The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-06-23

ANO 4ISH ullluCuCS DIS RTOdG COu-
SENATORS of trade and finance varies
with the locality. In the East a n
features and commerce are the pivotal
resource upon which it's massive enter
prlses depend. In the extreme West.
mining, and in the South and central
western States, agriculture form the
chief supporting industries. But what
ever the dominant industry, and how
ever localized, these great industries
are necessarily national, and any blow
aimed at the prosperity of any one of
them, Or any failure to minister to
their essential needs will be felt through
out the great body economic of the
nation, and every nerve and fiber of
It's sensitive organism must tingle with
the shock.
1t therefore behooves the people of
these sections to join as one man in the
effort to see that justice is done them
by restoring agriculture to it's former
prestige among the leading industries
of the nation.
CONGRESS POWER TO CIRCULATE N
CREATE A CURRENCY.
The next point seemingly at issue in
the consideration of the powers pro-
vlded for In the Sub-Treasury and
Land-LOan bills is as to the cOnstitu-
AO44NNA PO"O1O vi NOll&ICSS W C0dU0
money and loan it upon land or lead
ing agricultural products. The Su-
preme Court having practically settled
the question that the government a
create a currency, I am unable to ap-
preclate the sincerity of any criticism
of the merits of the bills based upon a
denial Of that power. And certainly
L have not been a very intelligent
student OF governmental principles if
the power to circulate is not implied in
the power to create a currency. AS
suredly the putting into circulation
does not mean to give it away or to
throw it away, but after methods most
conducive to the exercise of it's legiti-
mate functions and in carrying out the
objects of it's creation. The v
ment can either put it into circulation
by the payment of it's debts or by loan
ing it to the people.
This is a matter for Congress to deter
mine. 1t is true that a too free exer-
else of it's powers in this respect would
be ruinous to the business interests of
the country. But the mere possibility
of it's abuse would not render the
power unconstitutional, for the same
objection might with equal proprietv
be urged against the use of any of it's
powers. Congress should be prudent
in their exercise but it cannot resign
any of it's powers, or avoid response
bility for their neglect any more than
Jfo4their misuse.
Unfortunately for the country, Con-
gress has delegated too much of it's
power over the currency to the
national banksl and their policy has
been to create a scant currency. Fly
ing from the evils of a too plethoric
money snpply,I they have heedlessly
narrowed to a Aeggarly limit, putting
the business interests of the country
on half rations, las it were. Congress,
and not the banks, must regulate the
volume of the currency. And it would
be wholesome toS remember that it is
equally incumbeht to maintain a proper
standard by initiating a meager cur
rency as it is to restrict a redundant
one.
THE POWER OF CONGRESS TO LEND THE
MONEY N CREDIT OF THE GOVERN
MENT.
That is the popular opinion among
the lerdlng minds Of the nation that
the Constitution does vest in the dis
erection of Congress and the executive
the power to loan the money or credit
of the government, is clearly demon
strated by the fact that time and again
such powers have been exercised with
out Judicial restraint. In this connec-
ton [ will call to the attention of the
reader several incidents previously re-
ferred to, as they apply with equal
force to the present text: That of the
building of the Northern Pacific Rail
road with funds realized from the sale
of bonds Endorsed by the government.
and the policy of lending the public
funds to the banks as practiced by both
Mr.. Cleveland and Mr.. Harrison. In
the former case it was a loan of the
government credit to a corporation for
the purpose Of creating a thing of value
to be owned and used by the corpora
ton. The latter was a loan direct,
without interest, of the public monies.
1t is true that it was in the nature ola
deposit, and vas held subject to the
order of the Secretary of the Treasury,
but it is equally true that it was in
tended and treated as a loan. Millions
of dollars have been loaned to inter-
state and international exposition asso-
Citations. The national banking system
is conducted upon the credit of the
government and pays only 1 per cent.
for the use of it. In 1896 the bank of
the United States was chartered, with
the power to issue money and to
charge 5 per cent. interest on It's loans.
The government gave credit to these
notes by making them receivable In
all payments to the United States, .
thus practically endorsing them. Later
on the bank and it's branches were
made the repositories of the public
monies. Every banker understands
the value of such deposits. They know
it is in effect a loan without interest.
TO SUB-ALLIANCES WISHING TO
TRADE DIRECT WITH THE
STATE AGENT.