The midland journal. (Rising Sun, Md.) 1885-1947, 1897-01-08

1891 12,273
Total. sI,o62
Compare this large number of
failures with the years 1880, 1881
and 1882, when only 17,O55 were
reported, or during the three years
of 1864, 1865 and 1866, when the
total only numbered 1853. Then
there was very large per capita
circulation. Employees had higher
wages and were promptly paid.
The retail trade of the country was
done on far larger cash basis than
now.
1t is the contracted circulation,
causing frightful expansion of the
credit business, that is causing the
wreckage.
FAILURE OF FOSTER AND M'KINLEY.
1t was the contracted money Cir
culation that bankrupted Secretary
of the Treasury Foster and closed
his factories in Ohio; also that
bankrupted William J. Mckinley,
the President elect. Yet those
sages are for further contraction
by the funding of the greenbacks
and placing the banks of the coun-
try on gold basis, to cause their
wreckage again as in 1887 and 1857.
The assignee of eX-Secretary
Foster settled $4,000 owing the
creditors at 40 cents on the dollar.
Early in 1890 there seemed to be
a determination on the part of
Congress to restore the unlimited
coinage of silver bullion, but the
paid attorneys of the "money kings
of Europe" smothered the bill and
patched up another compromise.
On July IA Congress enacted law
directing the purchase monthly of
4, 100000 ounces of silver bullion,
to be paid for in an issue of legal
tender treasury notes, which notes
were to be redeemable in coin, and
are the same which Secretary Car
Isle has redeemed in gold coin.
That was done to get up a hue and
cry to secure the repeal of the law.
On the adoption of the law silver
bullion advanced to $1.21 per
ounce; also with it cotton and
wheat advanced in price. Many
persons believed that this large
coinage would absorb all the silver
bullion mined in this country. But
the ROthschilds were prepared for
the occasion. They had boarded a
lot of silver bullion in Europe, and
Immediately shipped several mil
: ounces to New York city, dumped
it on the market, and broke the
price heavily. Cotton and wheat
tumbled in price also. Just as
likely as not those sales of silver
bullion were washed and the Roths-
childs bought it back. No one can
tell anything about those schemes.
Anyhow the wreckage was
. complete.
There were about $152, OOO,O in
treasury notes issued under this
silver purchase law and they did
good service in partially relieving
the people from the crisis that had
been largely increasing in force,
through the rapid retiring of the
national bank notes and export of
gold. The issue of those treasury
notes was opportune, but the vol
ume was not near ample to bring
prosperity nor to stop the increas-
ing bankruptcies. The heavy
export of gold kept right along
through President Harrison's term
and was an offset to the increase in
treasury notes. The people had
become about as sick of Harrison's
administration as they had been of
Cleveland's, and were ready to jump
out of the frying pan of the one
into the hot fire of the other, taking
chances for an Improvement with
Cleveland in another term.
Had President Harrison permit
ted the passage of free coinage
silver bill he would have won the
hearts of the people and been re.
elected President without doubt.
The officeholders under President
Harrison were determined to hold
on to the pap, besides the "Money
Kings Of Europe" so deeply inter
ested in the silver question, were
satisfied fully with his record and
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