The midland journal. (Rising Sun, Md.) 1885-1947, 1893-06-09
The Smash Up.


vance of the country which the newspapers
and presidential messages so recently boosted
of goes bravely OF. Hundreds of banks and
other business concerns are failing and going
into liquidation. Every days issue of the
daily papers adds to the frightening column
OF financial disaster, which is the Growing
beauty of our present robber financial policy
The failure of Mr.. Charles Foster, late
Secretary of the Treasury of the United
States, is added TO the thick falling disasters.
The Secretary fails utterly, and his large
business goes TO smash, and with it the
property of dozens of others appears TO be
wiped out. In his statement of his troubles
and failure Mr.. Foster says:
"When l returned from Washington !
knew that my Endorsements for the window
GLASS companies and the brass and iron
works company were very large-so large,
in fact. as to induce me to fear that | would
have to suspend at that time. /, however,
prevailed upon friend 10 give me large
amount of help, and then felt confident that
l could maintain myself and finally come
out all right. These concerns owed more
than 1 then supposed, and, to add to my
misfortunes, the affairs of the Forstoria
Light and Power Company, ofwhich am
large stakeholder and indorser, proved to
be in bad shape financially.
"Then came the unfortunate financial
condition of the country. Every one that l
owed waited his money, and no one would
lend Payments for glass, instead of being
in cash, were made in paper. Sales, in fact
came to standstll. 1 struggled, seeking
every possible means to tide over the situa-
ton until am compelled to assign. did
not give up the struggle till to-day, May rs.
1t will take the assignee some time to make
up the schedule of my affairs"
This statement of the ex-Secretary ex-
plains his great anxiety to issue $4,000, 600
of bonds to buy gold, on the eve of his
relinquishing the treasury portfolio. He
knew his affairs we're in a precarious condi
tiou. his large line Of endorsements, which
were efforts TO sustain business on our pres
ent financial system composed of 95 per cent
wind and only 5 per cent of money, and in
his efforts to escape the impending ruin
accounts for the Secretary great anxiety to
issue bonds and saddle the country with
additional debt in season of profound
peace, land boosted ''prosperity'o and to
make that issue of new debt without warrant
of law, in the hope of sustaining the inf ited
credit the business of the country is loaded
with, and thus while longer keep the
bubble from bursting that Mr.. Secretary
Foster and other gold bugs in similar tx
might escape before the climax occurred.
Plain, honest people will begin to under
stand the cause of this great and desperate
effort 10 force an issue of gold bonds TO bor-
row from European gold gamblers to "sus-
tain the credit of the government! !" To
sustain little while longer the credit of the
sinking Fosters throughout the country
until they might get from under, was and is
the main purpose for the issue Of bonds.
They want to saddle their debts on the
broad shoulders of Uncle Sam for the labor
ing masses to pay This is the bond story
and government credit sustaining anxiety
of these gentlemen, in nut shell.
The bonds we're not issued and the
national banks and big concerns built on
credit are going down all over the country
like card houses. And this is the end Of our
beautiful system Of finance, the best the
world ever saw
The only difference between the present
national bank financial system and the old
time wild cat system is that under the wild
cat, the people lost by the breaking banks,
their notes being worthless. Now the gov
eminent secures the people by endorsing
the money, and the big bugs and depcsitors
alone are the direct losers. The policy the
present democratic dynasty has planned, we
are informed, is to bring back the old State
bank wild cat money, and make the people
the losers in future financial crashes. That
PARTY has a tender regard for the dear peo-
ple and wants them TO become sharers IN
the losses which overtake spectators in
money and business, and hence the demo-
cratic reform is to repeal the "silver pur-
chase act" totally destroy all law for the
coinage Of silver in future and establish the
old State banking system. The idea OF
reform in the democrat party is always a
going back to the dark ages.
But the people have no notion OF going
back. they are bent on forward movement.
They uropuse to remonetize silver. rescue
The Government and the Treasury from
Wall street control, cut them loose from all
nriyate banking CONCERNS, and place the
Government in an independent position, free
from banks and bankers, break mp the
eo;naoe of wind money by banks and supply
;,s nIsce with silver, gold and legal tender
.saner n,aney. This is the financial policy
Of the People party. The party is appeal
ing 10 the people on this solid financial
systen, as against the present robber
system of the republican party and the
proposed wild cat State bank system of the
democrat party. Which system 90 Sor like
best?
There are roo presented to the American
peouie to choose from. three distinct pol
icies. The republican policy is for the
benefit Of millionaires. The demoesSt policy
Is for the heseft of office hunters and Wig
cal finance. The Populist policy is for the
benefit of the whole people and special
privileges to none.