The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-11-30
THE DAY OF SETTLEMENT.
Easnrhea aud Passea--Bnss-
reNs on Credit.

Ihat ~ ~ more utHicuft now fhmn
ever before 20 borrow money. anyone
may discover by attempting 70 nego.
siate loan, and compare hiscxperienec
with that Of IS TO 10 years ago. or even
last year. Ono would suppose thai n
we are progressing 10 unity We ars
progressing IN everything. but as
matter Of fact our financial condition
Is not only progressing hat riaing TO
an alarming extent. IL is quite true
that we are progressing nstoniShingiy
in deyiaing new schemes for obtainigg
money instead Of earning Il, and we have
built up an enormons structure, bal
loon frame, OF finance upon so slight
foundation that II is merely n question
of a slight disturbance to bring on its
total collapse. We are not carrying on
business npon cash capital. money
basis, but upon a mountain Of individ-
ual credit money, such as stocks, bonds.
promissory notes and all sorts Of ficti-
tious money and make-shiftS 10 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 nm average
daily balance paid in actual money OF
Tess than five per cent. Of the average
daily clearanccs. and II Is the boast
Of the commercial agencies and others
iha; we are in highly prosperous con
dition because our clearances are In
creasing enormously, while the per-
centage Of actual money paid on set
tlemcnt OF balances is diminishing.
We are on the danger line predicted by
Mr.. Lincoln, who declared thnt the
business OF the country could not be
safely transacted with more than as
per cent. Of credit money to possible
actual money. We are now at 9s 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 tlowery earth, will
suddenly collapse. aud the green earth
and the flowers will lose their attract
iveness. Our public debts. including
state and municipal, constantly in
creasinR, have nearly reached $4,000
100000. Our real estate miutnFe in.
debtcdneSs Is nearly $4,000, ,0O0. goo
The railroads owe $4,000, ,o00. 900 more
than their total assets. The national
and other bonds are hurdened BY o
constant indebtedness OF about $3.50.
e0e.enn.
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 s2,Oo0,o ,oc0.'
900. Our fire insurance companies are
carrying risks amounting 10 over sis.
o0O, 900, 600.
Oar life insurance companies have q
policy Indebtedness of s9.o00, ,G00, ,o0a.
This Indebtedness. amounting 10 ssl.-
$50 .0O0, 900. which is hut the beginning
Of our public and private debts, must
be paid by some one, eventually, and
In the meantime, the interest on II must
also be paid by some one. When the
day Of settlement comes, when the
final reckoning Is made. how are We go.
ing 90 pny it? II is on record that the
gold standard will enable us 20 pay II,
but that cannot he true, for the gold
| standard IN the foundation Of Il all. the
creditor of II. Itis the people who must
pay In only the dehased silver token
money. Every dime, every nickel. every
copper penny is mortgagcd 10 pay In.
tersS,s on this Indebtedness. The pay
msni Is In every bucket OF coal, every
loaf Of bread, every soup bone. We
drink !, with our tea. coffee, wine. beer,
whisky, and smoke II In our tobacco.
II 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 II is not, except
gold, because IT is gold demands the
payment OF II.