The midland journal. (Rising Sun, Md.) 1885-1947, 1892-05-06
The Bank of Venice.


On our fourth page we publish a brief
history Of this famous bank which endured
nearly 700 years. Before reading the COM
ments which follow turn 10 the article on the
fourth page and read 1t carefully.
In order that some of our readers may
better comprehend this Venetian banking
system we viii try to make it plain by
comparison. Some country stores which do
a large barter business use a form of due
bill which is given to customers whose
produce they purchase but do not pay cash
for. These due bills are made payable TO
bearer, and the original owner of the due
bill can transfer II to another person in
payment Of a claim, and thus a due bill
may pass through several hands before re-
turning to the store where it is redeemed IN
goods and is cancelled. The bank of Venice
received money from the citizens. gave
them credit on its books and certificate
which showed the bank or the government,
really, owed the holder Of the due bill or
certificate The amount stated. The soldiers
sailors and other employees of the govern
inent received similar evidences of credit in
the bank which passed from hand to hand
as our greenbacks did during the war and
do now. II will be seen that no "redemp-
ton was needed. People who had gold OF
silver and wanted something more conven-
lent deposited it in the bank and receiv.
ed the banks evidence of the credit on its
books, and like United States legal tender
notes, these certificates of credit were good
as money and we're money every where
The issue of this credit by the bank o.
Venice was about $l5, 100000, and the pei
capita amount to the population vas about
$50. Our tgreenback issue-inoluding tbs
various denominations, at the close of the
war and before the circulation spread oyer
the Southern States, was about 10 dollars
per capita, and every person who is ole
enongh to remember, knows that all lines o
business were more fourishing than evel
before or since. Oar greenbacks were {
credit on the government like the Venetian
system 10 fact, but differed In details.
At this point the difference between ou
ereeubacks and the Venetian bank credi
takes place. There was a provision in fou
hundred and fifty millions Of the U.
greenback issue which said this note is
legal tender for all debts, etc., 'ercept 70
duties on imports" and interest on The publ
debt. These exceptions gave the gold spec
ulators the opportunity TO work up pre-
MUM on gold, which they did for all tina
was in it. The greatest departure from III
Venetian financial system, was made afie
all danger was ended and the goyelnmer
was master of its own policy and able /
declare such terms as it chose. The me
who were instrumental In having the abov
named exceptions" injected into the greer
back law, had wormed themselves to tn
bead Of affairs and proceeded TO draw i
these greenbacks which com prised sever;
denominations Of paper issues all passin
as money and corresponding in this respe,
TO the Venetian bank or government credi
and issued in their stead six per cent iniere
bearing bonds, payable IN coin, the inlere
payable in gold. A thousand millions
this paper money was destroyed in th
course of two years and interest payin
bonds given in its stead. A thousand mil
lions were thus taken of circulating none
which represented that much wealth to tn
producing class ofthe people, whose onl
use for money is to enable them to conduc
their business, and put into the hands of
producing class whose only use 70
money is 10 have ii draw interest Thi
money which cost the people nothing at al
but fulfilled all the functions of money, wa
quickly converted into an enormous mort
gage debt bearing interest, to be paid b,
the future industrial classes of the country
with the value of their labor and its products
greatly lessened which increased this mos
rascally public debt in the ratio OF its yalu,
to that of labor and its products as plus 81
per cent TO minus S35 per cent AS labo
and The productsof labor fall S35 per cent
money, debt. interest and their purchasing
power or value rise so per cent.
Had The United States followed up th,
same system after the war, that little Venice
did, an unparalleled prosperity was before
this country and its labor millions. II
Place of which, however, the most deliberate
piece of cold blooded treachery on one side
unequalled only by the ignorant, stupid
craftsmanship ON the part of the other tina
she world ever witnessed was perpetrated
That system has builded up devouring
millionaire class, fortified by corporation,
and trusts which dominates the power O
government and controls legislation, stat,
and national, in its interest, while on th,
other hand it has covered the agricultural
class with debt which has brought It to tn,
crumbling edge of wage slavery. To restor,
those prosperous days as far as may be anC
right those unfathomable wrongs the farm
ers and other labor classes, are forming
fraternal alliances, and a new politica
party is being placed in the field, which
appeals 10 every man who would escape tn,
doom Of wage slavery which now hang
overwhelmingly over his head, like the sworc
ofDemoclese. suspended by a single hair.
- -
Silver Men in Council.
The National Silver Committee, appoint