The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-11-10

AD NNCAAO - ~ SAACSAAO
ton of independence. Applause
The States must manage their OWL
finances; it is the only way of prevent
ing the currency being absorbed by
Wall street.
Under my plan, North Carolina will
receive legal tender notes from the
treasury; say seventy million dollars.
She should set apart a certain per cent.
of that amount to be used when Wall
street tries to depress prices. These
legal tender notes shall be used by the
States. and not loaned to any except
her w people. The first thing is for
a State to establish q low rate of in
terest. You can't borrow money at Z
or S per cent. and make money. How
does this proposition sound? Every
people shall establish q rate of interest,
not to be higher than the average of
the profits of all the industries. Under
my system, there will always be plenty
of banks.
"A bank that lends money at 5 per
cent. when we have $50 per capita, will
make more money than n which
loans at Z or 8 per cent. now. The
banks will be used b the people nor
When the State lends money it becomes
fixed within the SCate-permanent like
a Chinese wall. IbinE closely. | have
never vet found one who thought about
the plan that he did not say it was a
good one. We want themOney to stay
in North Carolina; we want the $50
per capita to stay here for this people.
"Now suppO you or l had a hun
dred thousand dollars in cash, and we
wanted to lend it. You find a borrower
and take security, the interest is paid
regularly and when the time expires
the principal is paid back to you. And
thus YOU lend it out and the interest
and principal is paid back to you year
after year. So it will b. with the State.
IF North Carolina lends forty mil
lions of dollars to her people at 1 or )
per cent, the interest and principal
will return again to her treasury. 1t
is like a wheel revOlving-it goes in and
out, in and out. and you pay the i'll
terest into your own treasury-tO your
self so to speak. 1t will be impossible
for Wall street to demOlish the guam
tity OF your money For instance, sup
pose Wall streetshOuld get your money,
it would have to pay the interest into
your State Treasury, and when the
principal falls due, will have t. return
that too.
The money must be paid back to
the Treasurer Of your State. | am
pressed for time. but write to me at
my home in Savannah, Ga, and | will
talk to you about 1t.
We want more currency; We want Il
re distribution among the States, tax
ing the population of the State as a
basis. Find out the amount of cur
rency in that State and add legal tend
Oy-r 70 y10ol-n nm tho AGHain,p- md
this money to your people on good
SeCurity-On your cotton, on yOurland
land is the best security on Gods
foOtstoOl. Lend to every one who
wants to establish any business. The
security to be u~ndOubted and the in
terest to be paid quarterly, semi-an-
nually or annually, as you may de
termine.
Each year the banks of this u
try receive from three to four million
dollars in interest. Why should not
the State or people receive that interest?
Under my plan the interest would g
into the treasury of your State. Then
you could wipe out your carpet bag
debt; then you could reduce your State
taxation and finally abolish it; then
you could establish a bureau of immi-
grafton; then you could in :reasa your
educational fund; then you could do
something for those who stood by YOU
in a lost cause. Yes. 1t sounds like a
dream. 1t is something that we have
been dreaming and longing for. l. is
a dream that will become a reality if
we ourselves will stand up like men.
Applause.
IF the South and West will stand
up, any proposition they want will be
carried out, LGreat applause
Under my plan North Carroll a
would receive 81. 300. 900 in interest.
Why can't the State take the same and
better security than the banks. Land
can't run away and there IS no better
security than land. Applause. Off
GERS may steal your funds, but they
can't steal land.
eff the State lends upon land she
would take priority of hOmestead-she
would take first mortgage. Can't Your
State lend upon cotton in the same way,
properly insured, rightly graded? If
not, why does every bank lend upon
it? Can't the State take it, therefore?
Under this system what is to prevent
Kansas lending upon her corn and
wheat, Pennsylvania upon her pigirOn
if she wants to Each Sta5e lends upon
her own security.
I'VE are in a condition we never
dreamed we would be in twenty-five
years ago. Do you suppose the soldier
who went to war to save the UniCn
thought that while he was fighting for
his country, men in New York were
devi5ing a scheme to enslave him in
stead of the black man?
Il deny that this plan IS impractic
able or unconstitutional. It Is a per
fectly practicable, feasible scheme
Under this plan, taxation will be a
thing of the past, except municipal
taxes. The borrower takes the place
Of the taxpayer. Under this system
all will have work to do; there will be