The midland journal. (Rising Sun, Md.) 1885-1947, 1897-09-17
The Business Boom.

how's that? Their conundrum is readily
answered, but they don want it answered,
so they repeat the question, banking on
the presumed ignorance Of their readers.
Farmers pretty generally understand the
reason why, and know that if there was a
full wheat crop in India in place of a
| famine, and no failure of the wheat crop
in Russia, the Baltic country, Argentina
and other wheat growing countries the
wheat would now be at the lowest ebb.
Notwithstanding the solemn repetition
every morning under display heads by
the daily press that prosperity and bus
mess are breaking all former records,
there is no advance which is other than
forced and spasmodic i'll anything but
cereals. The newspapers in the pay OF
the money cliques are doing all they can
to induce the industrial class to borrow
money and branch out in new lines of
business, and start up their old works in
producing goods for which no orders are
i'll sight; and Notwithstanding the papers
are filled with accounts to induce the
public to believe that their advice is being
acted on, the banking statistics prove the
reverse.
The following statement is collated by
Hon. Wharton Barker i'll discussing the
business improvement question i'll his
American, from the statements made to
the Comptroller by the banks:
"But when we analyze the returns we
are confronted with these significant facts.
The increase in deposits for all national
banks on July 23d last, as compared to
July 18th, 1896, was SIo2, 900, 900, the in
crease i'll dedosits in the New York banks
alone for this period was $4,000, 900.
The deposits of outside banks have not
increased but decreased by SI4, 1000, ooo
during this period. During the same
period the loans and discounts of all the
banks increased by $1,000, 900, the loans
of the New York banks alone increased
$66, 900, 900. So the loans of the banks
outside of New York actually decreased
during the year by $50, 900. The
meaning of this is clear 1t is that there
is less demand for money in the channels
of trade, less enterprise than year ago,
that the increase has come from stock
speculations from men constrained tc
i purchase securities returned to us from
Europe. And the meaning of the increase
of deposits in New York banks and the
decrease of deposits in banks outside OF
New York is equally clear. 1t is that
where it could not be proftably used be
| sc i,,J,ctr;o1 CT aud orb
the channels of speculation"
This is pretty conclusive evidence thai
the wonderful business revivals seen il
the morning papers are mostly false, anc
that the only real "revival" is in farm
produce, the cause for which every one
now pretty clearly understands. There i:
a great display of western and southern
merchants focking to eastern cities to lay
i'll enormous ~ stocks of goods. The
eastern manufacturers and wholesaler:
!, have arranged with the railroads to run
excursion traius at reduced rates for the
accommodation of western merchants
and these excursions bring the western
business NEIL and others east in punches
This the papers are making the most o
to pad out their 'revival' columns
Every device and Cheap John trick i:
being made use of to persuade the public
that there is great boom of bushes:
going on. But where is it located? Never
on the spot where the searcher for infor
nation in that line is, but always some
where else. The people are being
deceived. Some factories are starting uI
on orders they receive to a limited
amount, but the bank statements prove
that no general movement of business il
in progress or is likely to be.
The large exports of wheat are no
being paid for in gold shipped from
Europe, but by stocks and bonds returned
to this country and sold on the stock
market. The New York banks will have
to furnish the money from their deposit:
TO pay for the wheat that is going abroad
in lieu of which they will have railroad
stocks, municipal, and other stocks ant
bonds, debts of this country held by
foreigners and redeemed by the farmers
wheat. So there is little or no prospect
of the large wheat crop putting more
money in circulation by drawing GOLD
from England and European nations, anG
with no increase of money there can be
no increase of new business and but {
temporary revival of old industries.
If next seasons crops are not failures il
the wheat countries that compete with
the American farmers, and they are moi
likely to be, the price of next years wheat
will in all probability be nearer fifty cent:
than a dollar We do not relish writing
these unpleasant truths, but it is best tc
know the truth, and every ob.ainable fact
points to these results. The daily paper,
are bent on deceiving the people, they
are so debauched by the money cliques
and prostituted to their base uses that
nothing they publish about the outlool;
for business revival can be relied upor
but is almost certain to turn out false.
Moments are useless if trifed away; ant