The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-01-07

paper money equal to eighty per cent.
of the local current value of the pro-
ducts deposited has been advanced on
same on interest at the rate of one per
cent. per annum, on the condition
that the owner or such other person
as he may authorize will redeem the
agricultural product within twelve
months from date of the certificate or
the trustee will sell same at public
auction to the highest bidder for the
purpose Of satisfying the debt. Be
sides the one per cent. interest the
sub-treasurer should be allowed to
charge a trife for handling and stor-
age, and a reasonable amount for in
surance, but the premises necessary
for conducting this business should be
secured by the various counties donat-
ing to the general government the
land and the government building the
very best modern building, fre-proof
and substantial. With this method
in vogue the farmer, when his pro-
duce was harvested, would place it in
storage where it would be perfectly
safe and he would secure four,ifths
Of its value to supply his pressing
necessity for money at one per cent.
per annum. He would negotiate and
sell his warehouse or elevator certlf-
Gates whenever the current price
suited him, receiving from the person
to whom be sold, only the difference
between the price agreed upon and
the amount already paid by the sub
treasurer. When, however, these
storage certificates reached the hand
of the miller or factory, or other con
sumner, he to get the product would
have to return to the sub treasurer
the sum of money advanced, together
with the interest on same and the
storage and insurance charges on the
product. This is no new or untried
scheme; it is safe and conservative; it
harmonizes and carries out the system
already in vogue on a really safer plan
because the products of the country
that must be consumed every year,
are really the very best security in the
world, and with. more justice to So
ciety at large. For a precedent, at
tention is called to the following:
In December, l848, the London
Times announced the inevitable failure
of the French republic and disintegra-
ton of French society in the near
future, but so wise was the admins
tration of the statesmen of that nation
that two months later it was forced
to eat it's own words-saying in its
columns February Is, l849:
GAS a mere commercial speculation
with the assets which the bank held
in hand it might then have stopped
payment and liquidated its affairs with
every probability that a very few
weeks would enable it to clear off it's
liabilities. But this idea was not for
a moment entertained by M. D'Ar-
govt, and he resolved to make every
effort to keep alive what may be
termed the circulation of the life blood
of the community. The task was
overwhelming. Money was to be
found to meet not only the demands
on the bank, but the necessities both
public and private, of every rank in
society. 1t was essential to enable the
manufacturers to work, lest their
workmen, driven to desperation,
should fling themselves among the
most violent enemies of public order.
1t was essential to provide money for
the food of Paris, for the pay of
troops, and for the daily support of
the industrial Establishments of the ma
ton. A failure on any n point
would have led to a fresh CONFUSION,
but the panic had been followed by so
great a scarcity of the metallic. cur-
rency, that a few days later, out of a
payment of 26, 900, 600 fallen due,
only Al, 1000 francs could be recorded
in silver.
In this extremity, when the bank
alone retained any valuable sums OF
money, the government came to the
rescue, and on the night of the 18th
of March, the notes of the bank were,
by a decree, made a legal tender, the
issue of these notes being limited in
all to $50, 600, 600, but the amount of
the lowest of them reduced for the
public convenience to 100 francs.
One of the great difficulties mentioned
Pin the report was to print these 100
franc notes fast enough for the pub
lie consumption. In ten days the
amount issued in this form had reached
80, 600, 600 francs.
To enable the manufacturing inter
ests to weather the storm at a moment
when all the sales were interrupted,
a decree of the national assembly had
directed warehouses to be opened for
the reception of all kinds of goods,
and provided that the registered in
voice of the goods so deposited should
be made negotiable by Endorsement.
The bank of France discounted these
receipts. In Havre alone eigteen mil