The midland journal. (Rising Sun, Md.) 1885-1947, 1896-09-11
The WAY Out.

L
people of any country can have
against the competition of foreign
countries is a sufficient volume of
money to supply the demands of
trade and business. This was dem
onstrated in the period from 1862 to
1870. There was then sufficient
money in circulation to carry for
ward every line of business, and
there was not an "infation" of the
currency. All the money in cir
culation was needed to conduct the
business. Every person who
wanted employment could find it,
and all who enjoyed health and
were physically and mentally fitted
for employment were employed and
general thrift and prosperity pre-
vailed among the masses.
No complaint of foreign goods
crowding and Cutting our markets
was heard. There was plenty of
money to pay for labor and plenty
of useful work of every kind for
labor to perform. All had money
and all purchased freely and con-
sumed the articles produced by in
dustry in other lines. When the
goldring, Wall street bankers who
were permitted to run the Treasury
and shape the financial affairs of
the country, got in their work of
destroying the money furnished by
the government for the use of the
people, everything changed. Gen
eral prosperity and thrift gave
place to idleness and want. Debts
accumulated and general distress
gradually crept over the land, cast
ing its dark shadow over every
home. That shadow has deepened
and darlened as the years rolled by
and money grew scarcer, till we
have reached condition that is
appalling the stoutest hearts. Peo-
pie see ruin before them for them
selves and families. People who
were in comfortable circumstances
a few years ago, now behold the
gaunt wolf of poverty glaring in at
their door with fangs ready to seize
them. Step by step in stealth and
darkness this condition of affairs
has been brought upon them, and as
the money of the country grew less,
poverty, idleness and want have
entered the homes of the people.
The scarcity of money in circulation
has been the sole and only cause of
the general distress that has fallen
upon this nation and people. No
other cause that will stand the test
of examination has been or can be
assigned for the general distress.
In place of an increase in the vol
ume of money which is demanded
by an increase in population and
natural growth of business, if that
growth were not strangled, there is
steady decrease of the money In
circulation. This steady decrease
forces prices of property lower,
causing many of the old established
business firms to suspend, go into
the hands of receivers and be closed
out permanently. Factories are
suspending and mines closing. The
majority of factories that are in
operation are running on half time,
and to add to the distress money is
being taken out of business and
locked up, its value or purchasing
power rising as the price of all
kinds of property falls.
This general suspension is throw
ing more workers out Of employ
ment, threatening to create con-
dition of desperation, only equaled
to that which preceded the first
French revolution. Farmers who
felt the first Of this pinch twenty
five years ago, are again experience
ing such conditions as there is no
escape from without an entire
change of financial system. When
Shylock's screw first began to be
turned upon them they escaped its
pressure by borrowing. Their
farms were put under mortgage.
The lowest estimate for the mort
gage debt placed upon them be
tween 1880 and 1890 is four billions,
or four thousand millions. The
constant increase of the money
famine has driven the prices down
so low that it is impossible for the
farmer to meet his interest, and the
land and their homes are steadily
passing from the farmer and his
family into the possession of the
money loaners.
These facts we have outlined are
true and known of all men. We
have pointed to the unquestionable
cause. No other cause has been
assigned for them, no other exists
than q scarcity of circulating money.
The remedy and only remedy is
more money, and the first, most
direct and easiest step to take is the
reconciliation of silver. The
country has the silver in our mines,
which are nearly all closed up on
account of the hard times and low
prices. That silver should be con-
verted into money and the volume
OF circulating money increased.
This would Immediately revive