The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-07-21

the demand during these months Cthe
marketing mOnths) may entail heavy
losses upon the agricultural as well as
other industrial interests"
He submitted a plan for increasing
the currency with which the public IS
familiar.
Able statisticians outside of the Sen
ate chamber have estimated the money
in circulation at even a lower amount
than S. per capita. Before leaving
this part of his argument, l am com
PEELED to quote Senator George against
himself. It may seem strange, but
nevertheless true, that he is playing
upon a harp Of two discordant strings,
or blowing hot and cold with the same
breath. After declaring that it IS not
the lack of a sufficient supplyO of money
which has produced the financial dis
tress-that it is "a terriable hallucina-
tion"-the people are lAbOring under
he says he has no doubt if they would
petition for it, Congress would consent
that they might have an issue OF $40
of g~reenbacks per capita, and that IN
some years the circulation would
amount to $50 per head. If their dis
tress is not caused by lack of money
if they are laboring under a "terrlble
Authorization Or in other words,
crazy-why make this suggestion?
And if so of paper is added to the
currency, what is it be based upon?
And how does he propose to get 1t into
the channels of business and trade?
HONEST MONEY.
As Senator George rejects the ALI
ance plan of increasing the currency
by basing it on imperishable crops, or
on land and as there is not a ~sufficiency
of bullion in the precious metals to
base it on, it necessarily follows that
he has discarded the Democratic doc
trine of "hOnest money" and has
become an advocate of what is called
fiat money" Does he propose to get
his basis by additional taxation, TAX
ing from the people with one hand
and giving back with the other? Clos
ing the bung and opening the spigot?
In view of the neglect of the trusted
agents of the people to remedy the
evils which had brought the country
to privation and poverty, and were
bringing the industrial classes to lower
and still lower depths Of misfortune,
was it strange that the suffering PEG
pie were driven to the necessity Of
proposing a plan of relief?
Why should not the producing and
other industrial classes have sent
their remOnstrance to Congress, sub
hitting with it a plan for alternating
their suffering? The tillers of the soil
paw 50 per cent. of the taxes. From
their labor the government derives its
support. They furnish the nutriment
on which every other department OF
business thrives. Why should they
not suggest a remedy for evils which
lawmakers had failed to remove? Two
generations ago the agricultural classes
owned IS per cent. Of the capital of the
country. Under the Ubiquitous tlnan-
cial system of the government they
own barely % per cent, and the ratio
of decrease as compared with the IN
crease of the capital i'll other depart
ments of business is progressing at an
alarming rate.
In this extremity the Farmers Ali
ance, composed of millions Of taXpay-
ing vOters-many of them Southern
Democrats to the manner boTn-Sub-
mitted their plan, accompanied by an
earnest petition to the lawmakers to
consider it and to adopt it or something
better. They well knew that the gov
eminent, in the exercise Of it's power
to furnish a circulating medium, had
used gold and silver bullion as the
basis, as well as the coined metals
they knew that it was issuing circu-
lating notes to the national banks upon
deposits of United States bonds, and
that it was emitting circulating notes
based only on the credit of the govern
ment, without bullion or bonds to back
them, and hence they were embold-
ened to submit the plan of relief
known as
THESUB-TREASURY,
of using non-perishable staple crops,
coupled with a land loan system, as a
basis Of currency.
Never since the world has began
has been such an explosion of mingled
Indignation and establishment, as was
exhibited when the plan was made
know. Great statesmen, reclining on
thair d0MnN beds of ease came forth