The midland journal. (Rising Sun, Md.) 1885-1947, 1893-01-27
Friday, Jan. ~, 1898.
ThsEorry Bankrupt Bill.


with some of our prominent men on the
Tory Bankrupt Bill now before Congress.
The parties interviewed approve the bill
and favor its passage. We baye not had
an opportunity to examine the bill referred
to, nor have we given the subject of bank
rupt and limitation laws sufficient consd-
Grafton to advance an authoritative opinion
on their merits. On general principles, or
probably to put it more correctly, on eco
nomic principles, we strongly dissent from
the principle which saddles people who
enter actively into business, with the
incubus Of debt, and the best and speediest
way of relieving them from such burthens
should receive the hearty assent Of all who
wish we'll to the human family, for if there
is any curse which brushes the life out Of
the industrious, wealth producing class it is
debt. Debt is the stone that Sisypus rolls
continually up the mountain but the top is
never reached.
Bankrupt laws are temporary expediants
for the alienation of an acute disease which
is too torturlng to be endured if the patient
is expected to survive. But they must
prove only temporary 10 be applied again
and again at every periodic return of the
malady. While it is wise as we'll as humane
in the physician 10 administer temporary
relief TO the patient, the seat of the disease
should be sought for and the cause eradi-
Gated. This is the only sure cure. The
wise statesman will follow the example Of
the skillful physician and seek to uproot
the causes W hich afilict the body polite and
society with such moral and political disease
as debt.
No individual can prosper in business or
enjoy life under the load of debt. And no
nation can be truly prosperous that is cum.
bered with debt, moral and political curse
which no government should allow its peo-
pie to rest under. And yet we find every
nation on the globe afflicted with this can
Ger which consumes the substance of its
people.
The cause OF these public debts is easy
to find. But little search is required 10
discover their roots and cause. 1t is their
financial systems that have been the means
by which shrewd and generally INSCRIPTIONS
men have managed to adroitly create debts
that tax all the people for the benefit of a
comparative few, who remain in virtual
idleness so far as adding anything 10 the
worlds wealth is concerned.
1t is wholly the want of money which
causes people TO place the chains of debt
upon their productive energies. Money is
tool of industry that every producer of
wealth must use and that tool can be sup
piled by none other than his government.
By allowing it TO be withheld from use, or
out Of use, by parties who manipulate ii for
the nsury they can secure from those who
must use money, the government falls short
of its duty; and by failing to supply suf-
fcient quantity to enable the industrial
classes to pay cash in place of borrowing or
hiring at high rate of interest, an injustice
is done whose far-reaching effects can
scarcely be estimated. Here lies the root
Of the evil that cries out for bankrupt laws
10 relieve the pain which will never be
cured till the cause is eradicated.
How can the disease be eradicated? By
government doing its plain and whole duty.
Provide the people with suficiency of
money to transact their business on cash
basis. Then there would be no need for
bankrupt laws 10 relieve them from the
burthen of debts, which existing conditions
deprive the debor of the ability TO pay.
Honesty would then come to the surface
where interest and honor We're pledged, or
collateras deposited for the return of money
if through unforeseen necessity money were
borrowed.
Government would be required to do
more than furnish the sufficient amount of
money TO supply the sinews of trade and
industry, but also TO establish banks of loan
OF discount as we'll as of deposit, and assume
the business of banking for the accommo-
dation of the people, and take this business
out OF the hands Of private parties who tax
abe industry of the country hundreds of
millions annually for the simple service of
safe keeping and distributing their money.
Where this simple business now costs the
people from per cent up 10 all the "trafiic
will bear.' the government could do the
business for one half of one per cent, and
insure depositors against all loss.
With the money of the country in the
custody of the government. specializing and
gambling in produce and stocks would dis
appear, and the crazy scenes in the gambling
bear pits OF the cities called stock exchanges,
etc., would cease. Cash would take the
place OF credit honesty the place of dis
honesty, the laws for collecting debts might
be repealed and bankrupt laws be needed
40 more to relieve the oppressed from the
boadage of debt The money changer aud
asurer would have to put his money into
business and take the risks of business,
labor now idle would find employment,
poverty and crime would steadily lessen
and the gold bug would become as extinct
as the masiadon.
Local Option in Taxation.
Local option is a most democratic system,