The Camden chronicle. (Camden, Tenn.) 1890-current, 1896-08-21

pid mo nond Issues Bring Any Relief
Read ihe Encta
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AN AHNntlN In H low NHHlNh NMNN /
from the great bond issue of $780, /
100000 II was understood and So
stated 6y those who make 20 thcirI
business 10 deceive the people IN
the interests of the money power
that This vast increase ol hepublie
debt that saddling ana additional
burden of taxation ON the people
would put an end 90 the strained
condition of affairs. 10 be am ample
protection TO Che Treasury and 10
give a better tone TO trade and bus
mess
But what lis the actual situation?
The most careless observer can per-
ceive that prices have fallen still
lower since the bond issue than
they were before. and the situation
has not improved since the banks.
q few weeks ago came 70 Che relief
of the Government las it was con-
sidered dangerous to their cause 10
have motherhood issue ON the eve
of a Presidential election, but this
merely afforded temporary relief
Even the speculative stocks chat
pay no dividends aud are praci-
cally worthless the stocks that
Wall Street uses as q blind behind
which it sits and callsu the lambs
that are to be Aeeced are lower.
The situation must be pretty bad
in that quarter when Wall Street
operators can not now breathe the
breath of speculation into the price
of these stuffed and padded stocks.
The Chinese soldiers, when they
90 TO war, wear the most hideous
masks in the hope Of frightening
their enemies. When q gun goes
off they throw down their masks
and run away. Similarly, when
Wall Street wants to convince the
public that business activity isabout
to begin, the operators get in the
exchange and pretend to fight over
these worthless stocks.
Thus far they have been able to
fix the prices to suit themselves
the prices being as much Of a sham
as the stocks themselves. But now
it seems that even this pastime has
failed them. Even the worthless
stocks refuse to respond to the eff
forts Of the operators to liable them
with sham prices.
More than this, the bond issues,
instead of putting an end to the
raid on the gold reserve in the Ma
tional Treasury, has accelerated it.
Millions have been drawn out to
pay for bonds, and those who had
gold and paid it into the Treasury
for bonds have been making haste
to draw it out again. Since the
last bond issue nearly S50,000,000
of gold has been withdrawn from
the Treasury, and very little Of il
has gone abroad. Why? Foreign
exchange is not at the shipping
point, and has not been for some
time, but the raid on the Treasury
reserve continues.
In other words, every bond that
has been sold thus far has been sold
for greenbacks and Treasury notes.
and this currency, to the extent OF
the bond sales, are now locked up
in the Treasury, having been taken
out of the channels Of trade and
business.
The man who expects prosperity
to return or prices to rise while
this tremendous contraction is 90
ing on, or after it is complete, is
either a fool or is profoundly ig-
norant Of facts that ought to be as
plain as day to every person even
of average intelligence.
Money is as necessary to trade
and business as blood is to the life
Of human being. AS there car
be no health nor energy without {
plentiful supply Of blood in the
body, SO there can be no health
nor energy, nor activity in trade
and business when the volume 0.
money falls below the amount nee
essary to stimulate the eyer-grow
ing demands Of the people These
facts are elemental and automatic
They need neither argument no
proof to support or verify them.
Is it strange, then, that the pro
prietors ofwholesalej obbing houses
in New York and the East walk III
and down between the goods tina
are piled high on their floors anC
wonder why the merchants Of thu
South and West do not crowd thei
busineee Offices with their buVinS