The midland journal. (Rising Sun, Md.) 1885-1947, 1893-06-23
Signs of the Times.

The mortgage debt of Rhode Island ION
farms and homes only has reached total
SO extraordinary that it gives the remark
able average of $50 dollars for every farmiy
in the State, making an interest tax per
family which will average higher than the
tax itself for all its purposes.
And this is in one of the weahhiest States
of New England. where the Plutocrats, who
favor continuation of the present disastrous
financial policy, and who never cease to
extol the great fund the working people
have laid up in the sayings banks. Not
withdrawing This boast, the common people
are owned by few moneyilords whose voice
only is heard through the subsidized press
and their servants in the U. S. Senate.
As great as this debt is, it is exceeded by
that of the Western States. In Nebraska
the average farm and home debt per family
is $3.50, of Iowa $500, of Illinois $500. To
come home to our own State the same class
of Indebtedness is about 1915. These are
only the cast iron mortgage encumbrances
fastened on the people, and to the largest
extent on the farming class Other floating
and TRANSIENT debts, which are necessarily
incurred ii order to conduct business at all
| uuo.r c2g credit system, are drawing a
vastly orc. sr amount of interest. A glance
at the lac, stttement Of the National Banks
of our nun ,,try-there are four OF them
made TO the Coup. VI 'Ae treasury
will serve as criterion for the Wa
country, and are no doubt fair average.
The aggregate amount of 'Loans and Dis
counts" of these four small banks shows
they hold in their hands an Indebtedness
on the people of 81, 232,0S2, which cannot
fail TO abstract much if any less than an
annual interest of 100000, if the com.
pounding of interest and bonus on renewals
are included. This is a much larger sum
than all the taxes for Stale and county pur-
poses, Add TO these fabulous sums wrung
from the honest toilers and producers other
tens of thousands of dollars lost through
security on loans, and other bankrupt items,
and the absorption Of the peoples substance
becomes an appalling spectacle.
This miniature of financial disaster right
in our midst is life picture of the condi-
ton of the entire country. And it is no
fault ofthe men who fail, or the banks, which
are the distributors of the money necessary
to conduct business. The men who enter
into enterprises that demand capital expect
to succeed and be enabled 10 pay every cent
of principal and interest on obligations
incurred Oar banks are as carefully and
economically conducted as any in the
country. There is no choice 10 these modes
of conducting business. Our financial sys-
tenn is such that business must be conducted
on the shifting sands of credit basis. 1t is
system of wind money in which the result
of business is expected to reap bountifnl
harvest in the future. That harvest fails,
and disaster falls upon those who hoped to
reap future reward for their care and toll.
Like western cyclone, in a moment
almost tie storm comes down upon them,
leaving no hope of escape to the unfortunate
victims of our destructive financial system.
The people who hold the scorpion lash of
debt over the army of workers, and control
the mcyety of money, compared to the i'm
mense volume of business, gather in the
fruits of the labor Of those who droop to
death in the vide devouring breath of this
financial simeon.
About 10000 persons control the destinies
OF the 60, 100000, and the losses of the null
titude fall into their hands, a thousand in
SORROW turn their faces toward the dismal
and cherries fnture Of poverty, while one
takes a select place among the gold throned
millionaires.
Every person who has wit enough to
think knows this dark picture is an awful
reality, and il will continue to repeat itself
as long as our present financial system pre-.
walls. The men who are upholding it are
suffering-or beginning to sufer-along
with their innocent victims, and yet they
are raying for its continuance with inten-
si6ed contraction and depletion of money.