The midland journal. (Rising Sun, Md.) 1885-1947, 1901-03-01
THE MONEY TRUST.
The rlost Powerful and Dangerous of
All Monopolies.

All MonopoIies.
Communicated
The Declaration of Rights of the State
of Maryland, Art. 4I, is as follows : THAT
monopol:es are odious, contrary to the
spirit of free government and the prin-
ciples of commerce, and ought not to be
suffered"
Theoretically, this is the supreme law
Of our State, but practically it dead
letter. But it serves to show the feeling
of intense opposition which the people
formerly held against monopolies of all
kinds, feeling which may be said to
have come down to them from the long
and bitter struggle between the English
people and corporations, evidenced by
many statutes of mortmain, which were
so called because passed to prevent all the
property Ct the kingdom from being alb
sorbed by these dead hands, as the cor
porations were called from being COM
posed of persons CHILLY dead.
In those early days land was the chief
property and it was land that the corpora
tons sought to monopolize Now thous-
ands of articles of necessity or comfort or
luxury form more fruitful fields of monop-
oily and there is not one but some trust
controls or seeks to control
The evil results of monopoly are most
apparent and most to be deplored when
controlling some article of necessity to all
the people A diamond trust will injure
many people, but cotton trust, or wool
trust, or beef trust, or flour trust Injuries
many more. Yet of all monopolies which
exist, or could be imagined, that which
affects the greatest number of people is a
monopoly of money. Money is the most
universal necessity OF modern civilized
life. 1t is the only thing that everybody
wants and every one needs.
| fla complete monopoly be established,
controlling all the money of the country.
it can make what terms it chooses and
the people must submit. Such a mo-
nopoly the national banks are now seek
ing The two things necessary to the
completion of this monopoly are the
destruction Of our silver money, the only
remaining competitor of the hank note,
and the power TO issue an unlimited
quantity OF. bank notes.
Bills are pending in Congress to destroy
the silver and recently another bill has
been introduced to give the banks the
power to issue paper in unlimited
amounts. At present the banks have
power to issue unlimited quantities of
paper money, but, as they are obliged to
deposit with the treasurer of the United
States $Ioo in U. S. BONDS for every 500
of notes issued, their issue of notes is
limited by the amount Of the national
debt The bill recently introduced pro-
poses to remove this limitation by allow
ing banks to Issue notes based upon their
assets, without being required to deposit
any bonds, as at present required. Of
course this bill does not openly profess to
authorize the free and unlimited coinage
of money out of paper by the banks,
without waiting for the aid or consent of
any other nation, but that will be its
effect if enacted into law. Like all the
measures of the money power it has a
professed object different from its real
one. As it proposes TO allow banks TO
issue paper money limited in amount
only by their assets, and as their assets
may be any amount they choose to make
them, it is easily seen that under the pro-
posed bill the banks could issue any
amount of paper money they might
choose
But this enormous and dangerous in
crease of the powers of the banks is urged
under the pretext of providing an elastic
currency; can elastic currency" as Mr.
Bryan has we'll said, with the banks
holding both ends of the elastic"
This indictment of the money monop-
oily is carefully drawn and every count is
true. but no remedy is proposed. No
financial system is suggested to be sub
stituted for the vicious financial trust
which is steadily tightening its coils about
The people The people are asking for
remedy which is to take the place of the
present vicious financial system. 1t is
useless to complain if you have nothing
to offer. 1t is useless TO convict the GRIM
inal if there is no punishment for the
crime. Has our correspondent, or the
Democratic Association he speaks for, an
American financial system 10 offer !? The
people want TO know ED. JOURNAL !