The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-12-22

uDOn the laDOferS, 1lIS tCld4 ScCuA
ity of money created by the bankers
was called acOutraCtiOn Ofthe currency,
and invariably carried up the rate OF
interest to au8urlOuS point, while bring
ing down the price of labor and ITS PROD
uct8 to starvation rates.
THE NATIONAL BANKING SYSTEM
while a great Improvement upon the
old State banks, IS Yet an oppression
and a wrong to labor. It WAS evolved
hy the changes III financial methods IN
cidcnt to the civil war. The banker
deposits government bonds aS the haslS
Of a ninety per cent. issue Il notes,
while the old banks were allowed an
issue of three hundred per cent based
on specie said 30 be deposited III their
vaults.
The national banks, like the old State
banks, w subject Otho H~lanipuIatlOnS
of money brokers and used by them 70
increase the power Of money 10 aCIu
muiatG by interest. Within the past
twelve months we have seen tn" dis
uStruus effect Of the present system, Te.
sulting in Widespread bank, mercantile
and manufacturing failures, due to the
same CAUSES that brought such crush
ing money crises upon the country III
1887 and 1857, but the force of the more
recent disasters of 1873 and later, were
greatly icsstned by the timely relief of
the governments in the sale Of gold. or
the purchase Of it's bonds, in order to
swell the circulation Of money, and
prevent. to some extent, the eTacti0n
IF c~xhorbitlnt rates of interest. Com
nercial reports speak of money as
plentiful and easily obtained upon
call" at very low rates. but no business
man is able OF willing to make the
rIticps required in order to obtain thes"
call loans" for the reason that the
security must be entirety u9dOuJted,
ABSOLUTELY safe, or, in Wall street par
lance, gilt edge"
And SO it is. that the hOasted indie
pendence of America Is brought 10
naught by a money system dictated by
Wall street and influenced by the Bar
in&s. of England, and ROthschilds. Of
France.
THE OF y FARMER
:, ,L.+ - oil +ho.a f,onni,I +,.o,,hIos
9ndtbo ann,m1IIs losses incident there
to, he and his co laborers i'll all other
industrial occupations are the sufferers.
No matter how high the rates Of inter
e~t-u5urv-at such times, the produc
ti0ns Of the country have it to puy.
There are thousands OF farmers and
other itborci-7 who never pay, directiy,
one cent of nty rest, ami yet thcJ pay
it n.dircciiH because whether hizh or
low, it j. naid DrOpOrtiOnately t. all
labor.
1t always follows, as surely as the
night follows the day, that the higher
the rate OF interest. the lower the price
Of labor and its products, and the lower
the rate of interest the higher the price
of labor and its products.
\ high rate Of interest, indicating Il
scarcity of money, deprives labor Of its
inherent right to consume a Just share
of its products. while q low rate of in
terest, indicating an abundance of
money, secures to labor its inherent
right 10 consume q Just share of it's
products. The rdfe Of interest then. is
an uuerrin0 Indicator of the distribu-
ton of production, and this furnishes
the true reason why the rich grow
richer and the poor grow poorer.
v,DE
49,, 80,
AlCLou6H IaoOE las OeeIl' ana Is SUI
6Ie|tly oPpicSNSu py lIh1IcIal Sy9Ielu6,
S TllG laI IlEI5 una oClei IaDorers are az az
td9U oilH oeSjlItlL6 ~ "9h' II
= l y! 6olU az nl!NeL 10 ollO"eo
70 utpQslI ms Proo1c!S II! me govern
1lloLI UIe"7uIy anu receive q money
ceLiIllcale wtIn "ilcn 10 measure ana
F Fa,nlo 10 o oIau,n D4lto"' WY n icHd 'He
lJIL = U0 "nnU" oou+ ;foo u999 f mne ia l"hd 1870 W
oDU"lll I" "A - C0i 1 'ilG"Co III 'l9 n"IHt
outpost ~ Cne oanKer can deposit
goEeellltenU Doh3S ana receive money
ceIClLlc@IeS On IheLh, aC me ave ol
I iidne$ PSc celiG-, why iI on Cne IarIhGI
ue3oSIC UiIo t1 5delice u l"l1o e"lleIonlP
vaII1n in money cnrtifca+aa2 Whv nOty
Oh? but this would flood the country
with "irredeemable promises to pay "
cries theshylOcks, and Createa LANDED
~aristOcracy." Don't we all know