The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-06-02
THE MONEY QUESTION.

Mr.. EDITOR:-A great deal of the dis
cussiOn about the volume of our circu-
latiOn and the amount of money per
capita is idle If it could be shown
conclusively that theIe were $22. 90 or
even $50 per capita, and that either Of
these amounts would suffice to do the
business Of the country, the evil of con
stipated currency would still continue
unabated. Those who discuss nothing
but the increase Of the volume of the
currency as a remedy have never Sc
ri0usly~ considered the evil. 1t is per
fectly true that the greater the volume
the harder for monopoly to control the
circulation; but it is also true that so
long as monopoly does control it, how
ever great the volume, credit will be
curtailed and ordinary business
cramped. The energy of the battle
ought to be mainly against the mo-
nOpOly III charge Of all our financial
machinery, ana II ought not be shifted
to side isInS. If we win the main fight
these will be settled While everybody
knows because every body feels that we
need more money, nobody can tell hOaU
much we do need any more than how
much sunlight we need. If credit and
currency are left unfetterred by mo-
nOpOly our business demands will settle
and re-settle and keep always settling
the ever varying amount of money
needed in circulation. Leave coinage
free, which in the making of circu-
lating medium out of metal. and leave
credit free, which involves the making
of circulating medium out of other
material also, where the metals fall
short, or are incOnvenient, and the
question of the volume of the currency
needed will speedily settle itself.
Guesses and speculation about the
quantity Of money employed in com
merce and exchange are sometimes in
teresting, if everybody will only re
member that they are guesses. The
monopOlistic jugglers of finance pre-
tend to know exactly how much we do
need, and they have dealed it out in
such quantities as to make paupers out
of one half our population Certain of
the simple minded of our own friends
too believe that they have discovered
how much we need, and they have
been decOyed into an endless jargOn of
words with the mOnOpOlistS, by which
the real issues have been greatly OBJ
scured, greatly to the delight of the
mOnOpOlists. These questions of guam
tity and volume have generally been
raised by the controllers Of both, to pre-
vent a discussion of their control
There is where the rub lies. They know
very well that of the volume that is
already in Circulation" only a very
small part is available for the masses,
or for the ordinary business purposes.
The bulk of it rarely changes bulk.
The bulk of it is kept to the credit of
these very mOnOpOliSts, and never gets
into active and legitimate circulation.
The government manufactures enough
money to supply the wants of its mo-
nOpOlistic tape wOTns-the spectators
in mOney-and legitimate business gets
it only through such channels. 1t is
not the volume that comes out and its
condition when it comes poisoned with
high rates of interest and delayed by
the constipation Of class interests.
How can the body polite cOngratu--
late itself ON the volume of currency
it contains when the bulk Of it is in the
tape worm, and about all Of it must
pass through him. Not one of these
political phenORina with head full Of
figures about the ''velume of the cir
culatiOn" has even told us how mnch
of it was in the tape worm. The same
prophetic foresight that enables them
to tell with such accuracy the amount
we need and the amount we have,
ought to enable them to tell what the
tape worm needs; how much the con-
stipatOr; and how long and with what
changes it comes through him to the
people.
At some future time I will undertake
to show how the National banking sys-
tenn controls, blocks up and pOisOns the
circulation of the country.
w. J. PEELE