The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-01-13
ALLIANCE SUB. TREASURY
SCHEME,
Or National Currency.

the old political par lies, for the last
twenty odd years, have, by false Is
suess, been leading the people bind
fold into all kinds of political traps,
in which they have b9en robbed and
plundered for the enrich nent of them
and their pals, tine money kingO
Hntil they, the people, have been re
duced to financial and industrial servi
tude. The financial question (includ
ing mainly the currency question: is
a far more important n than the
tariff or other questions, however in
portant it or they nay be. The PEG
pie can stand a great deal Of misman,
sgeme1t of governmental affairs, II
they have q stable and uniform ma
tional currency, in sufficient volume,
with which to transact their BUSINESS
with ease and without friction. 1t is
the duty of every government to
furnish its people With that sort of
currency. With us that power is
vested in the Federal Government
under the 9Th section of article lst of
the United States Constitution, "to
coin money and tx the value thereof,
ETC." Though this power, We are
sorry to say, has never been fully ex-
ercised except during the late civil
war, when the money kings, as tley
always do in times of great poi ical
disturbances and troubles, hid their
cowardIy heads, and only came forth
when peace was resOrted Or assured,
to claim their right, as usu Il, to CON
troll the currency; and had al Ieas5
three.fourths OF the greenOacks re-
tired, and substituted therefor interest
bearing bonds, purchased by these
very sharks at SO cents or less on the
dollar, with the very greenbacks
which, Oy their m~anipulations, they
had so reduced in value. This cur.
rsney may be made of, or upon any
material, with or without intrinsic
value; and the less the intrinsic value
of the material used the better as a
national currency; for it is the fat Of
the government issuing the same that
makes il, to its people, the medium of
exchange and the solvent of debts;
and when the material OF the currency
has an intrinsic value las gold and
silver have) then it is subject to t1e
laws Of trade and commerce as a com
modify OF value, losing entirely it's
fat value, and is subject to exporta
ton and importation like n other
commodity of commerce, and thereby
distGrbs, more or less, the equilibrium
OF the currency Of every country of
which it forms q part. In view of the
proposition that it is the duty of the
government to furnish a currency for
the people, in volume sufficient to con
duct their business affairs with ca SO
and without friction, the Farmers
Alliance was not so far wrong, as the
political bunco-steeres of the old politi
cal pa ties would have us believe, in
presen ing for adoption their Sue
Treasury scheme. Vita one voice
they proclaimed as follows, to wit:
That Isl. 1t was unconstitutional; I'd,
that it was class legislation; Sd, tina
it would unduly contract and expand
the currency within short periods of
time; Ali, That it would require tax
alton of the people in order to raise a
fund to carry out the scheme; 5th,
that it would be detrimental to the in
Gerests OF the special benefciaries of
the scheme. In reply thereto it may
be a Is Tered to the first and second
objections that three fourths of the
national and State Legislation for the
last thirty odd years has been of that
character to which these very parties
have given their active assent or silent
acquiescence, as for instance, the
tariff, the national banks, grams of
land and government credit to rail
roads, the demonetiza ion of silver.
she last silver act in the interest OF
Western silver miners, 10y which a
syndicate, composed of Congressman
and others, made So, 900, 900 in a
very sort time by manipulating the
:market) the national credit strengthen
ing act, the funding of the national
currency mo interest bearing bonds,
the making of those bonds solvable IN
national currency payable in coin only,
and the characterization of silver and
thereby making them payable in gold
only, the loaning of money to so called
national exhibitions, the exemption
from taxation of railroads, manufac
turing corporations, etc., and hundreds
of o,her acts with which the nationa.
and State statutes are filed. In
further reply to the second objection
it may be said that the agric Iltura
class, with their families, compose
more than half of the population O
the country, and as the bedrock upo1
which three fourths or more of tht
rest of the people of the country ar
directly or Indirectly dependent TO:
their support, and that whatever ben
eits the sgri cultural necessarily oen
49,