The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1888-10-16

the court records demonstrating Inc
number and amount of real estate
mortgages, furnish mournfuI testi-
mony as to the situation Of the people
here. +-.
Those National Banks having long
since fulfilled the functions for which
they were created are now and for
many years passed have been an OBJ
stacle to our progress and they should
be made to give way to a better,
simpler and cheaper method of pro-
viding money in quality and volume
sufficient to supply the wants of all
engaged in the active pursuits of
diversified industries. And when the
people, by organized effort, determine
upon the change, all monopolies, po-
litical parties and, politicians are help
less to prevent it.
Money is not riches; it may be re-
garded as a sort of imaginary wealth
owing its apparent value to law, and
to the power, stability and resources
of the government issuing it. AS the
representation of property values,
money is a medium Of exchange, and
like other commodities it is subject to
the law Of supply and demand. When
the demand is great and the supply is
limited or insufficient. the results are
a high rate of interest on. loans, a
shrinkage in values of property of all
sorts, and a fall in the price of pro-
ducts and of labor. When the supply
of money is equal to the demand for
it, the results are precisely opposite.
Interest upon loans is lessened, all
property values appreciate, wages ad-
vance, employment at remunerative
prices is easy to obtain, commercial,
manufactured and agricultural pro-
ducts command higher current rates
in market, trade is stimulated, and an
immediate revival in all branches of
business follows. One Of the functions
of government is to furnish money for
the people of a quality and in quantity
adequate to all the requirements of in
dustrial activity, and the people them
selves are the best judges of the
volume needed by them to successfully
carry on their various pursuits, .
Accepting these declarations as en-
bodying our sentiments upon the sub
jects designated and believing that
the farmers, mechanics, day-laborers,
and wage-earners of the country gen
orally, by force of circumstances,
united by the common ties of financial
and home interests, should adopt
energetic measures for the protection
and advancement of our mutual bust
ness affairs, and for obtaining proper
Legislative action in aid of the same;
we, as members of the Farmers ALI
'ance, not intending nor desiring to in
jure any number of our people, but
actuated solely by a purpose to secure
equal privileges with those enjoyed by
favored classes, and to this end solicit
ing the friendly cooperation of all
persons whose interests are in unison
with ours, do a.' @ec
Resolve, That we demand such a re-
vision of the present tariff as will re-
move the heavy burdens of taxation
in that quarter, and that the duties
imposed shall be for the purposes of
revenue, sufficient in amount, and not
in excess of what is necessary to meet
the current expenses of the govern
ment economically administered, and
that the duties be so adjusted as to
place the burdens of tariff taxation
upon luxuries, and not upon articles
of prime necessity.
absolute repeal of the Internal Rev
enue laws, and demand that the Con-
gress forthwith abolish the tax of ten
per cent. imposed on the circulation
of State banks of issue. .r
That we demand the restoration
of the banking system in force in
the States previously to the war,
or in lieu thereof, the enactment
by the Congress of a law establishing
a bureau of agricultural loans, and
authorizing the issue of United States
Treasury notes of legal tender quality,
to be loaned to the farmers. of the
country, the amount not to exceed six
millions of dollars; to any one Con
gressional district, upon notes to ruiz
for thirty years, or payable sooner at
the option of the borrower, with
interest at one per cent. per gear, and
secured by mortgage, upon the real
estate of the borrower of an assessed
taxable value double the amount of
the loan. That by proper legislation,
it be declared unlawful and punishable
by fine and imprisonment for any trust
pool, syndicate or other association