The midland journal. (Rising Sun, Md.) 1885-1947, 1898-06-10
Friday, June Ia, 1898,
The Gold STANDARD.

system by the banks ana specuiatoIS vi
this country, led on by Wall street, is
analysed and sifted to the bottom it proves
to be financial system of bank paper
and credit issued by the banks, and if
possible endorsed, or partially endorsed,
bv the government This government
endorsement has for its object keeping
the bank bills in circulation, as the EN-
dorsement of the government serves to
keep the present national bank notes III
circulation, and from discount when they
get short distance from their bank OF
issue. There will never be a run on the
bank by its note holders if the notes can
be kept in circulation at par. The ina
bility to keep their notes at par was the
weak point in the old State banks. When
they suspended specie payments the
banks could loan as much Of their money
as they choose, but day of resumption
was always in the future which had to be
met some time, and was ever period of
danger to the old State bank.
If the conspiracy of the gold standard
can by any means be carried out, and a
portion of bank issues based on bonds of
the government, they believe they can
manage the rest The first step in this
last conspiracy of the banks-the Wall
street class-is to secure the destruction
of all government issues, the greenbacks
and 1890 currency that was issued on the
purchase of silver under the Sherman act
The government is now shut off from
issuing any more money except the COLL
age of gold which is taken to the minis,
and if the paper currency which IS out
could be got in and destroyed, and the
silver certificates also and the silver i'll
the treasury, coin and bullion, redeemed
i'll gold and the silver sold, the banks
would have good line of bonds as secu-
rty for their notes, and clear field in
which to work their gold standard.
If their different plans which have been
published are studied. it is readily seen
that their gold standard is nothing more
than bank note issue, which they can
initiate at will by suspending specie pay
ment-which is to refuse to pay out gold
on demand-and create season of wild
speculation and "revival" of business
amounting to boom. Prices would rise
like a spring tide, property would be in
demand, farms that have been coniscated
by banks and money loaners at foreclos-
ure sales would fetch speculative prices,
yielding their con6scating owners a
double profit When the boom had
expanded to the bursting point, and
everybody was wanting money to carry
forward their new business and improve
their property, word would be passed
along the bank line to curtal loans, and
the panic would spread, property prices
would tumble faster than they went up
and the bank spectators would gather it
in with the mortgages and collaterals held
to secure loans.
This was the routine followed under
the old State bank financial system, and
this new gold standard is the old prin-
ciple revised, enlarged and improved
of legal tender money, hence they war or
silver. They would prefer to have no
legal tender attached to gold but have its
weight and fineness stamped on the coins
by the government, and the metal used
as a commodity. Some of them say so
without reserve.
An act of the English Parliament re-
quires the Bank OF England to purchase
all gold offered at Is Us. cd. per ounce,
which fixes the commercial price of gold |
throughout the world, and that is amply
sufficient for our gold standard con-
spirators.
With no silver money but subsidiary
coins for change and only gold kept as
pretense for redemption money, the
banks with full swing to expand and con-
tract currency at their pleasure, or as
speculation suggested the most profit to
the operators, the much talked of gold
standard would be achieved and the
money cliquers in clover.
We warn the people that this is what
Secretary Cages scheme, the Indianap-
oils monetary conventions bill, Mr.
McKinley's greenback enpounding and
all other schemes mean. The entire con-
troll of the money of the country would
be in the hands of the money cliques and
banks, and whoever controls the money
of country controls its business and its
government. The products of labor for
sale would be driven down to the lowest
ebb of prices, and when the money ring
had gathered all property into its hands,
prices would be fictitiously raised, new
business booms started, new debts saddled
on government and people, who would
suffer perpetual round Of debt interest
and hopeless toll. This is what the ''gold
standard" Sound money" and all the
goldbug claptrap dinned in the peoples
ears means. Beware of the gold standard
serpent. Debt and poverty are the slime
on its trail