The midland journal. (Rising Sun, Md.) 1885-1947, 1893-03-24
Are We Financial Idiots ?

class. the high steppers in financial and
exploiting circles. This appears to be all
charged now. 10 commencing Mr.. Cleve-
lands inaugural in the most hopeful and
fattering terms. leading New York paper,
a specialist in the banking interests, says:
His determination not to call an extra
session of Congress at the present time is no
doubt due TO the fact that a majority of the
rev Congress could not be depended upon
TO vote for the repeal of the Sherman Law,
but by September there may be decided
change in the opinions Of those who are now
opposed to taking any action which will
ultimately lead to the cessation of silver
purchases.
1.-THE business men of the country see that
the only way to keep our currency on
sound basis and insure our future prosperity.
is for the Government to stop buying silver,
adjust the tariff in such a way that our
working men viii be protected, and at the
same time be allowed TO manufacture goods
which can enter into successful competition
in the markets Of the world"
"Oir future prosperity" is evidently
meant for the prosperity of sour SET" the
banking and specializing class.
The banking and money changing class
like the whiskey saloon class don't have
any politics or party pride. The party
which promises to serve their interest best
is their party for the time.
Mr.. Cleveland's determination not to call
an extra session till September, this bank
organ thinks, is that majority of Congress
is against their and Mr. Cleveland's wish to
repeal the Sherman law and totally demon
etize silver. The hope that by September
they will change their mind, we think may
be safely set down as a hope doomed to
disappointment. 1t is much more probable
that the determination to pass an act for
free coinage with the peal of the Sherman
law, will be much stronger than at present.
For the government to ''stop buying
silver" and go to coming it for all who
offered it for coinage is the most direct road
to keeping our money on sound basis,
must be clear to everybody who is not
speculator and dealer in money.
Just how it is possible TO adjust the tariff
10 such way that our working men will be
projected, and at the same time be allowed
to manufacture goods which can enter sue.
cessful competition in the markets of the
/ ,uo.I1D 10 1T hlo IN h lilo 10 EpUlish
can buy our silver at 40 per cent discount
on It's coin value, take it to India and
exchange it for cotton and wheat at gold
value, which enables them to put down the
price of our cotton, wheat and other food
products to the bullion value of silver. And
to Complete their manufacturers advantage
over ours, after supplying their operatives
with food which has been beaten down in
price by giving them our silver at discount
of 40 per cent, the English manufacturers
are supplied with money at q TO 8 per cent
pay per cent, The greatest protection
our manufacturers need is against the high
rates of interest they have to pay in Gom=
parison with their foreign competitors.
This alone will forever prevent them from
becoming successful competitors in the
markets of the world against the foreign
manufacturer. A tariff can be adjusted 10
shut out from American markets, foreign
goods, but it cannot be, to shut them cut
from the markets oil the world. While
making present of 40 per cent ofour silver
to foreigners. empoverishes our farmers,
making them and all whose business
depends on their prosperity, unable TO buy
save in limited quantities of our manufac.
lures, it serves to keep money scarce here
and IN control of the foreign gold bankers
who control the rates of interest in this
country, keeping it up and against our man
ufacturers and business men and down in the
foreign country and in favor of their own
manufacturers. This result is pretty nearly
all effected by the leverage of 40 per cent
given them on our silver. We mine half
the worlds supply of silver and give forty
per cent Of it away. Without our silver
there wonld be silver famine in the world.
We refuse to coin it and create a plethora
which helps nobody but the English gold
bankers and their manufacturers. Are our
American manufacturers and laboring
classes financial idiots? 1T looks that way.