The midland journal. (Rising Sun, Md.) 1885-1947, 1893-03-31
Friday. Mar. 81, 1898
No Profit to US.

Some of our wiseacres among the Amer
lean newspapers are Boosting of the profit
the Worlds Fair will be to this country, the
result Of the money which will be expended
by foreigners, which is estimated at $780,
O0O,00 This will all be the money Of
foreign countries, and will mol add penny
to the circulation of this country. The profit
on travel, transportation, ETC., will be so
much gain in the way of business for the
railroads, and will benefit the parties imme-
diately interested in the transaction. The
money will not-cannot go into circulation
and help swell the volume of currency Of
this country. If they bring gold or paper
money with them, as soon as they land 1t
will be exchanged for American money at
The banks ard brokers' offices, the same as
bills of exchange are treated. Persons re-
turning to Europe will exchange their
American money for the foreign coin and
notes and carry them back again TO take
their place in the circulation Of the country
to which they belong. Gold is the only
substance that could be ade use of, COM
posing foreign money which would add to
the circulation of this country, and that
would have to be recoined. But the bonds
and stocks of this country held by the for
eigners will draw all of such foreign gold
speedily back to Europe, in payment Of
interest and dividends on these securities,
SO that 10 no case can foreign money add to
the volume Of circulation in this country, or
help to enhance prices or increase values
When large enterprises are TO be under
taken in this country, and money is wanted
to prosecute the work, the men who are at
the head of such enterprises, frequently go to
Europe 10 engineer or "foat bonds' TO raise
money to prosecute the work. The bonds
are sold for foreign money, but that does not
bring any money to this country. The
company which sells the bonds or stocks, is
given a credit in banks of the foreign
country, which in turn transfer credit TO the
banks in this country and the money III
circulation here, and which is hourly flow
ing back into thesbanks from the channels
of trade, is used 10 prosecute the proposed
work but no money has been added to the
volume Of our currency, prices have not adj
vanced, business has not been improved;
nothing has been changed except that addi-
tional debt has been placed on the resourcer
of the nation, which American labor must
pay with the interest added. Every invest
ment made in this country by foreigners on
borrowed capital, is an injury to the couu
try, rather than a benefit. The wages paid
to labor for prosecuting the work is that
much gain, but all beyond that which
accrues TO capital in The form of profit and
interest is a drain npon the future produc
tive industry of the country which goes TO
enrich foreigners and foreign countries. If
our volume of circulation was raised snf
ticient in quantity to prosecute all our enter
prlses, the profits arising from them would
be represented by accrued wealth Of this
country, distributed among the people, and
the interest on borrowed credit saved. There
is no medium by which wealth can be dis
tribu'ed among the people except by money
real, not credi; money.
The law makers OF the country create the
money of tina, country. If they stint the
sapply they make money dear and every
thing else cheap. The deficit in the volume
q money Of country, where supplied teu-
poFarily for business demands, is sup, lied
by borrowing credit from banks. That
credit money all costs heavily in the matter
ofinterest, which adds to lie expense OF the
business. 4 fan volume OF money would os
= greater protection TO the manufacturing
industry of the nation, as we'll as all other
lines of business, than all the tariffs that
could be piled up, because it woud enable
everybody to run their business on cash
basis. The manufacturers could then have
ready money to work with, ana save the
drain Of interest, which is the child of
phantom money or credit, that eats up the
wealth created by industry.