The midland journal. (Rising Sun, Md.) 1885-1947, 1891-05-29

system still more beautiful is the money
that has been loaned to halfa dozen persons
does not belong to the bank but 10 its depos-
itors.
This is our system of finance. Isn't it
Infamous? But the bankers are in no way 10
Lame. They are transactiog lawful bus
mess. and couldn't do business otherwise il
hey wanted to under present financial
methods. But they don't want il changed.
They will tell you without a blush that
the money is the best the world ever
saw, and wish you 10 infer that, the money
is all so good because the national bank
system exists, which is utterly false. The
money is good because the United States
makes and endorses il. The banks have
nothing TO do with making the money "the
best in the world.' Their whole business
is 10 gather interest
Now let US reverse this picture and over
turn this system by making ninety per cent
Of money and ten per cent of credit and see
how that would work. People borrow
money because they must have it to carry on
business. If they could sell their products
or labor for cash they wouldn't borrow for
the fun cfpaying interest. Cash is not the
rule, simply and solely because there is not
money enough in the country TO pay for
work as soon as performed and for goods on
delivery. Ifthere was cash in the country
10 offset this ninety per cent Of credit, nearly
all our transaction would be for cash and
book keeping would be largely out OF fash
ion, and these enormous sums which are
paid in interest would be saved 10 the
producer.
The American producing class will never
be free till they throw off his yoke of in
terest and usury They are now Offering
to pledge their improved farm lands and
their non perishable products to the govern
| ment for money sufficient to enable them TO
| 90 on with their business without going 10
banks and begging for the loan Of money
for short time at rate of interest which
amounts 10 more than their labor combined
with the borrowed capital will produce, and
step by step they are nearing the line
poverty and famine. The government must
do this. It must be delivered out Of the
hands of the foreign usurer and his agents
among us.
With a sufficient supply of money direct
| from the government to the industrial peo-
pie, amounting to the sum which the annual
loans represent, renewals deducted,) and
supplied at cost, the usury that has eaten
the heart out of industry of every civilized
people woald speedily become thing Of
the past. Idleness and poverty would al
nost disappear. The persons who had
converted their property into money for the
purpose of drawing interest would again put
ii into business, employ labor and produce
thai which labor when employed is ever
ready to purchase and consume.
With the deyouring moth of interest held
4 in control by the government furnishing
money direct TO the people in place OF
through banking corporations, prices OF
every thing would revive, lard would reach
again lis old time values, labor would be in
demand, improvement would be seen on
every hand and the country would take on
an era of prosperity it has never known.
Cash in place of debt and borrowing is the
panacea Tor all our financial ills; and that
cash supplied by the government without
the intervention of tax gathering corpora
tions, which under existing conditions can
expand aud contract the currency at will,
and by the exercise of this despotic control
of all industry gather the surplus wealth
Of the people into the Golfers Of the idle,
non producing, non-earning class.