The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-09-30

pIIuClpaI anu luG0F6SI I'D uab0 VI uG'
turity, more than twelve months be-
fore they fall due, and by offering to
prepay years interest on all the
public debt, aggregating more than
100000, 900 Several times during
the past three years the Secretary of
the Treasury has only prevented a
panic by the purchase of government
bonds at enormous premiums. Think
of it, more than $5O,00O,000, in
round figures, of the peoples money
have been paid as premiums on and
Al per cent. bonds, and this payment
rendered necessary by the scarcity of
money, in order to prevent bank
ruptcy
To meet the evils from which they
suffer in common with all producers,
the farmers have presented a remedy.
Neither ridIcule nor denunciation is
the proper weapon for its discussion,
but a careful, patien5 and thorough
investigation, calm and unprejudiced
study. AS understand it, the farmers
are allied to no special details; they
want flexible currency, issued by
the Federal government that can be
made TO meet the increased demands
of business due directly to the great
staple crops being forced upon the
market within a short period of time
This is the great principle for which
they contend. The meth cd they sug-
gest for carrying this principle into
practice, is to base any increased issue
of currency upon the great staple
crops, and to issue it, not arbitrarily
by the government, but only upon the
demand of those who will deposit
ample security for it. They simply
demand q safe, stable and flexible cur
rency. Is that wild, or visionary, or
impracticable The method by
which this currency shall be issued,
the way in which it shall be secured,
they have expressly declared will
lingness to leave to the best sense of
the whole country. Is that extreme,
radical or undemocratic 2
Now, as the evils of contraction
confessedly exist, as every intelligent
man admits them, and every business
suffers from them, the part of wisdom
is to stop denuncistion and ridicule,
to quit carping over and criticising
mere details, and to unite all classes
with the Alliance in a cordial effort
to provide remedy. AS the fight
against the farmers measure has been
directed chiefly against the methods
they have suggested, | will pass to
their consideration Immediately, mere
ly noting that [ will reply later to the
arguments against the principle of
| aexibility.
The important questions which un-
derly the methods proposed are:
THE PRINCIPLE OF THE sUB-TREAsURY
PLAN.
l. Can a safe, sound and flexible
currency, which will readily pass on
its parity with gold, be based upon the
great staple crops
2. Is it possible to devise a method
for the issuance of this currency that
will be constitutional and in confor
ance with the genius and spirit of our
free and democratic institutions, which
are opposed to all forms of paternal
government and to an increase be,
yond due limits of Federal patron
age 2
Pause and reflect upon these propo-
sitions. If these methods proposed by
the farmers cannot be made to con-
form fully to them, they should not
be adopted; if they can, do they not
deserve, and should they not receive,
the support of all classes 7?
At the fore front of the argument
it is demanded that the proposed cur
rency must be sound and stable, and
that it shall pass at all times on q
gold basis; this is fundamental The
body polite abhors deprecated cur
rency. Business congests beneath its
blighting influence, and serious fnan-
cial catastrophies must follow in it's
baneful wake. No paper money can
permanently perform useful service in
the present condition of ommerce and
finance throughout the world that
does not pass readily on a parity with
gold. If, therefore, it can be shown
that money based upon the great
staple crops will not so pass, there is
no further room for argument, and
the whole fabric must fall; there
would be no use to consider ways and
means, government warehouses and
Federal patronage. The whole fabric
being viciously defective, it would
make no difference how simple were
the means of the execution, they ought
not to be set in motion. But, on the
contrary, if it can be shown that a
sound and stable currency can be
based upon the great crops which will
readily pass on parity with gold,
then we should look for the means by
which it might be safely and wisely
issued, even if the search were ardu-