The midland journal. (Rising Sun, Md.) 1885-1947, 1893-07-07


entirely upset the depositors may withhold
their deposits and then these great gold clad
banks would every one turn over and 60
down as speedily as the Victoria did when
pierced by the ram of the Camperdown.
Stop for moment and consider the system
of finance under which the industrial classes
Of this country are groaning, and which the
usury drawing class are using such herculean
efforts to fasten on the countryswith hooks
stronger than rods of steel.
There was, it appears, considerable hesi-
tation on the part of those banks in most
need of money TO accept this bogus Issue Of
the Clearing House, and the big fish were
compelled to rush in and take the lead TO
quiet the fears of the present needy ones.
We again quote from the correspondent
sit is an illustration of the financial genius
and wisdom of Mr.. Plerpont Morgan that be
when others hesiated came to the front and
in vigorous words suggested that the present
is the time when every strong institution
should for that reason do all in its power to
maintain credits and check the lack of con-
fidence. He is director 10 the Bank Of
Commerce, an institution whose repute it is
the ambition Of younger bankers 10 secure"
| X x x
Two other banks, very ably Administered,
as strong as the Sub-Treasury, in some re-
spects stronger, the National Bank of New
York and the Americas Exchange Bank,
decided to do The same thing and with such
conspicuous examples some of the other
great banks have no longer hesitaed and if
this condition continues it is very likely
that others will fall in line, so that perhaps
as much as $40, 10000 or $50 600, coo may
be made available"
Here we have the power of money and
the weakness of credit as dependence on
which to rest business. Forty or fifty mil
liens of bogus money is provided, resting on
gilt edge securities, in order 10 stop the
break in the levee which holds the stream
of trade in its naintal channel. These credit
reeds threaten to give way to the pressure
of the stream whose volume is steadily in.
creasing. This is the financial system the
gold ring class is putting forth every effort
to secure. 1t is a system full of shoals and
rocks on which business constantly suffers
disastrous wrecks; system that draws
usury from every man who raises bushel
of corn, lays brick, drives a nail, digs a
ditch or weayes yard of cloth.
This is the gold basis" system o finance
which the usurers are invoking the powers
of hell to firmly fasien on the people OF this
country. There is but trace Of gold in it..
1t is system by which solid pyramids of
debt are established, sucking interest like
horse leeehes from every vein of industry
a ssystem which builds inverted cones OF
business, which constantly toFple over and
disappear from sight. Hundreds of such
business structures are topping over weekly,
Free coinage of both metals would have
placed this country beyond and above the
breakers which are devastating everything,
and driven England with her "gold
standard" and debt holdings to the wall.
England hasn't cent of gold except what
she draws from other nations and people by
the interest on her gold debt holdings. Free
coinage of silver steadily since 1878 by this
country would have broken that yoke. Ii
would have broug the trade of every silver
producing country to our ports, and in all
probability by this time made New York
in place of London the clearing house of the
world, as the gold interest drawn by the
gold debts of England has made London the
clearing house of the world. But as it Is,
probably we are at the Threshold of the
great financial revolution which was bound
to take place sooner or later. The march Of
civilization will not submit to be enslaved
by the tyrant debt, 10 promote a fetish
worship of the idol of gold