The midland journal. (Rising Sun, Md.) 1885-1947, 1897-04-02

We are having a grand object lesson
before us of "redeenable" government
currency under the national bank system.
The American people had the same lesson
under state banks. The present national
banks are not one whit better than the
old state banks in this respect, and it
must ever be so with redeemable money.
This is the vital point and until there is a
clear and unmistakable understanding on
this point it is folly to talk about getting
together. That fully agreed upon no
power could prevent a union. Ten mil
lion voters are in favor of an indepen-
dent American financial system. To stop
with the reconciliation of silver is to
broaden the basis for more bank credit or
wind money, but would leave us founder
ing in the same slough of alternate ex-
parsion and contraction. panics and
bankruptcy. 1t was SO in the old state
bank times; it has been so under the
national bank regime. Remonetizing
silver will not hold silver here. All
Europe will do the same. They couldn't
help themselves They must come to
America, North and South, for silver. 1t
cannot be had anywhere else. All Europe
doesn't produce annually $40, 900.
The continents Of Europe. Asia and Africa
combined don't mine $50, ooo,o 900. Silver
was worth IS to I here, ISL to I in
Europe and IS to in Asia. The conse-
quence was silver went from America to
Europe, from Europe to Asia.
1t is travelling the same round today
and the opening of our minis to free
coinage wouldn't check its flow an
hour. Therefore it can never supply
us with money because money is worth
more service in Europe than in the
United States, and more in Asia than in
Europe, and while the money of one
country can be melted up and made into
that of another country it will keep
flowing to the lowest level Asia is that
lowest level. These being facts, and they
are facts, what must follow if we contin-
tinue our redeema6le system? Let more
than hundred years of the past answer.
Expansion, speculation, contraction,
panics, bankrupts, defalcations, suicides,
penitentiaries, low prices, dependency,
bankers warning on the people, fighting
the government, bribing legislatures, cor
rupting the ballot box. This is the evil
dence of century which answers the
question of a redeemable currency,
whether of government or banks, and
that is the answer which the .Gl0ey
Knight failed to give. We answer here.
Let him deny it who can. These truths
need but to be impressed upon the people,
and they will make party. If reform
papers will just teach the people in place
of trying to get them together, there will
be no difficulty in getting them together,
but they will never drive together.
1t will be much better and more prac-
teal to fight the next campaign on
purely American financial sytem, which
will necessarily include the free Coinage
of silver, than attempt to make a stand
on the reconciliation of silver alone. In
fact the temper of the people shows pretty
clearly already that halt cannot be made
on that line. Two pitched battles were
never fought on the same field. We must
advance; neither stand still or retreat.
where the vanguard camps today the
rearguard camps tomorrow"
There has been no ground lost in last
falls campaign. The gold standard is
developing its inherent weakness every
day. The people are groaning under
it; it falls on business like frost on
flowers and plague ON men. A better
system of finance the awakened needs of
the people are calling for. Place it before
them like the flag of the regiment and
they will march up to it and fight for it.
Silver is All important adjunct in the
great movement. We cannot afford to
fight for it alone and if won sit down aud |
quarrel over the division of honors or
spoils and every one go his own way like
the builders from the tower of Babel.