The midland journal. (Rising Sun, Md.) 1885-1947, 1892-06-03
CONTRACTION OF CUR
RENCY.
EXTRACTS FROM AN INTERESTING
WORK BY E. R. BAKER, ENTITLED
"MoNEY MONOPOLY"

WORK BY E. R. BAKER, ENTITLED
''MoNEY MONOPOLY"
If we ask contractionists, gold
standard politicians, why times are
hard, they tell us that it is from slack
of confidence" Ask them in what
that slack Of confidence" lies, and they
will tell you that it is lack of conf
dence in our monetary system, lack
of confidence in our "depreciated' sill
yer and inflated paper money. The
position is SO absurd as scarcely to re-
quire an answer. If money were de-
preciating, which means prices are
rising, is it not evident that capitalists
would be anxious at once to convert
their deprecated money and money
obligations, such as bonds and mort
cages, into property and produce that
they might realize the rise 10 value !?
Business was never more active, CT
times better at any period, than in 1864
and 1865, when money and money OBJ
legations (bonds) were deprecated to
fifty cents on the dollar. But to day,
money is king, and productive labor a
slave. Bonds bearing only three per
cent interest are at premium OF
twenty, five per cent. Money.lenders
stranglipg the life out of business and
society to enhance the value of their
money, bonds and mortgages.
1t is, indeed, lack of confidence
that causes hard times,-not lack of
confidence in the stability of the value
of money, but lack of confidence in
the stability of the value Of property
and produce. When prices are grad
ually falling (Which is the same as to
say that money is rising the capitalist
fears to invest money in property. He
knows that his wealth will certainly
increase if invested in money and as
certainly decrease if invested in prop
erty, hence decreasing volume of cir
culating medium leads to boarding of
money, stagnation of business, panic and
national bankruptcy,
Robert Ingersoll, in debate with
Mr.. Bland in 1879, had perception
enough to see, and honesty enough to
admit this fact he said, "Tbe reason
We have not enough business, is we
have not enough confidence is because
prices are slowly falling, and prices are
falling because we have not quite re-
sumed ON account of resumption-we
have not quite touched bed rock.''-
and now writing ten years later, we can
truthfully add, prices are still falling
and we have not reached "bed rock"
even yet, and if capitalists continue to
make our laws, we never will reach bed
rock, until we descend to system Of
landlordism and wage'slavery and the
grave of the republic.
The United States Monetary Com
mission says:
.Howsoever great the natural re-
sources of country may be; however
genial its climate, fertile its soil, in
genious, enterprlsing and industrious
its inhabitants, or free its institutions
if the volume of money is shrinking
and prices are falling, its inhabitants
will be overwhelmed with bankruptcy
its industries will be paralyzed, anc
restitution and distress will prevail"
David Hume. the English historian
says:
ave find that in every kingdom
into which money begins to flow in
greater abundance than formerly
everything takes new face; labor and
industry gain life the merchant be-
comes more enterprising, the manufac-
turer more diligent and skillful, and
even the farmer follows his pillow with
greater alacrity and attention. A
nation whose money decreases is actual
ly at that time weaker and moro mis-
cradle than another nation which
possesses no more money, but is on the
increasing hand"
Bond and mortgage holders are ever
under temptation to secure a contrac-
tion OF the paper and metallic currency
of the country, to increase the value Of
either, Notwithstanding it may destroy
the business o: the country.
money lenders keep that close
watch over legislation which enables
them to control it unduly to their own
advantage x bringing adver-
sity to the people of a whole natiod"
Chambers Encyclopedia.
They are consprators against Chris
tian civilization and the life of the
Republic.
"The people be damned" - VIM
Vanberbh.
"Bread and water is good enough
for the laboring man.-H w Beecher
To carry out their nefarious policy