The midland journal. (Rising Sun, Md.) 1885-1947, 1893-08-11
The Magic Of the Greenback.


The Magic Of the Greenback.
This is what John Sherman said in a
letter to his brother, General Sherman.
written November 18th, 1868:
"The wonderful prosperity of all classes,
especially of laborers, bias tendency to secure
acquiscence in all measures demanded to
carry on the war. We are only another
example of people growing rich in great
war, and this is not shown simply by infiat-
ed prices, but by increased production, new
manufacturing establishments, new rail-
roads. new houses. etc. ladeed every branch
of business is active and hopeful. This is
not mere temporary imitation caused by
paper money, but is steady progress and
almost entirely upon actual capital. The
people are prospecting and show their read
mess to push the war, and voluntary dona-
tiors for soldiers and their families are
counted by thousands"
This is text for great lesson in finance,
and should be applied to the conditions
which at present exist. The two states
should be compared and the reason for such
a wide difference searched out A little
common sesse end hard thinking will find
it. Even with great Wasteful war on our
hands the "people are growing rich." Sen.
ator Sherman declared. Indeed every
branch of business is active and hopeful"
he assured his BROTHER. And this, remember;
in the midst off great destructive war.
And he further emphasizes his wordc by
saying: "This is not mere temporary
imitation caused by paper money, but it is
steady progress, and almost entirely upon
actual capital"
The reason for all this prosperity is plain
as pike staff. There was plenty of real
money made By the government, some sey :
enty odd dollars per capita for the popula-
ton then under the government OF the
United States. The business then was ca
cash basis. Why does the present distress
exist and the people grow poor? Because
we have but five dollars per capita, and the
business is on a credit basis. This 10 the
reason, and no man can advance any other
and support it with anything like logical
argument or a scintilla of statistical evil
dence. All of these truth supports are
against every ingenious sophistry advanced
by The gold bug aristoersey.
A scarcity of money has caused fhard
times" and made poor people and criminals
lie every age of the world, and history with
its iron finger points to the fact, giving the
whitening lie TO the soPhis:ries pfthe defend
ers of our present financial SYSTEM. oi 30
money and all credit, for we haye virtually
no nouey, and 95 per cent of credit which
we are using aud paying interest for the
privilege of using in place cf money acithOuI
interest.
The lesson contained in Mr.. Sherman's lets
ter to the General teaches another important
truth, i. e.: that the greepback supplied the
people without cost, was real money and moi
"paper infatiop," that they were enabled
by the potent means of the greenback tt
produce great abundance Of wealth and
wonderful prosperity. especially among the
laboriug class. And this ia tis midst of q
great war. How much greater would bf
the benign Influence Of such a volume o.
government provided money on the country
in season of profound peace and industry
the Imagination is taxed to conceivei
No such conditions exist now under oul
bankerG' credit money. And this was 9
''steady progress and almost entirely upon
actual capital" the Senator declares. Every
enterprise almost of the present Gay is bull
on the airy foundation of the bankers credit
and is disappearing like smoke before q
conaagration. No ''actuat capitaP' under it
Why do these different conditions exist
They exist because the government turned
over its prerogative of making money foE
the use OF the people TO set Of corporation;
called nationoi BANKS, whose chief aim is &c
destroy all government money aDd create an
invisible money of their own which they
call credit, whch is as void of substance as
the air. This is the why there is such a
deplorable contrast between the times when
our government furnished the money and
the present, when the banks are doing the
job and filling The people with the east
wind, which is as distressing now % in the
days of Job.
Why should such deplorable conditions
exist as at this time? They should not and
none but the wiekedest of reasons can be
traced for their existence. Our rulers who
were trusted 10 fill high places haye been