The midland journal. (Rising Sun, Md.) 1885-1947, 1891-01-16
THE NEW SYSTEM OF FL
NANCE.

dsmonetized is aggravated by the tact that
they have been most literally treated by
the United States. They bought bends
when the country was in peril at great
discount--say, so per cent less than their
par value in gold. The bonds originally
issued were payable in coin. With these
same greenbacks the United S ates paid its
soldiers and those who furnished supplies
and munitions Of war. Afier peace was
restored, Congress, in March, 1869, passed
an act declaring that these bonds we're pay
able in coin. Men with any sense Of justice
would have been satisfied to be paid in coin
when the contract could have been dis
charged with greenbacks, without asking
for the destruction of one-half of the world 8
money. On July "A, 1870, the act under
which the entire debt of the United States
was funded was passed. That act provided
that the bonds issued hereunder shall be
payable in coin Of the then standard value
that is, of the standard value Of July IA,
1870. The standard value of the coins then
in existence was regulated BY law, 25.8
grains of STANFORD gold, or 4l23 grains Of
standard silver constituted a dollar. The
silver necessary TO make silye dollar was
at premium Of per cent at that time.o
The above extract is from speech de-
liyered by Senator Stewart in the Senate Of
the United States Dec. 18th, 1887, and
presents the status the debt holders of the
nation hold to the debt payers. The debt
which cost so cents on the dollar has been
paid SO far as it has been liquidated at
twice the amount it cost, and all has been
paid at this rninous rate ofusury but about
500 900 600, the balance is being paid at a
still more advanced premium, about one
and half times its cost. This disastrous
financial system has not only been applied
10 our national debt but it has obtained
through out our whole business operations
The borrower and user of money has been
at the same disadvantage TO the lender and
insurer Of money. Money has Systematically
been made scarce in order that business
must necessarily he largely conducted on
credit, and borrowing resorted to that cap
ital represented by boarded money should
find an eyer bare market, where rich
harvest in interest would reward the sickle
OF the usnrer. This systematic contraction
and robbery through the forms of law have
caused the bulk OF the nation which earns
its bread by the sweat of its brow to cry out
for relief. hence the agitation. discussion
aud education that are going on among the
people on finance and the relation of money
10 business: the business which computes
interest and the business which creates
wealth. The industrial public which has
been mercilessly plundered by the Insurer is
earnestly looking into his methods Of pee
plation and finds that II is-alL done by
loanine and tsikiinr fixed- share for the use
a. his oapi,al in interest which share is
s,,b;act u no adverse conditions or accidents
wbich beset business continually. and is far
above the profits from honest business. By
decreasing the quantity OF money in the
countrv and increasing the quantity of
prodnets The prices are inevitably pressed
downwards. all of which loss is borne by
labor and business and no part Of it by in
terest which increases in its purchasing
mower as prices trend downwards.
This condition Of affairs has produced
sach alarming results as placing the greater
part of The farm lands Of the country under
mortgage, which threatens 10 convert the
rural. or agricultural population into class
of tenant farmers. whose earnings shall be
shared by city landlords. for allowing them
tbs ..;yiieee of laboring ON the land which
for generations had been the old family
homestead. Dat of this condition Of things
has arisen the question: Since 10 govern
ment is contided The entire control of the
finances. the making and issuing of money.
why should this preropatiye be handed oyer
10 class of private individuals who use il for
tie purpose Of exactine tribute from all who
must employ money in productive business.
WHY should not The government issue and
loan the money direct TO those who must
have il TO carry ON productive industrv?
WHY shonld government ever he borrower
when il is the sole maker. coiner of money?
And these questions have started move
msnt which threatens to end in a financial
revolution oyert,rn all preconceiyed notions