The midland journal. (Rising Sun, Md.) 1885-1947, 1896-08-14
Why :? and Because.

The New York Financier, most
excellent bankers organ, is at pres
ent more than usually exercised in
aiding the banking class to deceive
the people on finance, and we be-
lieve the banks will find in the long
run they are deceiving themselves,
inasmuch as the general prosperity
of a nation and people is better for
even a present favored class in the
long run. The Financier argues
thuswise:
eve are only reiterating the favorite
argument which the free silver advocates
use, if we say that the present dollar is a
2oo-cent coin. Why, then, should any
person desire to vote for dollar which will
buy only half as much? Why should the
savings bank depositor assist in cutting
down the value of his savings one-half?
He would best serve his interests, it would
seem, by voting to retain as much pur-
chasing power as his earnings or savings
can sustain. The man who would have
the deepest interest in the cheap dollar is
the man who employs labor"
The Financier and it's class may
be honest-most likely they are,
men can believe almost anything
they try to-but it is clearly not
wise. The very obvious reason
men desire to vote for a dollar that
will "buy only half as much,' is
that, by far the larger portion of
the people have to buy the dear
dollar with the products of their
labor, and they don't want to pay
so much labor for it. The wage
Garner is but a duplicate of the sell
Ter of products of labor. He has to
help create the products which buy
the dear dollar, and his labor is
represented in that 200-cent dollar,
so that he is but giving twice the
amount of labor to buy the appar-
emily increased amount of products.
At the very best this would be but
an even offset, for he must create
his wages through the products of
his labor. When the seller of the
products cannot realize sufficient to
employ labor full time, the idle
time is the laborer's loss. That is
what's the matter now. The seller
of the laborer's products cannot
realize enough for them, that is, the
products will not buy enough money
to pay the rate Of wages and en-
ploy him full time. Hence facto-
ries and shops are closing and farm
ers are leaving necessary work un-
done because their crops and pro
ducts will not purchase enough
200 cent dollars to employ the idle
labor.
If the Financier and it's class are
wise they must see this; if they are
honest they will acknowledge it.
If their theory is true and the pres
ent quantity of money is halved it
would buy twice as much as the
200 cent dollar. Will they say that
would be still greater advantage
to the wage Garner, when products
of labor would sell for only half as
much as they do now?
The very obvious reason the say
ings bank depositor should fear
present conditions is for the safety
of his deposits, which are all in
vested in property. If that prop
erty falls in value till it ceases to
have price his savings bank de-
posits will be lost. If the savings
banks were drawn upon by their
depositors, they could not realize
probably more than so per cent and
the depOsitors must lose. The fall
in the value of property caused by
the 2OO-cent dollar is a menace to
every savings bank in the country.
The depositors of savings banks
whose time is wasting must soon
cease to be depositors and become
drawers from the banks. The ten
dency is all that way now and the
Financier ought to see it.
Years ago when the MIDLAND
JOURNAL. began to exchange with
the Financier it used to be strong
advocate of silver. What has come
over the spirit of it's dream?
This crusade of American bank
ers led on by the London financial
magnates is going to ruin them.
The American people are deter
mined to remonetize silver. We
know whereof we affirm. If the
bankers think to measure their
money against the aroused might of
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