The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-02-10
No. 40

much currency dollar for dollar, and
other States to do the same in pronor
ton to their solvency and wealth of
real estate. Nov this amonnt If
currency could be placed in the trsa.
ury OF each State, or some other safe
place. In care of proper custodian.
Oh course this amount should be bssad
on the true value of real estate. or !,
other words, better the value of lands
and for the accommodation of land
owners, the Treasurer of each STATE
to be Tor the treasurer of this fund in
each State should be) required m.
mediately to distribute to the county
treas 7rer for shis purpose only the
amount ascertaiued by statistical
wealth IN lands and real estate in each
and every county, to be loaned TO the
land owners at the 5wo thirds of the
cash valuation Of said lands used for
farming and other purposes Of a
Legitimate character; but not to real
estate SPECTATORS This fund to he
loaned at 2 per cent. or 3 per cent.
interest per annum, on FIVE or ten
years time, the interest on anoDnt of
said loans to be paid annually and a
ratable part of the principal The
treasurer for each county for this fund
may be appointed by the Governor of
each State, by ond through the advice
and consent of the State Treasurer of
this fund, who may bo appointed by
the State legislators. Tnis fund of
currency created for farmers and land
owners Of North Carolina must be and
remain distinct from any National
banking system. The bond of each
State, to reason able amount, is far
better security to the United States
Government than any banking securi.
b40S 4l GAi6J0uC0s
Further, should the General Gov.
ernment ia TO accept of this or some
similar and equivalent plan, I hold
tha' each State may issue and float
her own bonds at par for say per
cent. interest, and this same fund then
be loaned to the land owners for farm
ing purposes, &c. But It would be
far bet aer for the United States Gov.
ernment to issue she currency and hold
the bonds as security.
Should this plan or a similar one be
adopted without material change and
the State issue bonds. according 10 its
solvency, it would create a safe volume
of currency to the amount of about
$220,0OO,OOO. Speaking from nation.
al point of view, it is surprising why
our boasted national legislators should
not see tn ), or overlook the necessity
Of the business and commerce of our
country. Twenty years ago, with lit.
tie over half the population we now
have, the amount per capita was greater
than it is now, and the volume of cur
rency greater. Give us the volume
of currency sufficient to move our pro.
duce briskly, and you would soon see
vast difference in our schools and
laborers. Then the farmer could
educase his children and pay better
wages to his laborers, and as the
farmer is the foundation that all build
upon, all would be bettered. He is
the creator Of the commercial products
of the earth.
Our legislators, both State and Ma.
tional, should be speedily warned
ayainst any further delay in the mat
ter of sufficient and elastic currency.
While there is little scanning interest
manifested by few of our national
leg slators, It ig mostly in the wrong
direction, that through the national
banks, through which it viii never be
reached, unless it be at too great q
cost. The free coinage silver plan
will do some, bat it will not be sui-
cient In the plan of the State bond
system, ample safeguards may be
thrown around it, from which none
will be worsted, but all be bettersd
A HINT