The Winslow mail., 1899-09-28
THE MONEY LENDERS FOLLY.
His Greed in the Scramble for Cold
Has in Many Cases Over
topped Itself.

The money lender saws TO himself
that II he can make money scarce there
VIII be a scramble for it, and interest
rates will be high. This was one of
the impelling causes of the gold stand
ara. But we see exactly the opposite
result taking place. The rate of inter-
est has fallen along with the prices
of commodities. There has been no ex-
ceptlon to the rule; and Shylock is now
glad to get four and five per cent. for
only fractional part of his money,
when in former times he could readily
lend it all at eight, ten and twelve. In
the frenzy of his greed he killed the
goose that laid the golden egg, and
now he sees his yellow boards stacked
up and idle in his vaults because the
contraction of the currency has so i'm
poverished industry that men can no
longer afford to pay interest on money
to do business with. There is no profit
IN declining market, and consequent
ly men stand idle and Shylock grinds
his teeth with rage because he cannot
lend his money. Still he will not learn
sense and do the only thing that will
restore prosperity and create demand
for his money.
But another and the principal reason
for the establishment of the gold stand
ard was the certain knowledge that a
contracted currency would create pow
erty in the prices of property, and
Shylock hoped to carry this principle
to the extent of possessing himself of
all the property of his neighbors. Here
again his greed has, in a measure, de-
feated his purpose, for in many in
stances property has deprecated to
such an extent that Shylock cannot af
ford to pay the taxes and keep up the
necessary improvements, and conse-
Quently we see fields rank with weeds,
ramshackle and unpainted barns and
houses, and fences that no longer pos
sess any terrors for wandering stock.
Abundant money not only increases
prices of property and produce, but it
stimulates enterprise, creates an active
demand for cash, brings the whole
stock of money into use and raises the
rates of interest. 1t is strange that
money lenders cannot and will not see
this natural order of things, especially
when the facts are spread out under
their very noses.
Take our Missouri lead mining Klon-
dixie as an instance The demand for
lead brought millions of dollars into the
southwestern section of the state. I'M
mediately prices bean to jump, mar
velous energy was infused into the
people of that section, dormant towns
and villages became rampant with Wig
orous life and restless enterprise, and
the banks, over whose counters the cob
webs had grown, suddenly found them
selves unable to meet the demand for
money and more money, and with this
demand came an increase in the dis
count rate to the old wartime basis,
The banks are now compelled to re-
main open both day and night and a
portion of each Sunday, in order to
meet the requirements of their eager
customers. But this is not all. Not
only are loans at high rates of inter
est easily made, but they are secure.
because the borrowers are making
money and can readily meet their OBJ
legations. How strange it is that
money lenders and those who profess
to be adopts in the science of finance
cannot or will not see this plain law
Of common sense. If we could only
get rid of the curse of the single gold
standard, we would soon see conditions
like those in the lead mining districts
Of thiS state DrpVaiIinC all over the
country.-Mississippi Valley Democrat