The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-10-27
FRENCH FINANCE.

! nation has shown such aptitude to eX-
| trlcate herself lffrOm financial dilemma
! This was brilliantly Illustrated at the
close OF the war between Germany
and France. The French nation lay
! bleeding at the feet of Germany. She
was robbed Of two of her richest prov
lnces and compelled to pay Germany
an indemnity of one billion dollars in
gold. Her territory had been devas-
tated to the extent of one billion dol
lars. Germany occupied a portion f
| French territory as security. Did the
French nation pass an act to resume
specie payment in four years? Labor
| produces all wealth, so she increased
her full legal tender paper money to
nearly seven hundred and fifty million
| dollars. This did not depreciate over
2 per cent. and soon went to par
Behold the result! This money put
every man, woman and child to work
that was able to labor. They produced
more than they consumed; this sur
plus they sold to other nations; the
balance of trade was in her favor, and
In few years she had paid this i'm
mense debt, restored her waste places
and was richer than when the war be
! gun.
Germany, the proud victor, who had
| Inundated France, at the instigatiOn
of the money power of Europe, demOne-
tized silver. With one thousand mil
! lions OF French gold she considered
herself financially invulnerable and
! could afford to demOnetiHe silver. The
| French financial system continued to
stimulate production. She produced
more than she consumed; this surplus
sold to other nations has brought to
al, Il =
held by England and Germany com
bined. France owes her success to
issuing her own credit as money and
! putting 1t into circulation without the
intervention OF banks She dId not
PeF9ue the p0ilcy ol Chl7 country wee
loan her credit 10 cor por}tiOn@ at per
cent and compel the industrial class
10 pay . 70 40 Per cent 10 : I money 10
carry on liie commerce OI Cne hlIloi-
lhe ffencn nation Is TOO smart 10
allow her flnanrFl legislation 10 he
controlled by a robber creditor class
Pursuing this course her debts are held
at home ana she does not pay tribute
TO the money lordS or othtr countrleS
me fehcn deoI Is IN small deholnlna-
tlOnS ana Is held by the farmers ana
mercantile class, and as they are all
directly interested IN production, they
will DOT permit their finances to be con
trolled 10y untrlendly legislation, such
as exists IN tins country and OtheT
tWopean States.
Hat We pursued the course OF the
French hn0nclrr. our debt would have
been circulating medium or have
been held by the industrial class,
There cannot Oe Il single reason gwen
tor continuing the present credit imam
CIal system. Contrast the course pur
sued by the French nation and the
course pursued by our Legislators III
1879.
SPECIE RESUMPTION IN 1879.
It is to be hoped that this nation
will never PEI NIT itself to pass through
the horrors of another specie resump-
ton act to secure a human idpality.
In resuming specie resumption we
throw two million men out of employ
ment for four years. At one dollar
per dav, three hundred working days
in year, they would have produced
and added to the wealth of the country
two billions and four hundred millions
of dollars. A small portion of this sold
to other nations would have enabled us
to resume specie payment.
During these four years hundreds of
millions of capital lay idle Our best
business men were banBrupted. and
during this time they lost one thousand
millions of dollars. Hundreds of thou
sands of tramp8 We're made. and for
the first time in the history of this
country the professional tramp was
known-the product Of specie resump-
tiOn act. The amount Of suffering en-
tailed upon the people cannot be esti-
mated in dollars and cents The re
sumption act was the hideOus creation
of a small minority holding the balance
of power and debating to the two old
political parties