The midland journal. (Rising Sun, Md.) 1885-1947, 1899-08-18

ueDt upon the present ana future INDUSTRY
Of the country of two hundred millions.
This is mainly the cause of the great
prosperity in business so extravagantly
boosted of by the commercial! press. Had
there been no Spanish war the ''pros-
perity" would have been very largely
and confined to the export of
products from this country, which created
a large balance in our favor, preventing
drain of gold from, and causing an influx
of the yellow metal to, this country,
which, together with the product of our
own mines, about sixty millions annually,
would have aided the movement in bus
mess to some extent, felt by the impulse
given mainly by the war with Spain,
followed up by the Philippine conquest.
The trust movement which has over
topped in magnitude everything of the
kind that ever before happened in the
world, had been in progress for some time
and is the immediate result of low prices
caused by contraction Of the currency.
The same business divided among num-
erous firms when struck by the paralysis
of falling prices, made the business worse
for all and battle of cut prices finally
forced them to pool their interests and all
lose their identity i'll new firms Com
petition was then destroyed and the new
firms at once raised prices, while cheap
ening production by economy in several
ment Of fewer hands and the output Of
more product.
While the home prices have been put
up on the trust goods, the trust monop-
oily is able to compete i'll foreign markets
with foreign manufacturers and the polit-
ical boogy, pauper labor. Hence the
prosperity and increase in prices have all
redounded to the monopolizing trusts and
not to the masses of the people, who are
not in monopoly organizations. To keep
this condition of business from collapsing
till the party in power can more firmly
fasten the gold standard on the country
to use Secretary Cages expression, is the
object of the money power.
This new state of trade, new 10 this
country but for many years the policy of
England, will make this country the
greatest gold holding country in the
world. But the country must be able to
compete with all the world OIL basis of
prices lower than all other countries
This could only be accomplished by a
continuous reign Of low prices which
would keep the whole debtor class per
petually under a debt bondage. This
state of business exists in this country at
the present time and the bankers are
shaping their changed financial system to
conform to it, hoping TO make it per-
manent. By managing to keep prices of
products down the export trade they hope
will guard them against drain of gold
from this country. This will be almost,
if not quite an impossible task, but on the
permanence Of this condition of trade the
bankers present financial plan is based.
A billion or upwards of gold retained in
this country and as much as possible
pushed into circulation by a concerted
effort by the banks, the silver certificates,
the silver in circulation together with cur
rency of the national banks, which can at
pleasure be controlled by them, would
constitute all the tangible money in exist
ence. This quantity could not be in
creased except by the amount of new
gold that found its way TO the mints, and
the banks would get rid of the stumbling
block which has puzzled their longest
heads so long-redemption of their notes
III gold which faces them in all the plans
heretofore concocted.
Under the new scheme only the green
backs are to be permanently got out of
the way, leaving the field they occupy
clear, to be filled by bank credit money.
To reduce all silver to a subsidiary condi-
ton is part of the plan kept in the back
ground, but this accomplished the gold
trust would be i'll complete control of
every business i'll the country.
There would only be sufficient money
in circulation 20 supply the retail trade OIL
low level of prices, which level could be
maintained by the issue and withdrawal
Of national bank currency as long as the
national bank existed, which is not des-
lined to be perpetuated under the COM
pleted gold standard.
The ideal-the bankers ideal-monev
Of the future is bank credit. No business
81 any prominence can now be conducted |
without first securing a credit in bank,
md under completed gold standard no
business would be permitted except that
which the great banks approved. With
al business except the retail trade con.
iucted by bank credit, the banks would
De freed from the specter of demands OH
hem for redemption of their notes,
which all the plans heretofore involved,
he borrowers alone shouldering the re-
of collecting funds to feed the
banks.
The banks are already shaping their
'lans to get rid of the obligation which
he national bank law imposes, which is
compulsory statement of their business !
1t short intervals and fixed reserve TO
'e kept on hand. These with other in
,onVehiences and expenses the great