The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-11-24
THE RoBBERCREDIT FINANCIAL
SYSTEM,

CIdl plains III Vic place VI GuC PAOSOnHO
robber financial system. 1t is In vain
look. The Republican organs present
no remedy. The Democratic organs
make no proposition that eliminates
the rObber credit financial system.
Looking over THE PROGRESSIVE
FARMER I find Democratic Congress-
man Nj. D. Harter, from Ohio, proposes
a financial system that will be intro
duced as a Democratic meaSure next
Congress. This Measure IS highly
recommended by Democratic organs.
Congressman Harter would base all
the issues of currency on State, county,
municipaI and railroad gold bonds. To
secure an issue of one billion, eight
hundred million dollars, we must per-
Detuate a State, county, city and rail-
road gold bearing debt of two thousand
million dollars, and as our population
increases this gold bearing debt must
be increased. The gold-bugs own all
the gold in the United States and have
a mortgage ten dollars deep on every
dollar In this country. Note how IN
iOus these so called Democratic organs
are to increase the demand for the
oddities dollar. Let US see what it will
cost the wealth-producers to perpetuate
this financial system thirty years. In
terest at s per cent. on two thousand
millions for thirty years, four billions,
eight hundred millions dollars. Interest
on n billion, eight hundred millions
of their currency, four billions, three
hundred and twenty millions dollars
for thirty years. Total cost to main
tain this so-called Democratic financial
system thirty years, nine billions,
hundred and twenty millions dollars.
In this system you will observe gold is
the sign of the products of labor that
must be disposed of to get the gold to-
pay interest on these bonds, and the
bonds are the sign Of the sign on which
the circulation is based.
The Alliance proposes to abolish all
banks of issue on credit and issue a
circulating medium based upon the
wealth Of the nation. The people eXer-
cising their constitutional rights will
issue from time to time full legal tender
(debt-paying as we'll as d~ebt-contract-
ing) money, and put it into circulation
by paying a portion Of the national ex-
penSes and reduce taxation billion
and eight hundred million dollars.
Add this saving to the people to the
gOld-bugS financial Sy stem, and you
save the people in thirty years, ten
billion, nine hundred and twenty mil
lion dollars. We make no allowance
for engraving, as the saving to the peO-
pie by loss of bills will pay all expenses.
Why should you pay sOulless corpora
tiOnS this enormous sun for the use of
their credit, when you can save every
dollar of this and reduce your taxes by
issuing the credit of the nation.
For the use of their credit you pay
them one hundred and fOrty-four mil
lions annually, and to maintain this
system, you pay annually three hun
dred and sixty million dollars. All
corporations banking on their credit
have the power to contract and initiate,
bear and bull the money market. They
each have good or hard times, as their
interest demands. Why not issue
money on the substance? Why! It
would not create a demand for the
goldites' dollars, and they could not
rob the people. Toregulate the volume,
this gold-bug legislator suppOses the
banks will be moved to contract when
money is below 2 per cent. on call.
Who borrOws money on call? Not the
farmers, merchants, manufacturers
and miners or labOrers. Who does?
The gamblers and spectators. When
is money the cheapest on Call2 When
it is gorged at head centers? What
gOrges money at head centers? The
lllUClCSU N 1l1S GL1C1O OOC1 IIAlS Hull
the credit of corporations loaned to the
people. When money is plenty at
head centers, it is scarce in the chan
nels Of trade.
This smart Alleck would have the
banks to contract at the time money
was the ScarCeSt in the channels Of
trade.
Mr.. Harter, under your plan, cor
pOratiOns can act as q whOle-lOck up
their interest, bring about a contrac-
ton and shrinkage of values, load up
and expand the circulation, sell out at
an advance and pocket their millions,
rob the industrial class of hundreds of
millions.
Every wellinformed man knows
there IS a class in every county,
municipal and State, who are studying
and planning how they can bond the.
county. There is money in it.
This robber credit financial system
would give an impetus to this class
wild Improvement schemes would be
originated to bond the country and
create q demand for the goldite's dol
lars. Under this system railroads
could form a corporation within the
companies, bond their roads to this cor
poratlon and issue hundredsO of millions
OF their promises to pay. Why not
form such a corporation in the rail
roads, bond their billions of railroads
stock, issue one billiono of their promises
to pay. A railroad out of debt is safer
than n in debt. On the face il wOuId
secure the railroads, V paw emo
NOUS interest out of their earnings.
but in reality the roads are only taking
the money out of one pocket and put,
ting it into the other pocket.
Before the war, when corporations
issued their promises to pay based on
specie, when n of their periodical
panics manufactured to ORDER came