The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-05
ANEW SYSTEM OF FINANCE.

ANEW SYSTEM OF FINANCE.
Let the people of the United States,
bv a popular vote, authorize their rep
resentatives in Congress to execute
notes on the Government of the United
States to the amount of, say, fifteen
per cent. on the assessed value. of the
combined wealth of the nation, pays
able to the bearer, at a specified time,
say. ten years after date without in
terest. Then let each citizen have the
privilege of drawing these notes from
the government to the amount of,one-
half the assessed value of his non-per-
ishable property, binding or mortgag-
ing said property to the government
for the due redemption of said mort
gage at a specified time, say, n year
after date. This would make the gov
eminent security for the people, and
by it's power and influence, make each
mans paper as good as gold through
out the United States. At present our
money is made good by deposits of
silver and gold in the Treasury, while,
by this system, the people deposit mort
cages on their available property which
take the place of silver and gold.
OF course, as a matter OF business,
each citizen drawing money on mort
cages, would be required to redeem
them promptly, or his property would
be sold to pay the debt at once, as no
trial would be necessary in such a
case.
| Each year a new issue of these notes
would be necess 1ry In order to main
tain the same ratio between the money
circulation and the business capacity
of the country, which could be obtained
from the books of the assessors.
This plan would keep the current of
circulation moving from the govern
ment to the people, and from the peO-
pie to the government, each year,
without interruption, till the expira-
ton of ten years, at which time the
first issue would expire by limitation of
time, and would go to the government
as worthless paper, the government,
as already stated, having acted only
as security for. the people. Then a
new issue would take the place of the
old to u another ten years, and so
on through all time to come, subject to
the same rules and regulations.
The introduction of this new system
of finance into the country would soon
retire the present currency from cir
culation, and at the same time demon
etize silver and gold and consign them
to the arts, as property, where they
naturally belong. In reality these
metals r no money, in the true
sense of the word, than any other pro-
auctions of the earth. True money.
indeed, has no value of it's own, but
merely represents the value of prop
erty for convenience in exchange. It
should cost no more than the expense
OF printing and circulating it. There
is NJ difference in the nature of a note
of hand and a bank bill. The only
difference lies in the known ability and
reputation of the two payees for full
filling their obligations, which limits
one to the use of two individuals and
makes the other good money through
out the country. The introduction of
silver and gold into the currency of
the country with double values, one
OF money, and one of property, makes
our financial system a machine in the
hands of corrupt politicians and un-
scrupulous Spectators, who, by their
cunning manipulations, are rObbing
the people of untold millions of dollars.
AT i've per cent. per annum we pay
the bond-holders in twenty years a full
pricefOr all their silver and gold, and
in One hundred years we pay for it
over again five times. Besides this
silver and gold system of making
money enables those who manage it to
contract or expand our currency at
will, by which they bring on financial
panics which paralize business. bank
rupt the people, and cause more pow
erty, wretchedness and woe than-any
other evil that ever cursed a civilized
land. Let any intelligent working
man sit down and count the cost Of
money under the prevailing system,
ana hen reflect upon the fact that it
should cost no more than. the expense
OF printing and circulating it, and he
will be amazed at his own stupidity for
submitting to such a ~stupendous sys-
tenn OF wrong and injustice.
The people of this country have been
robbed long enough by men who have
no other occupation than that of man
E1pulating the currency to fill their own
pockets. Let all who are determined
that this government shall no longer
be for the benefit of q few, but for
all alike, rise up and vote for this new
system of finance which will place our
money under the regulation of fixed
laws and beyond the reach of fraud
and speculation and, at the same time,
put all money, all property. and all
citizens on the same level. The work
ing people demand justice and will have
it. They will now cease to worship
the golden calf at such an immense
cost, j. NJ. GARsT.
Boston, Mass, April 20, 1891.