The midland journal. (Rising Sun, Md.) 1885-1947, 1897-01-15
LIVE ISSUES.
FINANIAL PANS.
Cause and Remedy Considered by
Jesse Gilmore.
BENEFITS FROM FREE COINAGE.
Prosperity Comes With an Increased
Money Volume Hard Times With
Scarce Money Supply.
NO VIII
NO. VIII.
VIEWS OF DIR. FRANKLIN.

VIEWS OF DIR. FRANKLIN.
Benjamin franklin, in his auto
biography, makes the following
statements: II remembered well
when I first walked about the
streets of Philadelphia, I saw many
of the houses in Walnut street be-
tween Second and Front streets,
with bills on their doors To Let;'
and many likewise in Chestnut
street and other streets, which made
me think the inhabitants of the city
were QUE after another deserving it.
x x 4: Pennsylvania, before it
made paper money, was totally
stripped of its gold and silver.
x 4 The difficulties for want
of cash were accordingly very great,
the chief part of the trade being
carried on by the extremely incon-
venient method of barter. When,
in 1925, paper money was first
made, there was cry among the
people for more paper money, only
915,000 being extant in the prov
ince, and that soon to be sunk. The
wealthy inhabitants opposed any
addition, being against all paper
currency. x x x The utility of
this currency became by time and
experience so evident that the prin
ciples upon which it was founded
were never afterward much dis
puted, so that it grew soon to be
G55,000, and in 1879 to 100000;
trade, building and inhanitants all
the while increasing, though l now
think there are limits beyond
whick the quantity may be hurtful
94O per capita. * * * By their
trade with foreign colonies they
have been able to obtain great
quantities of gold and silver to
remit hithar in return for the man.
ufactures of this country. * = *
On the whole, no method has hith-
erto been formed to establish a
medium of trade, in lieu of money,
equal in all its advantages to bills
of credit, founded on sufficient taxes
for discharging it, on land security
of double the value for repaying it
at the end of the term, and in the
meantime making it legal tender.
The experience now of nearly half
century in the middle colonies has
convinced them of it, among them
selves, by the increase of their set
Elements, numbers of general build
ings, Improvements, agriculture,
shipping and commerce; and the
same experience has satisfied the
British merchants, who trade
thither, that it has been greatly
useful to them, and not in a single
instance prejudicial."
VIEWS OF HUME.
David Hume, English historian
states that "The British govern
ment took away from America its
representative money, commanded
that no more paper bills of credit
should be issued, that they should
cease to be a legal tender, and col
lected the taxes in silver. This was
in 1873. Now mark the conse
quences: This contraction of the
circulating medium paralyzed al
the industrial energies of the PEG
pie. Ruin seized upon these once
flourishing colonies; the most severe
distress was brought home to every
interest and every family; discon
tent was urged on to desperation
till at last human nature arose and
asserted its rights In 1875 the
American Congress first met in
Philadelphia; in 1916 America be-
came an independent state.
AMERICAN INDEPENDENCE.
Great Britain deprived the paper
money of Pennsylvania of its legal
tender value and made gold and
silver only a legal tender. Soon
both of the latter were exported
which impoverished the people
engendered hatred in their hearts
for their oppressors, which resulted
in a war that brought liberty. Al
this time our people are in a peace
full condition. The "money kings
of Europe" and this country are
trying to have the greenbacks fund
ed and bank notes upon gold basis