The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-11-10
So, OS4, 769, 928
81 O65, ,23O.O72

| This will lack .......... 81 O65, ,23O, ,O72
OF making g............... 3, 156, 900, 900
which amount is necessary to place in
circulation $4,000 per capita. Now of
81, 76S, 425, 4S9 of gold and silver pro
duced in the United States since 1845,
there is in circulation 1887, ,27S, ,774
which will lack 1927, 951 298 of making
the necessary amount for a 5000 per
capita circulation.
Now for the plan: The government
should issue treasury notes Green
backs) for the bonds, for the gold and
silver certificates. for the currency
certificates and for the difference be
tween the gold and silver coin in circu-
latiOn to make So $50, 900 600 necessarv
for the desired amount of circulating
medium. There should be no eXcep-
ton clause on this greenback, but a
full legal tender, backed by the faith
and power of the government to tax
In fact, the wealth of the nation should
stand pledged fOrit. This money should
be tendered the bond holder, dollar for
dollar, for his bonds, as we'll as 10 the
holder Of certificates. 1t is probable
the bOnd-hOlder would refuse to accept
this money for his bonds The govern
ment should say to each: Sir, you
have for a long time held an unfair
advantage over Your neighbOr; your
bonds did not cost you in some cases
d Jllar for dollar, in others not more
than fifty cents on the dollar, while
you have been drawing on it's face
value all the time, and paying no taxes
on them to help support the govern
ment Now If you are not satisfied to
make the exchange, you have no love
for your country, 50 this Is all you will
get.
AS a sort of forced persuasion, Con
gress should pass a law prohibiting
| the taking of interest at any rate per
cent. for debt obligation or the use
of money. This would force the own
erS of money to invest in some legiti-
mate enterprise and put every body to
work 1t Will be said, this will stop
the nations progress 1t were bs tier
for the nation to go slower and live.
than to proceed at the speed she is now
making and die. For it is only a
question Of time when In the manner
she is now moving before her destruc-
ton is inevitable,
There must be some way to get this
money into circulation. The money
| exchanged for bonds will at once enter
into circulation by legitimate invest
ment, because interest has ceased and
it cannot go anywhere else and be
profitable. The same can be said of
the money substitute for certificates.
The money held in the treasury for
redemption purposes, with q sufficient
quantity of treasury notes to make up
the $50 per capita circulation should be
paid out for running expenses of the
government. and not collect any more
revenue from any source for that pur-
pose till the circulating medium reaches
theamOuntd desired. This beingaccomp
lished all future revenue should be
collected on the ad UHlOrem plan of
taxation. and not allow any values Of
any kind to escape being taxed,
This is a mere outline of plan; if
discussion follows, it may then be
necessary to go into detail. 1t is not
offered as a substitute for the Sub
Treasury, but as a plan for a stable
volume OF money.
SUB TREASURY ALLIANCEMAN.