The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-04-22
THE ALLIANCE INDICATED.
Our Figures No Longer to be Sneered
At.

( At.
TIME Greenbackers and the Ali
ance people have stated repeat.
edty that the volume of currency
available for purposes of circulation
is very small. The Secretary of the
Treasury has arranged his figures so
as to show that there was owe $50
per capita. We farmers have proved
that these figures were false, time and
again-only to be sneered at-and
have the false and misleading reports
of the Treasurer of the United States
thrown in our teeth by men who know
nothing of government book. keeping.
But at last "Old Fogy" has the great
pleasure of announcing to the readers
of The PROGRESSIVE FARMER that ever
a Re publican Senator has not only
admitted it, out has stated practically
that what We c.4imed IS CORRECT.
Senator Plumb, of Kansas, said on
Monday, April 18th, in a speech in
the Un ted States Senate: "Out of
ST., $50, 600, 600 of money, all told, in
this country-S25O, 600, OOO-some-
tins much more, and sometimes a
trlfs less, are held in the Treasury of
the United States. Of the remaining
ST. 400, 600, 600, more than $500, OOO,-
900 are held for the purposes of re-
serves by the different banks, private,
State and national. Less than $780,
000, 600 of money is available for de-
livery for The uses of IS, 900, 900
people of the United States, or only
about SIS per capita. This is all the
money available for the purposes for
which money as contradistinguished
from credit is today used in the
United States"
Hurrah hurrah !! What will come
next 1 canuo5 tell, Evidently some
body is getting frightened.
The Alli&ncein Kansas has awakened
Senator Plumb from his slumbers. 1t
will waken some other Senators and
Congressman before we are done.
We have repeatedly said, and we
challenge disproof, that the circula-
tion is less that SIS, and now comes
the Kansas Plumb and admits that it
is not over $40 per capita.
/ ourfgures and facts have knocked
them out $50 per capita in less than
three months, it is fair To assume that
in three months more We will have the
truth told just as il IS in all its horri-
BILE d~alormiJy in The Senate chamber.
But listen to the SCI. 4Cor again: The
system Of finance which we have
built up and maintained to this time
has brought about other results"
"The Secretary of the Treasury con-
tracted the currency during the month
of February over $40, 600, 600, at the
very time when every legitimate in
terest was craving an enlargement
rather than a diminution of currency
supply. This retention constitutes a
menace to the business of this country
and ought to be prohibited by law"
All honor to a Senator who so far
forgets his party as to tell the plain
truth, and such truths as bankers
and brokers have paid to keep re-
tanned as private property.
Auo O0A@GO1 GA0n says p1OOjOVOj OOO
is held in obedience of the law of
1882, 60 odd millions IS held for the
redemption of national bank notes,
that is to say the notes of banks
which have gone out of business or
are retiring a portion of their circu,
lation.
Between five and six millions is
held for the purpose of the redemption
of such notes of national banks as
from time to time come into the
Treasury and are unfit for further
circulation.
About seven millions are held for
the purpose of payment of interest on
coupons which have not been pre-