The midland journal. (Rising Sun, Md.) 1885-1947, 1901-02-01

OOAu AiiuhACntCu.
The banking interests continue to urge
additional currency legislation and the
committee on coinage are holding hear
ings at which the representatives Of the
banks appear and propose plans to get rid
of the silver money of the country. This
must be done, they say, to strengthen the
gold standard of course, they don't say
that it is to be done in order to remove the
competition of silver with the bank note.
The money power has always resorted to
|concealment or false pretences, in OBJ
tanning its ends. The act of 1860, max
ing U. S. bonds payable in coin, which
made bonds that had cost $40 worth 500,
was passed under the pretence of strength-
ening the public credit; the demonetiza
ton of silver in 1873. was accomplished
by fraud; the repeal of the Sherman bill
was urged on the ground that its opera.
tons had caused panic, when, in fact,
the banks bad caused the panic, in order
to force the repeal of the law; and the
act of March 10, 1900, was passed avow.
eddy to establish the gold standard, but
in truth, it does not establish any more
gold standard than there was before, ex-
cept for the banks. It makes greenbacks
and treasury notes redeemable in gold,
when demanded by the banks, and il
gives the banks the right to trade their
bonds payable in coin for bonds payable
lin gold, aud they have SO far traded
$4,000, 900; but as to all other contracts,
silver is legal tender the same as before
the act. The owner Of an insurance
policy or bank account, the pensioner,
storekeeper, farmer and laborer, can all,
now as before, be paid in silver.
They are not complaining, not one Of
either of these classes has, so far, been
before the committee to ask to have the
gold standard strengthened, but the banks
want to strengthen it by destroying the
silver we haye. To accomplish this they
continue to make false statements about
the refunding operations. IN recent
interview, Assistant Secretary Vanderlip
said ''The net saving to the government
of interest. by these transactions, is sub
stantially SO. 700. 900. This saving has
been accomplished by the payment now
of the sum of So, 100000, which is really
an anticipation of S5a,7oo,oo interest
which would have had to be paid within
the next eight years, in case the old bonds
were permitted 10 run to maturity"
In fact. instead Of making ten millions,
it has lost asa millions. The government
makes the interest saved on the old bonds,
$52 700, 900. but it loses the $42, 900, 900,
paid in the trade, and interest on $780,
600. 900, Of new bonds, traded for the old
ones, which will amount TO $263. 4oo, 600
Thus the net result of the whole transac.
ton is loss to the government Of $2sa,-
zoe, ooo:-a loss which must be made up
by taxation. The paper money trust
comes high but we must have it The
trust says so.
The people voted for it too, when they
soted for Mckinley, though vast numbers
voted unwittingly There is also quite a
large element which claims to be the
simon pure Democrat, insists on accept
ing this Republican financial system,
which is truly the principle that divides
the Democratic and Republican parties.
This admitted or accepted, everything
the Republican party contends for is
accepted.
It means the concentration of capital
in trust for the benefit of few at the
expense Of the many. The prohibitive
tariff is for that purpose; the community
of corporations called trusts is for that
purpose; and with powerful element
claiming fellowship in the Democratic
party, holding such plntocratic theories,
means disruption. or emascnlation Of the
power of the party to represent the people,
and chronic defeat. ED jour.