The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-10-13


amount of litigation and add large
number to the industrial class now
burden on labor: it would reduce pow
erty and crime one half, restore conf
dence in all business, labor would be
steadily employed, we would have no
panics, for all the conditions are ellml-
mated All having money would IN
vest and there would be no cOnt1lCtlng
interests. There would be no money
lost through failures of banks There
would be no run on the postal banks,
for the whole wealth of the nation
would be ,behind it. A system where
every transaction is cash and every
dollar deposited is guaranteed, there
can be no panics.
The establishment of the above sys-
tenn would give an impetus to our in
! dustries such as the masses have never
dreamed of, and we would produce
| double the wealth in a decade to be
distributed among the wealth-prO-
! ducers.
The advantages to be derived from
the abolition of the credit system are
vital and should receive the closest at
tentiOn of students of finance. money,
! the sign of the substance holds posi-
tiOn far more commanding than the
substance. This is a condition that
| should not exist and cannot exist in a
| financial system adapted to the indus
| trial classes.
Money is the creature of law, created
by the people for their convenience,
vice to assist in exchanging the neces
saries and luXuries of life. 1t has be-
come the master of the people, having
fallen into the hands of those who use
! it to OppresS The sign of the substance
is increasing in value and the substance
is decreasing in value The thing you
cannot eat, drink or wear, is increas-
ing in value, and the things you want
to get cheaper, and yet it is harder
to get because Of the increased value of
money. Let us tess the old system and
then the new.
UNDER THE OLD SYSTEM.
A. has money to loan. He finds it
more profitable to loan his money,
secured by first class real estate.
B. has a mine but no money to de
velOp it. B. goes to A and says, you
have the money, have a fine mine
put your money into it and we will
make money"
\. says 4 do not want to invest.
but [ will loan you ten thousand dollars
on five ears time at s per cent, prin-
cipal and interest payable in legal ten
der, and you to give me trust deed. "
B, bOrrOws the money, hires labor,
| develops the mine and in five years
has paid in interest four thousand dol
lars or two fifths of the capital loaned
TESTED UNDER THE INDUSTRIAL SYSTEM
A has ten thousand dollars to invest
and he knows B. has a good mine. A
goes to 3. and says, 4 have ten thou
sand dollars that IS non productive and
you have a mine that is non -prOduc-
tive. l will put my ten thousand dol
lars against a One-half interest in your
mine" They arrive at an agreement,
hire labor develop the mine, and the
four thousand dollars saved to capital
and labor and one thousand million to
the nation.
Under the old financial system
money and property is in antagonism.
The money holder wants the largest
possible amount of the products of
labor for his money, To do this he
must depreciate the substance by hav-
ing a small volume of money. The in
duStrial class wants the largest number
of the money holders money for a
given amount Of their labor To do
this they must have larger volume
of money. Under the old system there
is endless antagOniSm between the sign
and the substance. Under the new
there is perfect harmony, for the sign
and the substance are partners. Under
the old the sign made the substance
pay tribute of one thousand millions
each year Under the new the sub
stance pays no tribute, and one thou
! sand million dollars is saved to prOduC
| tive capital and labor
They can both eXclaim, whereas,
under the old dispens4tiOn we were
| enemies, now, under the new, we are
! fast friends; let the nation benefited
rejoice. Peace, good will to all. Any
| system that perpetuates the credit sy5-
| tenn will retain the pr 3Sent antagOniSm
! to u large degree. The object in all
| financial legislation should be to reduce
cost to the lowest figures Any objec
ton to this change l will answer
! through THE PROGRESSIVE FARMER.
I will pay one hundred dollars to any
one favOring the present financial
system if they will show how it is pos
sible to produce a panic where every
transaction is cash and where every
dollar deposited is guaranteed.
! Supplement this with the Sub-Treas
ury plan to relieve the farmers from
their present distress, and you have a
! system perfectly free from panics.
| Business men can spread their sails to
their fullest extent without fear Of con-
tidence being destroyed and their bust
ness paralyZed JAMES MURDOCH.
REMEDY FOR STAGGERS.