The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-07-14

Her, dU IL COSU Vi dll dNSI . VI oOOCtO L
per cent. The plain facts about the
transaction is, the government paid Is
cents on the dollar to the Landowner
to change 800, 900, 900 from the vaults
Of the Treasury to the vaults of the
banks. The people were compelled to
pay the banks the usual bank rates to
obtain it's use. When it is realized
that the people are taxed to pay the
whole, the enormous tribute paid for a
circulating medium is seen as it really
exists. 1t is hardly fair to expect the
American people to remain quiet under
such a system of plundering, when
once awakened to the true condition of
affairs. 1t would seem absolutely
necessary that some plan should be
devised whereby the people might be
furnished with sufficient currency with
out being compelled to pay such an
enormOus tribute. A close study of
the present system Of emitting money
from the treasury will disclose the
need for an immediate change.-NU-
tjORGL Economist.
The Farmers Alliance demand for
government loans on non perishable
products meets with nothing but ridi-
cuIe from partisan newspapers. Before
going farther in this direction, how
ever, would it not be we'll for them to
inquire if the government is not now
extending aid to individuals on a prin-
ciple of finance far in advance of that
proposed by the Peoples Party? If
the Sub-Treasury plan is open to so
many objections, by what course of
reasoning can the present bonded ware
house system be defended? y person
can engage in the manufacture of
spirits by filing a notice of his inten-
ton with the collector Of internal rev
enue of his district, and executing a
bond with all provisions of the
revenue laws, pay all penalties II fines
imposed for i~nfractiOn of those laws,
and that he will not allow any prop
erty used in the business to be CnCum-
bered by any lien. The government
then issues a warehouse receipt, which
is readily accepted at the national
banks as collateral for loans. If the
warehouse receipt represented some
thing for which the hoIi had paid
his money, the case would be more
reasonable. but instead it represents
only the small amount the spirit cost,
with the tax Of 90 cents per gallon
added, but that tax is not to be paid by
the manufacturer until the LIQUOR is
sold. In reality. the en-
dorses for the distiller for many times
the value Of his product. and becomes
security for the money for three years.
which IS the time allowed him in which
to a the tax. If the proposition to
loan money on grain to half its market
value is so utterly ridiculous. how can
it be the part of wisdom TO advance the
money on n morally doubtful product
of grain to many times its cost?-Ne,r
Nation, Boston, Mass.
Those who dnnornaa nc ab.,1r5 and
nn,oc+icabIo +bo AU,aDco nroDo.;i,,,
that the government shonId loan
money direct 70 tha naonIa 7Inon rronor
secIritv sbou1d read this extract from
Frnnch fannciaI history +,l-on r,on,
sTbe Theory and History Of Bankino.~
II has hoon romarkod tbo+ from 1oIt
for many Years the Rank Of Franoo
was the bank Of bankers ratbor tban
Of the merchants Tho nosition Of
intermediary between the hank and
the great class of borrowers ON . small
scale shonId have hann he'd INV . class
Of indenendont banks. # onnoars IN