The midland journal. (Rising Sun, Md.) 1885-1947, 1895-02-22
LIVE ISSUES.
An Object Lesson for the People to
Consider.

give the producing classes relief.
that we ale to have more issues of
bonds, principal and interest pay
able in gold. This condition will
be approved by the bankers and
capitalists, as it provides a place
for their idle money, partially the
peoples deposits.
From the writer's standpoint,
(the farmer's,) [ cannot see how
confidence can be restored, or in
what way an issue of bonds will add
one farthing of value to our pro-
duets. 1t is seemingly a peculiar
object SESSION which the writer fails
to understand clearly how an inter
est-debt bond redeemable in gold
will restore confidence, or even be
met when due, only by continued
issue of more interest bearing bonds
to procure gold to meet these obi.
cations, in the estimation of the
writer the worst form of contraction
of our money volume.
From the repeal of the Sherman
act, followed by the German tariff
bill, the issue of gold bonds, con
tracing our money volume, the
farmers have suffered. We pro-
duce SO per cent of exports to for
eign countries, and our prosperity,
our credit, is based Oh the overplus
returned to us in imports or its
representative money. At present
the balance of trade is against us
some two hundred and fifty mil
lions. We owe other countries in
gold contracts foolishly made as
much more. When these condi-
tons exist and we have to issue
bonds to meet them, and also meet
the expenses of government as we
have since reciprocity was aban-
doned, there has nothing beneficial
occurred to insure confidence or
restore material prosperity, and the
result will be disastrous to all
classes, be they producers or
otherwise.
1t is the opinion of the producing
classes that there can be no change,
present conditions existing, when
the products of labor are measured
by gold alone. The medium is in
sufficient, it will not meet present
obligations, and probably end with
premium on gold, and its demon
citation, followed by Treasury
notes full legal tenders, and our
medium of exchange. The contin-
ned effort of the bankers, gold
bugs, gold worshipers to continue a
financial system, gold medium,
whereby our crops are continually
depreciating in price measured by
gold, needs no better proof than
what We see in all forms Of pro-
ductive industry silently waiting
for relief, which can only be found
in a more liberal circulation of
money, or much lower rate of in
terest on money, or extremely low
priced labor, the latter condition
the most Objectionable to secure
material prosperity.
The present administrations
object lessons, Quoting Tom Wat
son, have been explained by the
cuckoOs as steps in the right direc-
ton. Tariff for revenue, repeal of
the purchasing clause in the Sher-
man act, stopping the pensions,
contracting the money volume in
issuing gold bonds to meet expenses
of government have all been steps
in the right direction, and the pres
ent aspect of the political atmos-
phere is that they have been, as far
us the future of the Democratic
party is concerned, the right kind
of steps to retire it from taking any
more steps in these directions. 1t
is only necessary to compare JEFF
tersonian democracy with the article
now in the market.
Quoting Jefferson shortly after
the revolutionary war, the credit of
the government being then at low
water mark, (our population num-
bering few millions, } we read that
the nation may continue to issue its
bills Treasury notes. as far as its
wants require, and the limits of its
circulation will permit, q will add
bottomed on redeeming tax bear
ing no interest Those limits are
understood TO extend with IFS at