The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-19
RALEIGH, N. c., MAY 10, 1891.

controlling the gold of the country de
size the currency to decrease in order
that their COLDS may increase in value
and they obtain the unearned incre-
ment.
The war against silver is made by
the creditor class who consist to some
extent of capitalists whose estates were
hereditary, and by others whose estates
were the result of chance, unexpected
death, unlooked-for legislation or ex-
traOrdinary or unforeseen events. It
Is the creditor class whose garnered
capital represents the results of past
labor, that of the serf, the slave, the
oTerworked, browbeaten, tagged and
tamlshed nation of toll.
1t is the same class that demOnetized
silver in England and Germany-the
moneyed aristOcracy, England and
Germany being the great creditor ma
tions of the world, thought by the de
monetization of silver to enhance the
price of gold and force their bonds to
be paid in the latter metal, thereby
pouring into their own Golfers the pre-,
MUM on gold wrung from the masses
by the legislation of pampered aristo-
Gratis. It was a~selfish policy on their
part, and the New York and Boston
financier5 are becoming satellites of
London, regardless of our national
needs Our bonds are forced on a
European market and we pay interest
in gold, thereby decreasing our sto *,
all because we cannot handle them at
home for want of an individual and
full currency.
This great demand for gold and the
small amount available has forced it to
a premium fuctuating from IS per
cent. to 25 per cent. The interest on
the bonded indebtedness of the world
exceeds 81 1000, ,O0O,O 600, all of which
must be paid IN gold because London,
Of these bonds and therefore shapes the
basis. Such is the case when nine
tenths Of the human race use silver
All prices are paid in silver and COM
mOdities are purchased on that basis
while the capitalist demands money
at 20 per cent. premium to cancel his
claims or pay the interest thereon. Let
US examine the available circulation,
the needs and the supply Of the
country
The money in the United States
Cr-oiIob bIo fOr oiro77IofiCv - y-O,;D,,CI,~
estimated from $500 600, 900 to 81, 5OO,- ;
100000. (We viii base our circula-
tions on the large amount) Green
backs, 1916, 100000 and $175, OOO,0 600 of
national bank notes which are steadily
decreasing, the remainder Of gold and
silver, certificates on gold and silver,
also q small amount Of copper, and
nickel. AS this is not sufficient for our
needs and we are opposed, as a people,
to paper initiation without a basis,
there is no recourse to be had except
to the precious metals, gold and silver.
The act of last year ordered a coin
age Of 81, 500 900 of silver per month,
about the domestic output. The gold
mines of the world produce about
800, 900, 600 ofgold, of which the United
States produces about $32, ,845, 600. OF
the 800, 600, 900 England and Germany
seize on as much as can be spared for
their own coinage, we cannot hope for
gold then from any foreign source. OF
the S32, ,945, 600 produced at home, $18,
100000 is used in the arts; watchmak-
ing, jewelry, regalia plato, pens, den
tistry, ETC., therefore we cannot look
to gold to increase our coinage, but
must of necessity take its cOpartner,
silver, for we cannot issue paper
money based on land since Frances
policy, in 1893, fully attests the danger
of such a step. But the advocates OF
the yellow metal say that if we mate
rally add to our coinage Of silver it
will drive gold from the country and
flood us with silver,~both domestic and
foreign.
First, as to the driving Of gold from
the country, this same cry was made
in 1878, when we began to coin s., 900,
900 per month and the gold did not
leave Us. Last year an act was.passed
providing for a coinage of $4,000, 900
per month, and still our gold is not
gone. Since 1873 our gold in circula-
ton has materially increased. McCul-
Ioch and Cleveland told us in 1886 we
were coming to a silver basis, but on
the contrary with the act of 1873 in
force, our gold has increased more than
100000, OOO Then they say Gusham's
law is against silver, but evidently
practice and experience is better by