The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-20

COAAbL ~ gHO FL
Buell.. Here is the circular:
DEAR SIR:-"It is advisable to do
all in your power to sustain such daily
and prominent weekly ne wspapers, es-
pecially the agricultural and religious
press, as will oppose the issuing Of
greenback paper money and that you
withhold patronage or favors from
all applicants who are not willing to
oppose the government issue of money.
Let tbs government issue the coin
and the banks issue the paper money
of the country, for then we can better
protect each other. To repeal the
law creating national banks or to re-
store to circulation the government
issue of money will be to provide the
people with money and will therefore
seriously affect your individual profits
as banker and lender. See your mem
Der of Congress at once and engage
him to support our interest that we
may control legislation" (Signed by
the Secretary Jas. Buell..
Mark you it is especially the agri-
cultural and religious press through
which the Secretary designs working
upon tho prejudices of the people.
The third scheme of robbery was
that of contracting the currency by
destroying the greenbacks. In pur-
suance of this plan the act of April
18th, 1866, was passed, whereby it
was provided that a regular and sys,
tematic cremation of greenbacks
take place. Let it be remembered
that upon this government money,
the greenbacks, the people did not pay
interest. 1t was backed by the gov
eminent which made it safe and re-
liable and issued in sums convenient
for small as we'll as large business
transactions.
The money king, with $1,000 in
greenbacks, had found it necessary to
loan or employ that money in order
to derive any profit from it. This
added to his care which apparently
was the very thing he sought to avoid;
investment in commerce and manufac-
turing required his personal super
vision; investment in houses and land
incurred taxation, risks and often
loss, but investments in bonds seemed
quite suited to his tastes, for they re-
turned a rich, golden harvest without
any of the annoyances of taxation,
insurance, or eve the care of looking
after his investments. 1t is no wonder
he hailed with Joy the contraction
policy and gladly gave his $1,000 in
greenbacks Ito be consigned to the
furnace) in exchange for a $1,000 I'M
taxed, interest bearing bond. But
what of labor seeking employment =?
The money king has invested his
property in bonds, he has no need of
labor; true labor must pay the inter,
est on his bonds but he has no en-
ployment for it. While this ST. 900
was in government money it could
have given two men employment in
some profitable business, but with his
money invested in bonds he kicks
labor into the street and growls about
the ineficiency of the tramp law. He
does nothing whatever to advance the
interest of labor but drains its life
blood in payment of his everlasting
interest. By investing the $1,000 in
bonds it is taken from circulation.
There is a $1,000 less for the people
to do business with and ST. 900 more
for them to pay interest upon. Again
by contracting the volume of money
it lowered the prices of other property
and added that much more to the
burdens Of the debtor class. I can
better explain by quoting from a
Georgia editor as follows:
"In 1868 there was about $40 per
capita of money in circulation, cotton
was about 80 cents a pound. The
farmer then put a 500 pound bale of
cotton on his wagon, took it to town
and sold it. Then he paid $40 taxes,
bought a cooking stove for $50, a
suit of clothes for SIS, his wife a
dress for SIS, 100 pounds of meat for
SIS, n barrel of -four for Sl2, and
went home with $50 in his pocket.
In 1887, there was about SIS per cap
tia of money in circulation, this same
farmer put a 5OO-pound bale Of cotton
on his wagon, went to town, sold it.,
paid $40 taxes, got discouraged, went
to the saloon, spent his remaining
$3.50, and went home dead broke
and drunk"
I will now give some statistics,
showing that u government circu-
lation was reduced in ten years nearly
$1,4OO, 600, 900. On the 18th day of
April, 1866, Congress passed a law
authorizing the Secretary of the treas
ury to sell 5 20 bonds and with the
proceeds to retire United States cur,
rency, including greenbacks.
On December 4th, 1866, E. G..
Spaulding, a Buffalo, N. Y, banker,
a member of Congress, wrote to Sec.
rotary McCulloch as follows: