Iron County register., 1899-11-30
THE DAY OF SETTLEMENT.
Danger Line Predicted by Lincoln
Reached and Passed-Buss-
ness ON Credit.

That 1t is more difficult now than
ever before to borrow money, anyone
may discover by attempting to nego-
| tiate loan, and compare his experience
with that of 25 to so years ago, or even
last year. One would suppose that if
we are progressing in unity we are
progressing in everything, but as a
matter of fact our financial condition
is not only progressing but rising to
an alarming extent. 1t is quite true
that we are progressing astonishingly
in devising new schemes for obtaining
money instead of earningit and we have
built up an enormous structure, bal
loon frame, of finance upon so slight a
foundation that it is merely a question
of slight disturbance to bring on its
total collapse. We are not carrying on
business upon cash capital, money
basis, but upon a mountain of individ
ua1 credit money. such as stocks, bonds,
promissory notes and all sorts of ficti-
tious money and make-shifts to supply
the peace of a deficiency of actual
money. The statistics of the various
clearing houses in the prominent cities
of the United States show an average
daily balance paid in actual money of
less than five per cent. of the average
daily clearances, and it is the boast
OF the commercial agencies and others
that we are in a highly prosperous con-
dition because our clearances are in
creasing enormously, while the per-
centage of actual money paid on set
tlement of balances is diminishing.
We are on the danger line predicted by
Mr.. Lincoln, who declared that the
business of the country could not be
safely transacted with more than 65
per cent. of credit money to possible
actual money. We are now at 95 per
cent. of credit money, and when we
reach the 100 per cent. the financial
balloon now holding us up in the
clouds, and from which we delightedly
survey the green and flowery earth, will
suddenly collapse, and the green earth
and the flowers will lose their attract
iveness. Our public debts, including
state and municipal, constantly in
creasing, have nearly reached $4,000,-
100000. Our real estate mintage in
debtedness is nearly $4,000, ,oo0, 900.
The railroads owe $4,000, ,oo0, 900 more
than their total assets. The national
and other bonds are burdened by
constant indebtedness of about So, $780,
00o, 900.
While our saving banks have been
staring them in the face the money of
their defenders loaned out on paper
securities the sum of over $2,000,000,-
600. Our fire insurance companies are
carrying risks amounting to over $751;
ooo, ,0o0, 900.
Our life insurance companies have
policy Indebtedness of $4,000, ,000, 900.
This Indebtedness, amounting to $751;
of our public and private debts, must
be paid by some one, eventually, and
in the meantime, the interest on it must
also be paid by some one. When the
day of settlement comes, when the
final reckoning is made, how are we GO
ing to pay it? 1t is on record that the
gold standard will enable us to pay it,
but that cannot be true, for the gold
standard is the foundation of it all, the
creditor of it. Tt is the people who must
pay in only the debased silver token
money. Every dime, every nickel, every
copper penny is ,mortgaged to pay in
terests on this Indebtedness. The pay
ment is in every bucket of coal, every
loaf of bread, every soup bone. We
drink it with our tea, coffee, wine, beer,
whisky. and smoke, it in our tobacco.
It is in all our state and county fairs,
Dewey celebrations, laying of corner
stones, and there is not thing exist
ing on earth in which it is not, except
gold, because it is gold demands the
navmanh 0f r.