The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1898-04-08
Too Much Money.

wisdom is taken from q goldbug
paper, and serves to illustrate the
ideas of many of the advocates Of
gold monometallism, viz:
There il glut Of money in
Kansas. and Kansas farmers are In
great distress. They want to pay
off their mortgages In advance OF
maturity, so as to stop interest, but
the holders will not permit them
70 do so, and none of the banks will
will pay interest on deposits be-
cause their vaults contain more
money than can be used, Kansas is
an object of sympathy at all times.
The theory upon which the above
statement is based Is that there Is
more money in Kansas than the
people of that state can possibly
use, and that all who are in debt
are for that reason trying TO induce
their creditors to accept payment
! before these debts are due, but that
because these creditors can not re-
loan the money If they accept it,
the farmers are hauling their
treasures of gold and paper money
| to the banks in two horse loads
and begging the banks, whose safe
AMI vaults are bursting already, t.
accept their money and hold ii un-
til the money freshet and cyclone
passes over.
Kansas farmers have no more
money than Ohio farmers, and as
ii rule they have far less. CroI
failures with them have in the past
Ten years been more frequent thar
in Ohio. The farmers Of Kansas
have little or no money deposited
in bank. There Is not one farmer
in ten has dollar in bank in
Kansas, though many Of them hav.
mortgages on their farms. the in
terest on which many of them car
not pay. So that the statement that
they are burdened with money and
anxious to pay off the principal as
well as interest long before due,
aud have the mortgages cancelled
Is pure fiction without tie smallest
admixture Of truth in the world.
Fifty suits to fOreclose mortgages
in Kansas on farm lands are now
being brought for every one that l.
being paid of, or which the owner
is ready to pay off. And nineteen
out of every twenty mortgages that
are paid off on Kansas farms are
paid hy borrow ing the money from
one lender to pay the other. So
! that the facts stated about anxiety
TO pay off mortgages with money
o their own coming and saving
are lies without semhlance of
truth. The farmers of Kansas, like
the farmers ofOhio, have no money
to pay off mortgages, and are not
begging their creditors TO accept
payment before due.
No doubt the banks ia Kansas,
ike the banks in every other state
in the union, have money on hand
in such quantities that they refuse
10 take deposits and pay Interest,
m them. But this is no Indication
thut there is too much or ever
enough money in that state. On
the contrary, it is the best indica-
zion in the world that few there
wish to borrow money because
they can invest it in no way that
gives promise that they can ever
repay it with interest. Banks in
Kansas, as elsewhere, require good
security from borrowers, and dur
Ing times like these are willing to
take no chances in loaning money
to honest poor men and lose it il
their Investments are unsuccessful.
When prices of all things are
falling rOboiy wishes 10 90 into
basiness, ecause the chances of
gain are few. At such times no.
body out Of business wishes to 60
IN and nobody in business wisnes
n eGldrge operations. That is why
few wish to borrow money, and
explains why it is locked up in the
banks.
If the farmers Of Kansas knew
that December wheat would be
worth $l IA bushel, corn and oats 50
cents a bushe and hogs and cattle
" IA hundredweight, four times all
the money now in Kansas could be
loaned TO them in ten days. But
the chances are that ali these pro.
duets Of the farm will he worth less
next December than they are n W,
and that more money will he losi
than made in farming this year
The fear of this is why there is II
"muney glu" in Kansas.
There never was time in the
world when there was too much
money, and seldom, II ever, 10 the
world WAS there such scarcity Of
money as now. This scarcity of
money hna can snd all nnnnrnl nrirns