The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1889-12-24

question when the surplus stored dur
ing the years following the opening
of the mines will be exhausted, just
as the great supplies of Mexico and
Peru yer stolen by Spain and alb
sorbed from Spain by the world and
lost. That is the history of gold
through all the ages. Every new
found supply becomes absorbed from
coinage in a few centuries and lost to
the worlds cash box.
In 1868 the United States owed an
interest-bearing debt of So, 6ll,687,-
s5l.19o of which S4O8, 40l, 1872. 81 bore
no interest. A large proportion of
the interest bearing DEBT was payable
in money. 1t was funded at the de-
mand of capitalists into coin bonds,
having long years to run. They
didn't foresee the future product of
our silver mines. Now they ask for
GOLD, and United States Treasurers
and Secretaries, whether Republican
or Democrat, insist that the bonds
payable in COIN mean payable in GOLD.
These bonds we're originally bought
for 35 cents to about so cents in glod
which then equaled 81 in green
backs. They are now $1.24 to $l.29
on the dollar in gold. 35 to 60 cents
on the dollar of the taxpayers prom
Use to pay 81 was good enough for
him when he wanted to buy gold.
When he wants to buy 10 to $l2,-
900, 900 a month of his bonded prom
Uses to pay 81, from $l.24 to $l29 in
gold is good enough for the bond
holder. In other words, the public
debt through the increased ability of
the taxpayer to comply with the exac-
tons of capital has increased over 200
per cent, gold basis. Since 1868 the
taxpayers, commonly called the
United States, have paid over ST.
900, 900, 900 in gold, interest on this
debt, and that, too, on a debt at it's
highest $2,844, 649,6 26 Sc, August
81, 1865. Nearly the face of the debt
in 1868 has been paid in gold interest
since, and you must recall that the
$346,681,Ol6 in greenbacks have
saved the taxpayers about half a bill
lion in interest.
In the face of this the Secretaries
of the United States Treasury, even
Manning, a Democrat, supposed to be
in the peoples interest, recommended
that all bonds must be paid in gold,
and that the greenbacks be called in
and bonds payable in 40 to SO years
be issued instead, payable in gold, as
a basis of National Bank circulation.
This would make the non-interest
greenback debt just double, OF if the
annual increase in the raise of gold
continues, add from 100 to ITS per
cent. before that debt could be paid;
to say nothing of buying the debt at
25 per cent. premium as is now done.
Now, my mortgaged farm, friend,
do you know what all this means :?
It means that gold is rising in price
and that capitalists are trying to get
an international system of coinage for
Europe and America with gold as a
basis, silver to be demonetized. It
means that irrespective of party,
national officials are selected from the
ranks of capital and shape national
legislation and policy in favor of capt.
tai. Silver and greenbacks are too
cheap for capital and too abundant.
They are to be demonetized because
it is difficult to get up a corner on
them. The national banks have re-
tired their circulation 81 per cent. in
five years. They are in the scheme,
too. Land, labor and their produc-
ton have deprecated IS to 33 l'3 per
cent in 2Oyears. When gold becomes
the unit and sole legal tender and the
public debt is all a long time gold
bond CAPITAL WILL CORNER GOLD, and
you will have to pay the price.
THAT PRICE IS sERFDRoM.
You have read the Hazard circu-
lar in these columns.
"The European plan, led on by
England, is capital control Of labor
by control of money"
In a future number I may show
you how to escape the IMPENDING
SLAVERY. ERNEST HoLLENBEcK.