The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-07-01
IS IT VANITY OR IGNORANCE ?
BY J. H. HAND, MILFORD, GA.

part of the press, all of which claims
TO be devoted to the advancement Of
the interests o. humanity, should
make indecent h4sse 30 assail the first
proposition originating among the
people, asking to be placed oy the
Government on equal terms with other
classes of citizens. Knowing that we
Dear more than our just pro PORTION of
the burdens of the government, we
had reason to expect that the press
would be our ally and advocate; but
instead, we find them arrayed against
us. The bill now before Congress, H.
R. 1852, IN the Senate 1906, to estab-
lish a system Of sub treasures and for
other purposes, is \ measure of the
people, by the people, and for the
people" not solely in the interest Of a
class, but in the interest Of all classes
except the bankers. 1t is a reasonable
presumption that the laboring classes
have a better opportunity of knowing
their situation and needs than other
Peep e can possibly have. Dire neces
sity has driven them to seek the aUses
that have conspired to reduce them
from ~af1uence to extreme poverty.
Having a~scertained the causes, they
are as capable of suggesting appro-
pirate and efficient means Of relief as
.ny one else. The bill to establish a
-ystem of sub treasures is the first
and most important measure. Il has
been thoroughly considered n all it's
"details and practical operation. 1t
does positive injury to no one; that it
will retain the Usurer and the monop-
olist, and limit the operations of the
Spectator in money and the neces-
sites of life, is not denied. While
,he press is largely dependent on its
subscription list among the working
classes for a living, it is a matter Of
surprise and regret to us, and may be
c o the editors before this matter ends.
Have they investigated the principles
of the bill, or have they tried to com
prehcnd the practical operation Of the
measure from which we expect relief
from our present financial distress q?
The first effect would be a difference
in the price Of money o. about IA per
cent. per annum. That portion OF
the currency issued through the ma
tiOnal oanks comes to us heavily laden
with taxation for the support of three
or four non productive classes, hence
@e have to part with one dollar and
fifteen cents worth Of produce for one
dollar. The banks are charged l per
cent. per annum; the bankers supply
agents at from 4 to 5; the agent spec
ulates with it, and makes from 8
to Is; or it is loaned to man
ufacturers at 6 to 8 per cent. =;
commission houses borrow, pay
ing a good per cent, and then loaa
to retail dealers at 6 TO 10 par
cent. The whole amount Of taxation
levied by the various operators
through whose hands it has passed
ranges from Is to 30 per cent. before
our products are purchased. By this
process our produce is reduced III
value to the amount Of Is or 20 per
cent. Under the sub treasury system
the money used to purchase our pro.
ducts would come directly from the
sub .reasury department free from
the tariff levied by the Intervening
non productive classes. Let US see
how this would work out when ap.
piled to the purchase Of the cotton
crop. Place the cotton crop at
$500, 600 bales weighing each fouc
hundred and fifty pounds, would be
1925, OOO, 600 pounds. We sell this
cotton at an average price of nine
cents per pound, for money hat has
been taxed fifteen per cent, fur
nishe by the banks, aggregate value
of the cotton crop in the bank cur,
rency is $263, 25O, 900. Fifteen per
cent. on this sum is $37,487,5OO, a
loss to cotton growers, due to the Ia
tional banking system, or the loss
would aggregate that sum, if the
bankers had succeeded in withdraw.
ing all the greenbacks and controlling
all the national currency. Now if
this should represent the loss of the
cotton planters alone, what would the
sum amount to when estimated upon
all the products of the great industries
of the country? 1t would not fall
below 5000, 600, 900 annually. This
sum does not 60 to the government,
out falls into the Golfers of the non.
producing specializing classes. If the
system of sub treasures is adopted, it
will furnish money free from burden
some taxation, not to the agricultur-
lists alone, but to all classes of indus,
trial pursuits The banker and usurer
would lose the "power of money to
oppress." The financial legislation of
the government has aided in making
millionaires by the thousand and pau
pers by tens Of thousands. Seeing
these facts in the light of common
sense We have ben urged to ask, is it
venalitv or ignorance on the mart of