The midland journal. (Rising Sun, Md.) 1885-1947, 1896-12-11
Advising Congress.

The New York Financier is Wall
street paper, or in other words New
York bank organ, and reflects the wishes
of that class if any publication does. By
studying the Enancier's editorial COL
umns a clear insight to the thought of the
banker class of Gotham may be had.
The FInancier in its last issue gives, or
rather suggests, to Congress some Wall
street advice, among which is the follow
ing
"The late election established two
things beyond all dispute. The first was
that fifty-three cent dollar was not a
popular standard of value; the second,
not less important, was that a policy
which is running the nation into debt at
the rate of $50, 900, 900 year should be
abandoned. Plainly it is the duty of the
peoples representatives to respect these
decisions
The so-called fifty-three cent dollar and
running the nation in debt $50, DOC, 900 a
year, are kittens of the same cat That
cat lin the meal tub) is the English gold
standard, which in these late years has
become the idol of the New York banking
class. Years ago when we began to study
the pages of the Financiey it was strong
silver paper.
The next suggestion is to pass the
Dingley bill and by that measure secure
sufficient revenue to defray the current
expenses of government. The fourth
suggestion is a Currency Commission to
concoct a plan for our future financial
system.
If this sage piece of Wall street advice
were acted on by Congress we confess to
feeling keen curiosity to know what the
sages, financiers and Wall street states
men would say or advise next, after be-
holding the dismal failure their plans had
come to.
The gold standard has produced what
they term the fifty-three cent dollar, al
though they know such a dollar is an
impossibility, and the DINGHY bill or any
other tariff which can be framed, without
taxing every article that is imported would
not raise revenue sufficient to meet the
present rate of expenditures. Under the
gold standard prices of all products are
steadily falling, and must continue to fall.
The people are unable to purchase i'm.
ported goods at higher prices, which
must result if higher tax is levied.
1t is not higher tariff the people need
but more money to enable them to create
more wealth. The credit money, the
confidence" money the gold standard
offers the people in lieu of real, bonafide
money, will not raise prices and start bus.
mess. The gold standard is Gripping
business in every nation in Europe where
ever it exists.
That latest Wall street fad, Currency
Commission" (?) what could it do ?
Nothing whatever. The bankers are
unable to suggest any financial plan, and
are settling down to present currency
conditions. They have no plan to sug-
gest. They are completely stuck. Some
of the shallow bankers are for funding
the greenbacks. The longer heads ask
themselves what is to take their place.
They cannot depend on gold. 1t is liable
to leave them at any time, as the history
OF banking in this country shows. The
fact of the matter is, Mr.. Fi1aneiey, a
protective tariff and the gold standard
are conflicting measures. The former re-
quires flush times and plenty of money in
the producers hands to enable them to
purchase manufactured goods. The latter
means contracted currency, less money
IN the hands ofthe producers and inabil.
ity on their part to purchase.
There is but one way out of this dilem.
ma. More money among the people who
produce wealth, and there are but two
ways to get it. One is by the free coinage
of silver, which would Immediately Danish
that Wall street nightmare, the '5,-cent
dollar" and the other is the issue Of
legal tender treasury notes, and to one of
these, if not both, must it come at last.