The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-12-01

POI u vi liz. VI dUlCILOb k4IilliSUC1 ~ 1AtbA =
we'll being? If the Dispatch we're alone
sack full of gold and was hungry would
all OF it be worth a loaf Of bread2 If
naked and cold would it be "preciOus?'
All its intrinsic value would still be
there AMI yet it would be of no use.
Now, suppose this same grip-sack was
filled with Sub Treasury products, how
now, Mr.. Editor? Does it not appear,
then, that all money, god and silver
included, derives its value from it's con
~vertibility into real intrinsic values
Sub-TreaSury products, for instance?
These questions are being asked by
millions of people who desire a true
answer to them. VIII the Dispatch
names, and ridicule will not do. The
people know the real meaning in Wall
street parlanCe Of "her8ay" 'dishOn-
est dollar" "irCedeemable money"
&c, and they also recolloct the position
and predictions Of the great fnan-
ciars" on the rem On~etiz1tIHn Of silver
and how the results proved that these
wise men, so called, were either fools
or KNIVES, and that the plain people
were right
Long, I'VE IIiN SLttA SI,L1tSfitCtt E~liip
the craftsmanship Of farmers Wash
ingtOn and JeifcrsOn-tOr of such lSthG
political kingdom Of Heaven! Away
with the craftsmanship of bean soup
and gatherings, it has led us to &c
henna, or whereabouts. 4. B
FINANCE-TRUTUs OR HGRESIEs, WHICH?
To the Editor Of the Dispatch
AS your answer to my "Financial
Queries" appeared in the DaiIY Dis
patch, and l take the Weekly, I did not
see it until q short time ago, when a
copy of the paper containing it was
mailed 10 me by a friend. make my
Acknowledgements to the DESp1tch fer
its courtesy. though done under the
caption Of Financial HeresleS."
am a seeker after truth only; for, I
think the nOblost work that can engage
the mind of man IS an honest, unpreju-
diced search after truth in the things
that concern the we'll being of his fel.
bowman; and surely there Is nothing IN
the whole range of the ScIence of gov
eminent that touches 0 vitality the
common veal than the subject Of
of finance. Constitutions may be writ
ten an laws framed guaranteeing the
widest latitude in liberty consistent
with order, but these will all be invaIn
TO promote the happiness and we'll
being OF the citizen, unless a wise and
inst financial system is established
Money is the lie blood Of the body
polite. and this truth was never more
strikingIv eXeInplified than in the con
djtiou of our country to day,
1t Is the Dispatch that has mis-
taken the point" when It says the
author seems to have been convinced
il some way that q promise II redeem
a note is rs go01as money" Ny point
was. that If the government should
issue notes to an amount limited to
four times the revenue it is compelled
to raise annually by taxation, and
should by law make these notes receiU
able for all public dues, and also a
legal tender for all public and private
deh4s, they would be as good as gold
and silver. of course, | did not mean
they would be good in foreign countries,
because the jurisdiction of the United
States does nOteXtend to their CitiZens.)
A promise to redeem a note as as good
as money against the party making
the promise, and il [ owe that party as
much as there are notes of this kind in
my possession they will be as good as
gold,
The Dispatch thinks such notes
would be worth mo more than so
much waste paper" Let us see if this
is correct. They would certainly pay
100 cents to the dollar of all taxes;
they would certainly pay 100 cents to
the dollar on all debts between private
individuals over the vast territory of
the foremost nation Of the earth, now
embracing a population of 65, 600, 0C0
Of souls; and they would also certainly
pay the annual expenses Of the govern
mont, except interest on the public
debt, IAN Ubiquitous and thieving ex-
Ception,) amounting to nearly half a
billion Of dollars. Would "waste
paper" do this? Gold and silver could
do no more, in the cases mentioned 4;
and I believe the use of these notes at
par for the, purposes named would
make them worth their face value in
buying and selling. the amount being
limited as designated. These are the
reasons why l suggested, i~nterroga-
tOrily, that these notes would be as
good as gold and silver. Can the DIS
patch suggest any better or safer paper
where these metals cannot be had in
sufficient abundance to furnish a cur
rency equal to the demands of bust
ness2 The national banks have been
weighed in the balance and found
wanting, by the people. Even Chief
Justice Chase, the father of thesystem,
died with a wall upon his lips as he
foresaw the evils that would flow from
his unhallowed offspring; and pre-
dicted, as has come to pass, that a
great conflict would result, with the
banks arrayed on one side, and the
people on the other. "Specie basis"
banks, where the amount Of notes
issued exceeds the amount Of specie
always on hand-and this would not at
all Increase the ~currencyif they did, not
are 2 cheat q daluSinn a MACMILLAN