The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-01-13

O1 bu0 SuEIouCS PL0SoAO y ~
present time, to wit, to expand and
contract the currency to meet this
ve-y increase and diminution of busl-
ness consequent upon the gathering
and marketing of the crops OF the
country; but the objection to their
method is that they have not cur
rency enough to meet the demands OF
the business of the country at these
times, and that what they have they
manipulate so as to benefit themselves,
friends and patrons by bearing the
market against the ag ~iculturists, and
only letting up when their products
have passed out of their hands, when
they assume their normal values. To
the fourth objection it may be an
swered that it Is founded upon a total
or assumed ignorance of the power
and duty of the supreme government.
This power of making fat money was
exercised during the late civil war;
and, when questioned, was supported
by the U. s. Supreme Court as a power
inherent in the government, both in
val and in peace; it was a power dele
gated to the old y. s. and, with its
branches in all the States, and one
which was and is still exercised in
favor of our present national banks.
A true national currency needs no re
demption in any other currency or
commodity of value, and is redeemed
whenever the people using it, in re-
| opODco +o tho 6n+ I'M nroc,o6 mon If bu
their government, receive l. in ex-
change of commodities or in payment
of debts; and nay always be con
trolled within limits to meet only the
demands of the business of the coun
try by the taxing and other powers Of
the government issuing it, and is not
subj set to be "cornered" like gold
and silver, nor subject TO the fuctua
tions and p~erturbations of information
al commerce; and may therefore be
made to perform its proper functions
as steadily and unerringly as the mo
tons OF the planetary system. To the
fifth objection it may be answered
that the agricultural class and those
directly or indirectly dependent upon
Them, composing as they do more than
nine-tenths of the population of the
country, might be permitted to judge
for themselves as to what is beneficial
or detrimental to their interest; and
when they ask for nothing shat is I'm
constitutional. their servants, the leg
islatOrs, might well grant their de
hands, without pretending to set
themselves ur as wiser than their ere,
ators and as their special guardians.
AS the Farmers Alliance only in
sist upon the principle of their Sub
Treasury scheme, which | have shown
to be correct, and neither unconstitu,
tiOnal or ineXpedient, and only ask
their servanss IS, the Legislators, to per
feet the details so as to carry out the
principle, l may be permitted, in order
to meet their squeamish scrUp es, to
suggest another scheme. The present
national banking system was organ
lied TO float the national debt and to
furnish a medium of exchange to the
people to enable them to carry on
their business. The first object was a
wise one in its day, but with the ex-
tinguishment of the national debt,
soon to occur, it will cease; and the
second it has never carried out, and
for the last few years, owing to the
premium on their bonds deposited as
security for the funds loaned them
by the government, these banks have
been Withdrawing their circulation
and thereby contracting the currency
of the country at the rate of $50,
OOO, 900 OF more annually. These
banks are not allowed to loan money
upon real estate security; are located
in large centers Of trade and are mac
cesslble to the ma Sses, the great com
mon people, and oaly lend money to
merchants and large capitalists: and
oftentimes loan their funds to gamblers
in railroads and other stocks and
"cornerers of agricultural produc s.
The power to issue the currency of a
country is a high ~prerogative power
and duty which should never be
farmed out by the government to any
individual or corporation, and only
the duty of distr ,buting it to and
among the people, whose currency it
is for use, should be confded to indi
7iduals or corporations, under the
most stringent rules and regulations
and frequent supervision by officers
of the government, Sd as to prevent
abuse of the power, and to make it
subserve the besi interests of all the
people.
Therefore to meet the objections to
the Farmers Alliance scheme, l pro
pose the organization of another sys.
tenn of national bank, distributed all
over the country according to she
population and business, one at least
} n every county in every State and