The midland journal. (Rising Sun, Md.) 1885-1947, 1895-07-19
LIVE ISSUES.
The Downfall of usurY.

English bankers "at the deprecia-
ton of the earning power of
money!" and the question is asked:
"Is capital losing its value q"
which all means of course, are
rates of usury threatening to be-
come less in the future?
The Statist goes on and states
that rates for time money loaned
by banks in London, have of late
been as low as 21-32 of 1 per cent |!
This is an important admission
for American money borrowers to
consider, because it shows how low
bankers are willing to loan money,
and consider that a profit is being
afforded them, for this means
that banking pays when money
is loaned at less than three fourths
of one per cent.
But the Statist says that the
bankers of England are more anx-
ious about the possible continuance
OF low rates of interest, than in
what may have caused low rates up
to the present time; and they cite
the probable quantity of gold to be
mined in South Africa, which they
put at not less than twenty million
pounds sterling per annum; this,
combined with the mining of gold
in other parts of the world, they
now estimate will foot up not less
than two hundred million to two
hundred and fifty million dollars
per annum, all of which is to occur
for each year of the coming fifty.
The Statist goes on to show that
until a demand for more money
takes place in the United States and
in Australasia, because of an in
crease in business in these two Sec
lions of the world, that money in
London is likely to remain at some
near prevailing rates of interest for
its use.
All this is in pretty good illustra-
ton of the powerful money in
t1uences at work in London. to stop
anything in the shape of free silver
coinage in any and all countries;
because as shown, these money
lenders, in alone considering that
the gold output of mines threatens
large additional supply of money,
and their consequent alarm from
their narrow point of view because
of it, they would stop at no efforts
to prevent any additional in
crease in the money volume that
might come by means of the advent
of free silver.
All this clearly shows how foolish
it is for bimetallists, as the Manu-
facturers Club now asserts itself to
be, to look for aid from abroad in
the establishment of bimetallism
for the United States.
English money lenders. it must
be remembered, are not English
industries. The latter are suffering
in England just as much as the in
dustries of the United States, be-
cause of the mischief wrought in
the midst of both countries by the
discOntinuance of free silver coin
age, and silver's consequent arbi-
trary depreciation.
The real reason for the low rates
of money in London is nine tenths
due to the one cause of the demOne-
tization of silver. Because the
silver basis countries are and have
long been taking away the trade OF
English producers and producers to
whom they export in this unnatural
competition of silver basis countries,
and thus have destroyed English
manufactures, as well as the in
centive among those remaining to
compete for (English) export trade.
But the Statist, even if it knows
such to be the case, very carefully
avoids saying so; they know, that
money lenders do not care to hear
of anything so totally opposed to
their wishes, which are against an
increase in the worlds money vol
ume; consequently, they-the
Statist-gO right on, as all goldites
are doing, and support the suicidal
policy of narrow volume of money
in order to force up rates of usury
for its use. Money lenders cannot
find borrowers among ruined indus
tries. But it is astonishing how few
money lenders understand This