The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-04-08

them in values equivalent to their face
representation.
The measure of gold, silver or pa.
per as to values IS the interest 1t W,R
dras.
To the banker a dollar that is a.
scarce, SO hard to get that it will bring
10 per cent. per annum is worth lust
10 times mor than a dollar that is 80
plentiful that it will draw but l per
cent. per annum.
This explains why the money-lender
is in favor of contraction of currency.
Can you afford to pay as much for
a farm if you have to pay 10 per cent.
for the use of the money as you could
if you could borrow money at l yer
cent .?
Estimate the difference on a farm
that has a market value of S. 900.
The intrinsic value of things does
not Auctuate. It is their selling price
which fuctuates.
Prices ought to be determined by
labor used to produce the commodity
and labor should be as we'll paid as
capital.
Whatever amount of interest is
paid to the banker for money is taken
from the people because the represen-
tatives which the people have elected
has made laws to that effect.
Gould you not give just as good
security to the government as to the
banks ?
Does not the government farm out
to banks of issue the privilege of get,
ting interest on the government Sc.
curities2
Why should you be compelled to
pay interest at 6, 8 or 10 per cent. on
your notes and the banks draw 6, s
or 10 per cent. on theirs?
The people, that is the government,
takes its bonds and offers them as Sc
curity for the notes issued.
Are not our bonds based on the
taxing power of the government.
Is the power to tax of any value
unless it is coupled with the ability of
the person so taxed-to pay the taxes
so assessed?
Is not the property of the in
dividual taxed the basis of all security?
If so, how can any intelligent man
say that the security we offer in our
~sub-treasury plan is not the very best
that can be offered?
Cannot and should not our govern.
ment take the same security 1t 10y
law forces it's agents, the banks, to
take and lend its notes to the public
on the same terms it loans them to the
banks, and make such notes legal
tenders?
/ Will it cost any more to run banks
or s~ub-treasuries for the people than
it does to run national banks, and if
the profits were to go to the people,
would it not be infinitely better than
for the profits to go to those already
enriched?
If our government can conduct the
postal business of our country, why
cannot it conduct the banking bust
ness e?
Both alike should be for the beo-
pies good.
You may be tired of hearing me
preach. Let Us go back to the teach
ings of the fathers, but l shall keep
right on.
Jefferson said in 1873: "Bank pa
per must be suppressed and the circu.
lating medium restored to the nation
to whom it belongs"
Madison said in 1915: "It is essen
tial that the nation should possess a
currency of equal value, credit and
use wherever it may circulate"
Jackson said in 1882: "a bank of
the United States is in many respects
convenient for the government and
useful to the people"
Tyler in Al and 43 maintained that
government bills furnished by the
government itself would readily enter
into circulation and at all times be at
or a6ovs par, with gold and silver.
Benton in 1888 wrote: The gov
eminent ought not delegate this power
if it could. The government ceases
to be independent, to be safe when
the national currency is at the will OF
a company.
The price of real estate, of every
growing crop, of every staple article
in the market is at their command.
Stocks are their playthings with
which they daily gamble with as little
secrecy and as little morality and far
more mischief to fortunes than com,
mon gamblers carry in their opera
tions.
Non prophetic.
OuurNI ATTTAOCr No IA