The midland journal. (Rising Sun, Md.) 1885-1947, 1897-04-09
The Gold Standard and Its Fatal
Effects.

LllOStSs
The New York Tribune says that farm
ers in England are suffering worse than
American farmers from the gold system,
which is the system Of scarce money
Many properties within few miles OF
London are deserted as they are in our
eastern States near factory towns. Farms
that rented, near London, few years ago
for $1,000 rent now for only $500. Houses
that were valued at $4,000 i'll 1875 are
now only worth one-fourth that much.
Farmers are throwing up their farms and
Joining cooperative colonies as neces-
sary step for self-preservation. England
has had the gold standard since 1876 and
its fruit is ripening.
This same effort at cooperation is being
attempted in many parts of this country
but it will not succeed. Farmers nor anv
other branch Of industrial producers can
protect themselves by such attempts while
the government remains in the hands oil
the money power and its nionopolies
Last year the foolish farmers and many
other equally foolish people shouted and
sang, Protection, protection, it is our
salvation" They are now asking them
selves what they thought they meant
anyhow, and are so disguised at the rec
objection of their own folly they can't
look one another in the face. They are
realizing they were cheated and deceived
by the excitement Of the moment.
Matters are not going to mend because
present conditions make improvement
impossible, and they may grow worse.
Even the country banks are beginning to
complain They can't loan the deposits
the people place in them because nobody
can go into new business or extend the
business they are now engaged in. Money
is steadily growing scarcer or contracting
in volume throughout the country. The
government is prevented from coming
silver and there is not much gold offered
for coming and none put into circulation
The government is debarred from issuing
any new paper money, except that ordered
by the national banks, which is very little
and that little is about offset by the
amount cancelled by Withdrawing bond:
from the treasury. The money in circula
ton is steadily wasting by losses from
fire and other accidents, both coin ant
paper; the former is sent abroad anc
consumed in the arts. A steady de
crease is taking place in the volume o
the circulating money, while the popula
ton to use it is as steadily increasing
and the volume of business is struggling
to expand under the growth of popula
ton. This struggle of business and pop
ulation on one side and steady contrac
ton of the money necessary to transac
business ON the other, tends to force
down prices, which everybody is aware
are going on.
The tariff which congress is devotins
its whole attention to eXcites no enthu
siasm and hope, and the goldbug paper
! nHu II al up I'LL ousilieso u ing " oooii
it. Everybody appears to have reached
the conclusion that there is no hope il
the tariff for that promised prosperity
The only confidence" which is generally
entertained is that great mistake was
made by the laboring, producing masse:
when they helped to continue the golt
standard, (which is policy to lower the
price of all property and increase the
value of money and debts-a policy tha
makes the rich richer and the poo,
poorer. Labor and its products buy
less of money than they ever did ant
they will in all probability buy less mex
year than this.