The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-12-15

Why does money COngeSt In Wall
street? Because of the mountain Of
debt held there against the people
Hundreds Of millions of money how to
Wall street every year to pay interest
on these notes. This debt had it's be
ginning in the people giving their notes
| to get their money out of Wall street
into the channels of trade and put them
into circulation. Excessive interest
has made this debt accumulate until it
now absorbS the wealth of the nation.
Mr. Norwood, we will suppose Kan
sas share is one hundred millions, and
she has twenty five millions. Kansas
would receive SeventyhVe millions.
She owes the East two hundred and
fifty million dollars for borrowed
money, and pays in interest twenty
five million dollars.
How will your plan prevent this
money from going out to pay this in
terest? Would this interest absolve
Kansas share in three years? Kansas is
mOrtgaged for ten times as much money
as she has on hand Every dollar she
gets must be paid on interest or -prin
Clpal. If Kansas was to receive two
hundred and fifty millions, Wall street
would absOlVe every dollar of It, Sup
pose Georgia owes seventy five millions
your plan, go out of the State to pay
this debt the same as if you had sold
cotton and brought the money into the
State?
Senator Norwood. don't you know
you can't hold your money and pay
your debts? Isn't this just as true of
of the money o 4ned under your plan?
live in another State; I owe you one
hundred dollars; sell tobacco and re
ceive this sum, pay you the hundred
dollars, and this has gone out of the
State. How can pay you the hun
dred dollars and keep it in the State?
1t would be just the same with the
money loaned under your plan 1t
would go out of the State to pay debts.
If the people owe Wall street four hun
dred millions in interest every year
won't this take this amount from the
State every year and cOngest it in Wall
street2 How are you going to get it
out unless you mortgage more prop
erty? The people of the States owe
Wall street four times as much money
as all the States would receive. Sup
| pose all this money was paid into Wall
| street on this debt The people would
owe Wall street three times as much
more. Mr.. Norwood don't you see
| this mountain cf debt would absorb all
| this money!
Senator Norwood says: When the
State lends money ii becomes fixed
| within the SCate-permanent like
Chinese wall. Think closely
Yes, Mr. Norwood, think closely and
tell Us how yaur Chinesa wall around
the State OF Kansas would prevent this
twenty five millions Of interest from
going out Of the State? Think closely
and tell us how you will prevent this
money from going out and paying the
six hundred millions of interest we pay
into Wall street each year2
Think closely and tell us how your
Chinese walls will prevent the States
from paying the ten billions Of money
we owe to Wall street? The old saw
all signs fail in dry weather, we can
paraphraze by saying money always
fails to stay with people in debt.
Your plan would work if it was not
that Wall street has the drop on oil the
States and can absOlve all the money
your plan would put into circulation
Mr.. Nor wood, you are mistaken as
to some States Gving SO much money
1t is true, it Is in certain States, but il
does the people no more good than If
it was out Of the state. The people
must mortgage their property to get it
INTO circulation The people Of other
States, with first class property, can
get the money just as easy as the peo-
pie in the State can get it. Wall street
has a Chinese wall around it, and not
q dollar can cross it until twice as much
rent is paid as can be made off Of it.
Mr.. Norwood, | will make a suggestion
if Incorporated INTO your plan Will
make it Ork.
Rep, al the credit system. Then Wall
street cannot loan money secured by
mortgages absorbing the money loaned
under your plan. She could not invest
it III Wall street, for there Is nothing to
invt st in She would be compelled to
take it TO the StsteS and invest il In
some of the varied industries. AS fast
as the principal was paid II would seek
the States for investment. In fact, it
would not leave the States where It
could be profitably invested Repeal
the credit system and the creditor class
would become q part OF the producing
class, and Wall street as money cen
ter would drop Ou5 of existence Re
peal the credit system and you destroy,
root and branch, the power of money
to oppress, and you will bury them money
devil.
Remove the cause of the existing All
tagOnism and all the trouble complained
of will disappear Mr.. Norwood, there
is no danger of Wall str, ct borrowing
any of the money loaned to the people
of the States under your plan. They
have an octopus-a devilfsh-a huge
spunge in full blast that can absorb all
the money that can be put into circu-
| taClOn under your plan.
Mr.. Norwood's plan is far superior
to the present, and would give some
relief. But why compromise with
Wall street? Wall street is the deadly
<,E Ill II