The midland journal. (Rising Sun, Md.) 1885-1947, 1894-01-12

increases the hold the organized money
power has upon the country and whets
its appetite for more transfer of value
from commodities to money. This
process of transferring value has gone
steadily on also, until our Hebrew
friend referred TO, should his bond be
paid to day, could with each dollar buy
twice the amount of goods of almost any
man ufacturer or merchant that the
dollar would have bought when be
purchased the bond. If this class of
6nancier are allowed to continue in
control ten years longer the commercial
value Of the dollar will no doubt
increase one third more. The bond
holding class runs no risk. The more
business failures that occur the more
they gain, because every business failure
forces lot of goods on the moneyless
market and drives prices Of goods still
lower and the price of money still
higher. They have no great expense
in collecting during dull times as has
the business man, for they have so
arranged matters that the States do
their collecting. and if the business
man because of hard times is unable to
pay his share, which is collected in the
form of taxes, he is at onece sold out
by the sheriff, and the expense of the
sale charged up against the proceeds.
So the merry money lender assumes a
sympathetic smile and will lend him
money to start business again if one Of
his solvent friends will mortgage his
estate as surety.
The manufacturer and employer Of
labor have in some degree protected
them eselves in years past by cutting
down the wages of their employees. Blu,
in doing this they have only been pull
ing the foundation from under their
own structure.
AS wages were cut down just in that
degree the ability of the great mass Of
workers to purchase the products OF
labor was taken away, and just 10 that
degree the chances of both the mer--
chant and manufacturer to gain profit
on their goods was diminished.
Some of the greater industries of the
country undertook to protect themselves
against loss by forming trusts. Here
again they but sow to the wind and
must reap the whirlwind unless the
whirlwind is headed off. Every indus
trial trust is the Legitimate child of the
money trust and was born of necessity
They are all formed on the principle Of
reduction in operating expenses.
This necessarily throws more men
out Of employment and cuts down their
capacity as consumers. All these
industrial trusts are founded upon large
issues of bonds or stocks on when they
are expected to pay interest or divi-
dends to the holders. But unlike
government, State or city bonds, their
ability to do this depends on the ability
of the great mass of the workers of the
world to buy the products of these
Industrial enterprises. The masses oil
the old world are SO pauperized that
they can buy only the meanest neces-
sites of life so that what should be .
limitless market there is virtually
destroyed, and foreign manufacturers
are frantiOally knocking for free
entrance to what little remains of this
country's market. IF they geti values
of manufactured goods will drop here
quickly.
If they do not. soat:auation Of
EDgland's single gold standard policy
in this country will soon force values
here down to the European level any
way, and by that time cur home market
will be SO completely destroyed as to
make it scarcely worth the effort of our
foreign competitors to strive for it. and
of little value to home producers. In
either case the bond holders, both in
this country aud abroad are be melted
by the increased purchasing power oil
money which the business mea and
producers are obliged to pay to them 10
the years to come.
These obligations nov amount in the
aggregate, in their various forms, to
almost enc half the entire value of the
United States, including realty.
Many will refuse to believe this
statement on first thought, but there is
ample evidence to convice the most
skeptical. With this load resting upon
business ans production how can either
hope to prosper without az increased
money supply and consequent
inereasa In the valne of their nrndnc-