The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1893-06-30
THE RINANCIAL SITUATION.

The stringency in money affairs ap-
pears to have spread over the whole
country and everywhere people are
demanding that something shall be
done to relieve the pressure. Far
mers are always complaining of
hard times" but now their COM
plants are real. The price of wheat,
which is below the cost of production,
has set them looking for the cause
and they have come to the conclusion
that the insane financial policy pur-
sued by the government is response
BILE not only for the general dullness
of trade but for the decline in the
price of wheat.
The Sherman silver law, passed for
the benefit of mine owners, compels the
government to buy every month, at a
stipulated price, q certain quantity of
silver, for which there is no demand
as currency. For this silver certificates
are issued which are payable in gold.
The more precious metal is with
drawn from the treasury and sent
abroad in payment of our indebted
ness. Continuing to pursue this poll
cy it is only a question of time when
the governments gold reserve will be
gone and the people be compelled to
receive for their labor or their goods
silver dollars. Silver has varying
price per pound in the markets Of the
world, the same as wheat or corn, so
that our silver dollars, while they
pass current in the United States are
only worth abroad their value by
weight. AS q consequence when we
can no longer send gold we must send
abroad at its market value per pound
silver that has cost more than it is
worth.
On Monday in London silver
sold at price which was equivalent
to " cents per ounce in New York, at
which rate the metal in a silver dol
lar is worth a fraction less than SO
cents. This fall in silver is ascribed
to the report that the free coinage of
silver in India is about to be stopped
and that country will adopt the gold
standard.
In view of these things it seems use
less for the United States to continue
the futile effort to make SO cents worth
of silver equal in value to dollar in
gold.
Capital is timid and the feeling that
Congress may compel people to accept
a deprecated silver currency in pay
ment of debts due them has caused a
withdrawal of money from banks
This money, instead of being invested
in mortgages, stocks, bonds or bust
ness enterprises, is deposited in safe
places, where it will remain until our
financial policy is settled. This
scarcity of money by affecting foreign
exchanges bears directly upon the
farmer. 1t affects the price of wheat
by preventing shipments, so that in
this as in nearly everything else,
no matter who dances the farmer
musG pay Ino HudleT.
President Cleveland has expressed
his intention to call Congress to-
gether in September, to consider the
financial situation and provide rem
edy. He foretold the consequences
that might happen, but the flood Of
evils appears to have burst suddenly
upon the country like the opening of
Pandora's box, and the situation
seems to demand instant action. He
should not wait until September to
convene Congress but should call
that body together within two weeks.
1t seems almost certain that the Sher-
man silver law will be repealed, no
matter what law may take its place,
and therefore the very fact that Con-
gress is to assemble soon would in a
measure restore confidence and enable
business to go on.
Farmers are directly and vitality in
terested in this question. Any OBJ
struction in shipping abroad our sur
plus agricultural products must af-
feet injuriously the prices at home
The action of the Deer Creek Farmers
Club of this county, therefore, in
calling upon the President to convene
Congress at once and recommend the
repeal of the Sherman law, was time
ly and judieious. Every farmers Or
ganization in the country should join
in the movement, the success of which
would be for their mutual benefit.