The midland journal. (Rising Sun, Md.) 1885-1947, 1897-06-25
/" Cheap Money"

"Cheap Money"
Last week time contract for money
was made in New York at less than ~
per cent per annum and the rate for call
loans in that city has settled down to
about per cent after long and deter
mined struggle on the part of lenders
against the decline. At every money
center there is large amount of funds
idle. Even some of the minor cities i'll
the West, in their own expressive phrase,
have money to burn."
The above paragraph is clipped from an
editorial in a goldite paper of recent date,
with the deceptive caption "cheap
money" These rnamelukes of the gold
trust leave no stone unturned to deceive
the people. There is nothing these papers
SO scorn, denounce and ridicule as "cheap
money!" and in place of heading the
article the above extract is taken fronl
"dear money" which would be the true
title, the term they denounce is used to
deceive and mislead the unsuspecting.
Large amounts of funds are lying idle at
every money center" and the venal
goldbug press would persuade its readers
that is a proof that there is too much
money, that the volume should be con-
tracted, when the truth is that money is
so dear, so high priced, that labor and
legitimate business are not able to rent it
for use, for borrowing money is but rent
ing it from the owner to enable the rent
ing parties to transact business. In place
use is borrowing or loaning and interest.
The same article stated that the loans of
the banks amounted to $50, ooo, 900 and the
deposits to nearly if not quite twice that
sum, proving that people who had money
were taking it ont of business, or people
having borrowed were returning and not
renewing their loans and curtailing their
business. Money is so scarce i'll the hands
of consumers that they are unable to buy
except at very low prices, and hence the
very dearness of money is bringing the
rent or interest down, till it has reached
the low price of per cent.
This is not "cheap" but dear money,
so dear that legitimate business cannot
afford to use it, so business languishes
and dies, grows more and more contracted
steadily. Money is so dear and in the
hands of non-producers that labor COM
inands no price and is going to waste like
corn on the great corn farms of the West,
which is left to rot in the fields
And these liars Of the daily press tell
the public times and business are improv-
ing, when business is so weak and poor
that it cannot afford to pay to ~ per
cent for the use of money, and it is accum-
ulating i'll the hands of the class who
have drawn it all from the wealth produc-
ers by the power of interest and reduced
the valne of property so low that labor
applied to land cannot produce profit of
n per cent.
This is the sign of dear money, so dear
that the wealth produced by labor has
almost lost its power to buy it.
The whole press pack are yelping that
business is steadily improving while they
publish statistics of trade that prove it is
on steady decline. Money is returning
to the hands of the loaners at the rate of
two dollars to one called for by borrowers,
and the rent or interest, after desperate
struggle to keep it up to 3, A. and per
cent, on the part of the New York banks,
has fallen to'I4, to I per cent and few
calls for its use at that rate. Money never
was so dear as now, never before worth so
much, never would buy so much property
as at the present time. There was never
before so good" dollar in the country.
Are you people satisfied with this
Sound money!" these good" dollars,
when every dollar is as good as every
other dollar" and the poor mans dollar
is as good as the rich mans dollar You
were tickled to death with this kind OF
clap-trap last fall. The rich men have
the "good dollars" You have none,
and your labor hasn't enough value in it
to buy these good dollars, and the patches
OH your pants cry out in Judgment against
you. The goldbug papers tell you that
business is steadily improving. The sta
tistics they publish expose their false
hoods and convict them out of their own
mouths. You believed these trained liars
of the daily press last fall. You know
they deceived you. Are you still believing
them? Though you bray fool in a
mortar you will not convince him, wise
man has said. The working people are
being prayed i'll the goldbug mortar, what
will they be when submitted to Soloman's
test?
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