The midland journal. (Rising Sun, Md.) 1885-1947, 1896-11-27


gold money to pay for them. Had
our government kept in the chan
nels of trade an adequate supply of
United States notes commonly
called greenbacks), the people
would have built factories, made
their own products, and largely
dispensed with those of foreign
countries. Our government has up
to the present continued following
the same ruinous policy by keeping
totally inadequate supply Of
money in circulation for the uses of
the people, to enable them to carry
on successfully their vast internal
trade; also, to build factories and
largely dispense with the importa-
ton of foreign products, thus say
ing our gold and silver money from
being exported to pay for them.
After the failure of the banks
their notes began to depreciate in
value and in time those of many
became worthless, while others
passed, but were fiuctuating in
value all the while. Here was a
lamentable spectacle of an active
and industrious people with vast
and growing industries, having
foisted upon them worthless bank
notes, much of which was "wild
cat.n The hard times and the ten
long years duration of this most
frightful and destructive financial
ranic was terrible strain upon
people, who suffered untold losses
of property; also, poverty and
misery.
When the banks suspended spe-
Gle payments our government had
on deposit with them about $780,
100000, but very fortunately our
government had in 1885 freed itself
from debt.
After the failure of the banks,
matters grew from bad to worse,
and there was a heavy falling off in
the revenues of the government.
Therefore to pay the expenses of
the government, Congress on Octo-
Der II, 1887, directed the Treas
urer to issue $10,000,000 in treas
ury notes; to be in denominations Of
not less than $50, to be receivable
for all debts to the government, to
bear such interest as the Treasurer
might fix (Which he fixed at one
mill per annum), and to be cancelled
on receipt back into the treasury.
Those treasury notes were very in
geniously made as undesirable as
money for circulation among the
people as could possibly be done.
The government was unable to
sell bonds or borrow money, there
was no other way to pay It's ex'
pepses than by an issue of treasury
notes. Yet many members of Con
gress opposed the measure, espec-
tally those representing the banks.
John G. Calhoun in speech in
the Senate upon the bill said, ''No
one can doubt but that the govern
ment credit is better than that of
any bank; more reliable, more safe.
Why then should it mix it up with
the less perfect credit of those in
situations. We are told the form |
suggest is but the repetition of the
'old continental money a ghost
that is ever conjured up by all who
wish to give the banks an exclusive
monopoly of government credit.
The assertion is not true. There is
not the least analogy between them,
the one is q promise to pay when
there is no revenue and the other to
receive in the dues of the govern
ment when there is an abundant
revenue"
The treasury notes issued to pay
the expenses Of the government,
were paid back into the treasury
for lands and custom duties as fast
as issued and then cancelled. Thus
the people who were sorely in need
of large volume of good money,
to carry on their vast and rapidly
growing industries, were afforded
only temporary Hse of this make
shift.
The gold and silver money in the
country was very limited and en-
tirely inadequate, besides could not
be increased.
Bank notes were very undesirable