The midland journal. (Rising Sun, Md.) 1885-1947, 1893-05-12
It is False.
Hon. A. B. Hepborne, Comptroller of tn

Hon. A. B. Hepborne, Comptroller Of the
Currency. in his last report says:
"This clamor for more money comes from
the newer, less-developed sections of the
country, and from people who have some
thing to sell that no one wants to buy. The
securities they offer do not commend them
selves to investors. No amount of currency
would correct this. They say, Money is
plenty while the crop is being moved, but
we want it plenty at all times When the
crop is gone, what have they to represent
money, with which TO buy money? People
can get money for their labor and for their
produce. They can borrow upon good
collaerals, real or personal. People with
any equivalent of money can get it. This
whole trouble is born of the heresy which
has a strangely extended hold upon the
public mind, that the Government can create
wealth and that ifthere were more money
people could, in some unexplained way,
obtain it without rendering an equivalent"
We beg leaye II differ with the Comp
troller, and to say that his statement Of the
case is absolutely false. No complainant OF
the conditions referred to believes, or ever
asserted, chat the government can create
wealth." Not one word or line can be
found in any Of the speeches or writings of
the party who oppose present conditions Of
our finances, to sustain such assertion as
here made by MIR. Hepborne.
People of ''these newer less developed
sections" or any other sections, do not
complain of being unable to borrow, but
that the interest ON such money amounts to
more than the profit on the products of their
labor, and 1t is the scarcity of money which
reduces prices on the products of their labor.
The people do not wish to borrow on their
securities, as long as the income from those
securities will not suffice to pay the interest
and loan at maturity, because it means ruin
to them. Tens of thousands have been
ruined by taking this risk.
The cool insolence Of the Comptroller's
question is refreshing: "When the crop is
gone what have they to represent money.
with which to bry money % They ought
to have profit on the products of their
labor sufficient to make it unnecessary TO
borrow money 10 enable them to continue
their business, il they have not, then no
farmer can live, as thousands have discov-
cred. If the profit on any business will not
lay the interest on the borrowed money
invested in it that business is bound to go
under Farming will not, and many other
kinds of business do moi; hence the wreck of
bankrupts reported every day in the year,
and thousands more not reported by the
papers. 1t is the corner which the national
bank money trust has on the government
and on the circulating money of the country
which causes the conditions so sneeringly
referred TO by this Wall street Comptroller
of the Currency. Release the grasp of these
hylocks on the currency and on the Treas
ury of the United States. and let the gov.
eminent furnish sufficient supply of money
fol the peoples use while prosecuting their
wealth creating industry, and they will
surmount every natural obstacle. But the
government must ts Ike measures to keep the
control of the money out of the hands of this
band of shy locks, or all the money that can
be created would not suffice to relieve the
wealth producing masses. Their robbers
must be kept at bay, and the government
alone has power to do it. Let the people
rescue their government and the govern
ment will be enabled to rescue them.