The midland journal. (Rising Sun, Md.) 1885-1947, 1897-01-01
LIVE ISSUES.
FINANCIAL PANICS.
Cause and Remedy Considered by
Jesse Gilmore.
BENEFITS FROM FREE COINAGE.
Prosperity Comes With an Increased
Money Volume Hard Times With
Scarce Money Supply.

III November, 1854, OfOVer
Cleveland and w. H. Hendricks
were respectively elected President
and Vice President. Grover Cleve-
land just after his election as Pres
ident and before being installed
into Office, took into his confidence
Thomas F. Bayard. They con-
cocted that notorious anti silver
letter written in February, 1885,
which he addressed to Gen. A. j.
Warner, then chairman of the
coinage committee of the House,
requesting that Congress take no
further action in regard to the
coinage of silver until he should be
inaugurated; that if Congress did,
it would be the ruination of the
country. Congress was then con-
sidering, and just passing a bill for
the free coinage of silver at 16 to L.
This wholly unwarranted and un
justifiable letter depreciating silver
coinage, written by Cleveland and
sent to Congress before being in
stalled into Office, was the death
blow to silver coinage for that term,
from which it has not yet recovered.
1t was Just what the European
bullion dealears intensely desired
and what they had been battling
for since 1873, knowing it would
cause the bullion to largely depre-
ciate in value and enable them to
make enormous profits. When
Cleveland wrote that letter he knew
nothing about silver. 1t was new
to him. The statements he made
were the paid opinions of the paid
attorneys Of the bullion dealers
whispered into his ear. Anyhow
it had its effect to prevent silver
coinage, and as silver bullion went
down in price, wheat and cotton
likewise followed, and farmers,
merchants, manufacturers, and
mine owners have in consequence
lost several thousand million dol
lars, causing the wreckage of men
in every branch of business, and for
all of which Presideet Cleveland is
responsible and censurable. He
has ever since his first election
fought silver early and late and
most unrelentingly. Who has been
benefited by his intermeddling be.
fore being legally authorized to act
Not our people, for they have lost
immensely. Foreign governments
and the "MOney Kings of Europe
only, have profited by the hasty
intermeddling and usurpation OF
Grover Cleveland.
On the 4th of March, 1885, Gro
yer Cleveland was inaugurated
President. He went into office on
the highest tide Of the good times
brought about through the large
coinage of silver dollars, under the
Bland law of 1873, and the heavy
importation of gold.
ILLEGAL DEPOSITS.
President Cleveland found in the
treasury a surplus of over $780,
600, 900, from which he unwlsely
loaned without interest S6i, 100000
to national banks, which Mr.. Blaine
said. in a public speech at Auburn,
Me-. was without authority of law.
This loan lad a very serious and
had effect upon the country. 1t
enabled tie banks to get a corner
ON the our per cent bonds falling
dine " 1907. and raise the premium
optnem to the outrageous price of
q per cent, which they preferred
ITO take from the government rather
than to keep their bank notes in
circulation. Through this action
the national banks retired their
circulation rapidly and largely,
which was ground up into pulp in
that mill in the treasury depart
ment known as cold Desolation. 4"
1 suppose it is so called from the
desolation caused by the immense
amount of money that had been
ground up in it. If it could talk
it could tell many narrowing story
that this wanton destruction of
money has caused. This paper
pulp is cast into paper weights, ETC.,
and sold to visitors, from stands in
the halls of the several departments.
Senator Plumb in speech in the
Senate in 1888, referring to the de-
posits in the banks, said: "The