The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-12-08

Our civilization makes each division
dependent upon each other, and the
higher the civilization, the greater the
dependence. There can be no such
thing as independence Of individuals.
This could only partially exist in the
childhood of the race, when the wants
were few and easily supplied. If we
were left to our own Individual effort,
we would go naked and starve. The
sooner the industrial class understand
this mutual dependence and govern
themselves according, the better it will
be for them.
There is no necessity for a creditor
class. The people must assert their
constitutional perOgative, issue all
money, put it into circulation by pay
ing q part of the expenses of the gov
ernment. and to that extent reduce
taxes This money going directly into
the channels of trade would leave no
interest bearing notes to search the
money out again. AS labor and capital
combined produces all wealth, this
money would go directly into their
hands and remain there, 1t would be
there now if it was not for this mOneyed
octopus created by legislation to rob
them. Banks of issue were designed
by selfish men to make invested capital
and labor pay heavy tribute. The
system is one Of highway robbery.
Banks of issue loan their debts and
draw interest twice as great as the in
come of the wealth producers. They
are the only class known to live off of
the interest of what they owe. The
national banks owe the people for the
notes they loan to them.
Banks of issue all over the civilized
world loan their promises to pay debts
that cost them the engraving, take the
peoples promise to pay and charge
them high rates of interest, take mort
their value and make principal payable
in legal tender (gOld) on which they
have a corner. At any time they can
produce a panic by locking up their In
terest and bringing about q shrinkage
in values. At any time this creditor
class can get together, set tune, lock
up principal, precipitare panic, step
in and load up at fifty cents on the dol
lar and reap their hundreds Of millions.
This they have done. The power to
control the volume of money gives
them this privilege. They DO not exer
else their full power. If they saw fit
they continue to lock up money until
every debt was COn6sCated. This Is
their ultimate design, but they propose
to do it by degrees. To do it at once
would arouse the people and SO i1turi-
ate them that they would make short
shift of this class and their wages.
The theory of ali banks of issue based
on coin is that one dollar of coin will
float the promises to pay. With twenty
thousand dollars Of coin IN their vault,
they issue sixty thousand dollars of
their promises to pay. The bank
actually owns twenty thousand dollars,
but has leaned out forty thousand more
than they own, and receive interest on
three times a5 much as they own. At
S per cent interest they receive "a per
cent. on their capital.
The national bank hypothecates one
hundred thousand dollars in govern
ment bonds, receive their interest from
the same. and receive ninety thousand
dollars of the peoples currency (Credlt)
at 1 per cent, and this IS re-lOaned to
the people for all they can get, secured
by frst-class real estate or gullt-edged
security, principal and interest payable
in legal tender All power is given this
corporation to own the industrial class.
They can contract or expand, bull or
bear the money market at their own
sweet will Their control over the in
dustries could not be more complete if
they owned the whole United States.
Reader, this is the credit financial
system of the civilized world. Is il
any wonder our industries languish
over one half Of the time under this
system, and during this time millions
are out of employment, factories closed,
the country filled with tramps, poverty
AID crime on the increase. taxes more
burdensome, aims houses, jails and
penitentiaries filled TO OverflOwing and
our best men financially ruined2 Our
bost men understand the law of demand
and supply; there are the same number
of backs to clothe and mouths to feed,
and our business men are capable of
intelligently meeting these wants.
This cred ltOr class. whose occupation
is to rob the bee hive of industry, calls
in their notes, locks them up to the
amount of 10 cent. and 10! like magic,
values shrink 10 per cent, margins of
profits are wiped out and the wreck of
business houses are seen on every hand,
and out of this wreckage they reap
their hundreds of millions. 1t is this
creditor class and their miniOns who
are bowling at the farmers who propose
to reform the finance of the country.
They we'll know when the reform be-
gins it will end in the complete destruc
tion of this robber credit financial sys-
TEN. JAMES MURDOCH.