The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-09-30
THE FINANCIAL POLICY OF OUR
GOVERNMENT.
OLD FoGY.

D~A 0A"1SA AA~1S O"N VHO PAOSS"
Secretary of the Treasury, VIM. Win
? dom, have been substantially the
same. They have favored a colo
? basis and contraction of the currency
f They have favored the banks at the
expense of the people. They have al
J favored our present monopolistic
/ banking systematic government fur.
, nishing money at ! per cent. to the
banks and any per cent. the banks
could get out of the people for the use
Of the money so issued. They have
favored loaning the peoples money to
banks at no per cent. at all. So far
they are just alike. It is of this policy
tlat l shall write.
In the week ending September 9th,
1890, the money market in New York
grew so eight" that they actually
squeezed out of borrowers interest at
the rate of I'VE 100 per cent. per an
mum.
A brief explanation of the causes
may not be inappropriate. The new
tariff bill, now in conference, is ex-
pected to become a law. Duties
have been increased. Foreign goods
that have not been successfully manu-
featured here, have had the du:y in.
creased thereon. Take, for example,
an article on which the duty is now
40 per cent, and under the Mckinley
bill we will suppose it is raised to so
p9r cent.
Under the present law every one
thousand dollars worth of goods will
pay a duty of four hundred dollars;
under the new law the same goods
would have to pay six hundred dol,
lars. Spectators have taken advan-
tage of the proposed change in the
law and have one hundred mil
lions of dollars worth of such goods
at the custom house. If they can pay
out under the present law it will only
need 40 millions of money to pay the +
United States government it's tax; if
they wait until the law passes, they
would have to pay out sixty millions
of dollars.
Thus they would make 20 millions
on each 100 millions purcased abroad.
Whether the duty is paid to the
government under the present law or
under the Mckinley bill, about to be
come a law, the prices paid for the
goods by the farmer will be the same.
The difference is, whether the govern
ment shall be 20 millions poorer on
the 100 millions imported or not.
This is the situation. This is the
cause OF the stringency in the money
market.
Now [ want to invite your attention
to the difference between a banker, a
Spectator, a bondholder, and your
When money gets scarce in
New York and the brokers are pushed
funds, they appeal to Mr.. Win
ION. He is a " hustler " for them. ,
The speculator says: "Mr. Window. =
nave the payment of the tariff duties T
postponed, you don't need n
he money ?" The banker says: "Mr. f
Window, you have millions of money u
n the vaults that you do not need, Il
oan it to US and we will relieve the y
tringency of the money market and h
prevent a panic" y
The President, the Secretary, and !,
he whole gang listen with great at, if
ent1on to their wants. i
The bondholder says: Mr.. Win. -
ON, have $50, 600, 600 in bonds. I r.
I'LL sell them to you if you will pay it
the interest on them for nearly a ii
ear in advance and then l want a n
remium of Is per cent, amounting p
4 all to about Is millions of dollars ar
o that the boRdholder will be bene. ii
sed Is millions if his plan is cc
.opted. The banker will be bene. st
about 10 millions if his plan is of
dopted, and the Spectator will be w
enetted anywhere from rs millions NJ
pwards if his plan is adopted. to
Now you present your plan to Mr.. la
'lndom, compiled after the Silver ev
ulllon bill that he and his friends tic
and tell him that if he will pL,
you 100 millions you will pay in,
our debts, the money will 90 into to
rculation, the panic will be ARE sted. Inc
10 country more prosperous and that sol
'u will actually pay to the govern Tt
ent one millions for the use of one lee
inbred millions and that he has no to
70 for it as an agent of the govern TIL
ent, and see whether the President. we
9 Secretary will pay any attention it
you or not. If not, why not -? VIC
nder our form of government one ou1
'lzen is the same before the law as del
other, yet you will be derided be- bui
use you are a poor laboring man, cot
nile the rich mans demands are the
eded and acted on at once. [ chaI pol
age any member of Congress to has
me into the columns of The Pro. ma
EssIvE FARMER and prove that this ricI
S not been the policy of both par. ges
S in the past. the