sell to consumers at
prices they make to suit themselves.
The farmers advocate kind of class
legislation that would benefit all
classes and injure none but the spec.
ulators. Can any reasonable person
find fault with that? 1t is a species
of legislation which would correct
the vicious class of laws that is fast
making the nation one of millionalres
and paupers.
And the essay attempts to claim
that the money advanced by the gov
eminent on produce collaterals,
which are at all times and in all
countries as good as gold, would he.
come utterly worthless. A moments
reflection will show this to be de.
fusion. The note advanced on secu
rity is always as good as the security.
All farm products are as good as
gold. and far better. The national
bank notes do not become worthless,
that are based on U. s. Bonds, the
Bonds being based on farm and other
products of the country and the tax.
ing power. The more closely the
subject is scanned the more clearly
such charges against it are shown to
be delusions. The sub.treasury plan
is not a system Of finance, an error
the superficial examiner is apt to fall
into It is safe medium by which
larger volume of currency may be
put into circulation when it is most
needed. No farmer would 60 to the
expense of storing produce unless he
was in pressing need of money to
relieve his wants. IF he thought the
price too low he would hold his pro
duce in his own granary. Every one
of those objections falls to the ground
when examined.
z The part of this essay devoted to
silver has been answered in every
detail by the speeches of Senators
Stewart, Teller and Jones in the
Senate at the last session. Those
speeches are unanswered and are un.
answerable. They are complication
of facts. The talk about slight
weight" silver do lars, seventy i've
cent" dollars, is the merest election
eering buncomb. There are no IS
cent dollars and cannot be unless
congress passes law to make them.
There are no legal tender dollars but
100 cent dollars. No power can
make dollars in the United States
except the governmet, and all its
dollars are 100 cent dollars. The
silver. the gold and the paper all
alike buy the same amount of goods.
Gold bullion is worth as much as
gold coin because the owner of bull :
lion can take it to the mint and have
it coined. If the mint was open to
free silver coinage. the owner of sill
yer bullion would take it to the mint
and have it coined, and no body
could then buy silver bullion for less
than silver coin, There is no pos
sibility of silver coin being so plenty
as to cause an initiation OF more
money than is needed in this country.
There is only 100 million dollars |
worth of silver mined in the whole |
world, annually, and the United |
States produces 40 per cent of this |
sum. Supposing it was all coined
in the United States and went into |
does any hoov who has |