The midland journal. (Rising Sun, Md.) 1885-1947, 1893-08-18
QUESTIONS OF THE DAY.
A Rich Mans Panic.

that is really its nature, will go down
in history as "rich mans panic" To
those who have not given the question
close attention, the idea of rich mans
panic in contradistinction to "poor
mans panic" may appear somewhat
farfetchcd. The position is, however,
both logically and historically correct.
With the close of the war an era Of
millionaire making began which has
intensified until the present time. This
process consisted in plundering the
producer at once, or, in securing GER
tain privileges or mouopolies that would
bring about a similar result in the
future. The method is the same in
both cases, but the final results are not
gathered at the same time. To be a
millionaire under any circumstances is
is to receive by inheritance or through
personal effort the fruits of the labor of
others. The methods of millionaire
making led to vast railroad corpora
tions, manufacturing monopolies, mining
syndicates and an innumerab,e host Of
similar ventures whereby it was sought
to place the producers of wealth under
tribute. With this idea in view rail-
roads combined in order to prevent
competition in freights, and to more
Systematically rob the producer. Also
the eordage and other trusts were
formed to prevent competition among
themselves which would lower prices to
the consumer These trusts established
a uniform price Of their own and plum
dered the people at will. Beginning
with 1870 hard times and failures
began to be experienced among the
small dealers, small manufactures and
similar business enterprises. The price
of labor and its products began to be
lessened with the inevitable result of
reaction upon small business concerns.
Gradually this condition spread up.
ward. Beginning with the weakest
portion of business, those with small
capital, or those in debt, it spread
upward carrying financial death where
ever it went. Meanwhile the railroads
monopolies, syndicates and trusts con-
tinued to levy the same tribute as when
labor received better remuneration, No
matter how much labor poured into the
great reservoir Of wealth these financial
cormorants would draw it all out and
take besides a portion Of the plant
which labor operated, in the form of
mortgages, liens, &c. This has con-
tinued until the present, and the efforts
of the past 30 years have been entirely
swallowed up, and a debt of S37 ,O00,-
100000 as unpaid tribute has been
incurred.
Labor in production can 60 no fur
Their. These trusts, monopolies, and
syndicates have squeezed the lemon
dry. The people can no longer pro-
duce enough to pay the tribute de-
manded, and hence these agents through
which this tribute has been gathered
heretofore are not SO valuable. Rail
roads that cost $4,000 per mile to
construct, have been bonded and cap
italized for 100000 to 100000 per
mile, and these stocks end bonds sold
wherever possible Manufacturing
plants that cost 100000 have been
capitalized for 100000, and its stock
sold in the same manner. For years
the people have been compelled to pay
interest aud dividends upon this fcti-
tious value. They can do so no longer.
The owners of these stocks and bonds
realize that fact and hence the great
rush to sell them for what they will
bring. This is brief synopsis of the
whole matter. Not having the people
to plumber, and being true to their iu-
stincts they have begun to rob each
other. 1t is now case of "dog eating
dog" and the people should let the
performance 60 on as long as it will.
Ordinary business will not suffer. The
farmer will not suffer, neither will the
laborer suffer more severely since the
same conditions among this class would
have obtained in any event The panic
struck them long ago and has passed
on to higher grade. When the smoke
clears up SO survey of the field can be
taken, we will see far different sight
than in 1873 to 1885. Then it was
strewn with honest traders. honest
farmers, honest mechanics, &c. Now
it will be covered with the bloated and
fostering corpses of the business bucca-
neers of the 10th century.
We say let the money strife go on ;
&c