The midland journal. (Rising Sun, Md.) 1885-1947, 1896-12-04
The Present Brand of Prosperity.


narrow range, owing to the fact that hold
ers of securities will not sell to any appre-
ciable extent.
Transfers of the dividend-paying stocks
show large and steady movement into
the hands of investors, and representative
investment bond houses report the largest
r-the-country inquiry for small lots of
bonds, including governments, railway
and prime municipal issues, that has ruled
within year. individuals, corporations
and trust companies are in the market for
| large and small lots of bonds, and the
supply of frst-class material is light
| Leading bankers say that it is now diff
cult to put out short-time money at even
per cent while the market is bare of
prime mercantile paper, in the face of a
brisk demand.
The above extracts clipped from the
trade page of one of the commercial
papers, if carefully studied, reveals the
kind of prosperity which may be expected
to follow the advanced agent of pros
perity" as it is preceding the "agent"
Immediately after the election. We warn
these deluded people in advance who are
hoping for change for the better, that
conditions must change before that better
can possibly by reached.
"Holders of securities will not sell to
appreciable extent" Why not sell 3 per
cent securities? Because they see 10
business they can invest the money in
which promises to be safe and pay them
even as much as that low rate. Therefore
they hold on to their securities and collect
the interest, and business which employs
labor remains undeveloped.
Transfers Of the dividend-paying stocks
into the hands of investors, and the rep
resentative business investment bond
houses are having a brisk demand from
"over-the- country inquiry for small lots
of bonds" These bond brokers who sell
bonds for the large corporations, counties,
cities, etc., are doing a brisk business i'll
vesting for persons in villages and rural
districts who have little money they
wish to salt away at a low rate of interest
in preference to embarking in business at
home, and investing the money in EN-
ploying labor and creating new wealth.
All of these stock and bond investments
add not one cent to the business and
wealth of the country. The dividends
and interest these people receive are paid
from the taxes laid upon the struggling
masses, who pay out of their meager
earnings direct into the tax collectors
hands, or by fares and prices on goods
that are controlled by trusts and the
owners Of natural monopolies, the fran
chises of which they hold.
For instance there is $40, 900 in High
School bonds laid on the tax payers of
this county the interest on which and to
provide a sinking fund the farmers
mostly-are paying. Similar classes of
securities" are being sold briskly by the
brokers TO overtime country investors who
are inquiring for small lots of bonds.
This kind of movement in business does
| not benefit the country or increase bus
mess in the proper sense of the term, but
the result is the reverse. It is impover-
ishing the people and killing true
business.
There is brisk demand by the banks
for primemercantile paper but they find it
difficult to loan their money at per cent.
Mercantile paper means the paper of
men in business, who are promoting i'll
dustry, employing labor AMI creating
new wealth, or distributing products.
This class of securities the banks find
mighty scarce. Such men are not in bus
mess to any encouraging extent. Low
and falling prices have burnt them and
they are not going into business until
they can sell their products for, at least, a
little more than it costs to make them.
That they cannot do. The price is less
than cost in all but the trust and monop-
oily lines of business, and must remain so
till more money is created by the govern
ment and put in circulation. That can
be accomplished safely only by two
processes; namely, by opening the minis
to the free coinage of silver; or the issu-
ing of legal tender money, not with a
bankers string tied to it as is the case
with our greenbacks, bnt complete
legal tender money based on the wealth
of the country as the bonds are based,
which is million times stronger than a
gold basis. The latter can be placed on
a steamship and sent to Europe any
time, as it always has been and always
will be- The former basis is this great
rich country and the strong arms and
stout hearts of its people, a basis that
cannot be destroyed or carried off by a
few families of pawn-broker Jews in
England, France and Holland.
Bank paper cannot supply this need.
Its pretended base of gold is delusion.
A time is sure to come when the gold
goes abroad to some place where prices
are low and investments tempting. and
the bank paper it stranded. 1t always
has been so and always must be so.
the government must stand as secu-
rity for the bank paper then let the gov
eminent issue its own paper direct to the
people and the bank and bankers slide or
paddle their own canoe, as the people
have to do. If the bankers refuse to do
business on these terms, let the govern
ment establish its own banks and transact
Al