The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-13

of figures represents the consumption
of the total crop In twelve months,
one-twelfth each month, and shows
opposite each month the local value Of
the gross amount of that years crop
consumed at the close of that month.
The third column of figures is made
by ~subtractlng the value of the gross
amount consumed at the close Of each
month from the value of the gross
amount marketed at that date. For
example, the value of the amounts
marketed in September, October, No
vember and December are all added
together, showing the gross value of
of the product marketed up to Deem
Der 81 to be 5000, 900, 1920. Of
this amount, in four months, the value
of actual consumption has been SlO4,.
O82, 800, leaving a net product to the
value of 99,8l6, 364.2O for deposit
in the warehouses at the close of that
month, provided every cotton pro-
Queer in the whole country awaited
himself of the provisions Of this bill.
On the 3lst Of August the value of
the gross product and the value Of the
gross amount consumed are an exact
balance, consequently there would be
nothing on deposit according to these
estimates. The greatest amount at
any n time on deposit in the govern
ment warehouses had this plan been
in operation last year, would have
been in February, and would have
been of the value of Sll5,22O, 1865
and had 80 per cent. of the value of
same been represented by treasury
notes the actual volume of the circu-
lating medium would have been in
creased for a short time $92, 49,
6l3.28. Taking these figures in re-
gard to the cotton crop as a sample
Of the operations of this bill it is easy
to estimate the probable amount of
the transactions in the other products.
These figures will be found in every
case very liberal and calculated to
understate rather than to overstate the
side of the affirmative in this question;
nevertheless they show with great
force that the measure is very con,
sentative, and that the measure will
be attended with no initiation what
ever; in fact they lead to the conclu-
sion that the present circulating me-
dunn would not be more than doubled
and that only for about a month at a
time, when the products of agricul.
ture demanded extraordinary invest
ments. Now while it is true that the
products of agriculture n equal to
four or five times the actual volume
of money in circulation they will not
require an addition of the volume to
that extent because a demand for
money quickens the speed of circula
ton, which in a partial degree COM
pensates for lack of volume, and a
doubled volume is a safe and a con-
sentative estimate of the addition re-
quired to do a quadruple business in
the time allowed.
The financial features of this bill
are conservative because they in no
way oppose or interfere with the pres
ent financial system of government or
the national banking system. 1t is
taken for granted that the daily and
weekly business of the country needs
all the money now in circulation by
the government and by the national
banks, and perhaps more Of the same
kind, Or any good safe kind. 1t is
conservative again, because, as a
financial measure, it involves only the
same principles now in force in the
national banking system, the only diff,
ference being one of detail and not of
price, and that is instead of deposit
ing bonds, which are nothing but an
evidence of indebtedness and are,
therefore, a promise to pay value, this
bill provides that the value itself in
the shape of a consumabIe product
shall be deposited as a basis on which
to issue treasury notes. There is an
element of conservatism, justice, sta
bility and certainty of security and
solvency that does not attend the
present system. 1t is conservative
because it will be a cheaper basis on
which to issue the treasury notes than
the bonds are, for the reason that the
government pays interest at no less
than 3 per cent. on the bonds, while
the agricultural deposits would ask
no interest, and would more than pay
all the expenses incurred, besides be-
coming in time a valuable source of
revenue. In this connection the fol-
lowing table, showing the number of
warehouses or elevators in each State
would be entitled to under the pro-
visions of this bill, provided every
county should avail itself Of the plan.
It does not follow that this will always
be the case, but it will, no doubt, be
the rule. The census of 1880 fur
nishes the data available for an esti-
mate on this question. The decline
in prices since that year fully meets