The midland journal. (Rising Sun, Md.) 1885-1947, 1892-10-21
The Difference.

A United States Bond is promise to pay
by the people with interest TO the holder.
A greenbaek is a promise TO pay by the
people to the holder, without interest. The
people give of !heir earrings to pay the
bond and the interest. the same people give
their earnings in exchange for greenbaeks
aud can buy other property or things with
the greenback. The bond, when the peo-
pies property collected in taxes has been
exchanged for it, is destroyed and they have
noting in return. They have been made
poorer. The greenback is not destroyed
but exchanged continuously helping the
people TO do business in all lines of indus
try and accumulate wealth. The greenback
is wealth producer; the bond wealth
consumer, and yet they spring from the
same root, the government, which is the
organized power ofthe people.
Why was The bond made at all !? 1t is a
legislative trick by which those who juggle
with money contrived plan by which the
people should tax themselves and give The
tag TO the iugglers. 1t is said the bond
represents borrowed money. But this can
not be for the people cannot go in debt to
themselves by borrowing from themselves.
The people is the government in a concrete
mass That concrete mass created the
greenbacks in Yar;ous forms but all answer
ing the same purpose, medium of ex-
change. During the war the people as
kinds of produce which they sold TO them
selves in concrete or as government
When an Issue Of greenhscss in their money
form was exhausted or had gone out of the
hand of the government, the government
received them back again and issued to the
persons who returned them bonds bearing
interest. That destroyed them as money
and reproduced them in the form of debt.
The money being destroyed, a necessity
Immediately arose for money among the
people with which TO prosecute business and
the government issued more greenbacks TO
supply the want and again exchanged them
with the people for their products and bus
mess kept moving steadily.
The government all these years of war
levied Il tax which caused large volume
OF the greenback money to return TO the
treasury. Tins was not enough, however,
to purchase munitions OF war and other
supplies and pay the army and other en-
ployes of the government, and the deficiency
was made up by issuing more greenbacks
or swapping bonds for greenbacks with those
who were thrifty and had gathered in a
surplus. This deficiency between the sum
ta1 ~ h.
ments of the government was all that the
people should have been required to give
their notes TO themselves for,-issue bonds
TO be paid by their productive industry Of
the future. When the war was ended tax
enough was readily collected 10 defray the
expenses of government, and the money
or greenbacks, in three or four forms-in
circulation was all needed to conduct the
demanded to spread over the South where
twelve millions OF people wanted money in
exchange for their products This demand
would soon have absorbed an issue of green
backs by the government in exchange for
the bonds it had issued and the necessary
war debt have been wiped out, and the
stored wealth it represented have again been
returned 10 the bond holders in exactly the
same money they had expended in pur
chasing the bonds, which money would
have paid for as much property or assisted
in business in the same manner and TO the
same extent it had originally done. The
people would thus have been rid of tax
drawing debt with money sufficient in cir
cualion to have pressed forword in wealth
producing industry as they had done during
the war and the year following.
In nIaoe If Dnrsuino this nost ohv ions
commonsense business method our congress
sional aud administration statesmen did the
very opposite. They bought up thousand
millions of this money from baRkg md
brokers and issued in lis place interest bear
ing bonds. They destroyed wealth pro-
duong money and gave the people wealth
devourlng debt, in order that class of
people called bankers and traders in money
might hold perpetual taxing power over
the people. This is only part Of the
chapter of yillalny. What FOL owed is, if
possible, still blacker. 1t has been told and
written so often that every one should be