The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-01-26
A CRANK.
How an Elk Member of the State Legis-
lature
Called Mr.. Marson DotCn Upon State
mentS Made IN Regard to the
Amount Of Money in
Circulation.

lMr. =. Is. MaXSO IS editor of the
Alliance Leader, at Belmont, N. VI
After Mr.. Maxson had spoken for
nearly two hours upon the different
principles OF the Order, he gave his
audience the privilege of asking 1ues-
tions, as it always added interest to a
meeting and was a source of education
and tended to bring out thought and
ideas upon the questions at issue. upon
which a gentleman in the audience
arose and said:
Mr.. Maxson, did I understand YOU
that supply and demand had nothing
to do with the prices of farm products9
My dear sir, | can't say what YOU
understood me to say, but I did say
that consumption had very little to do
with fixing the price of farm products,
Exactly the same thing. Now, sir.
will you be pleased to state to this audi
dience, what it is that fixes the price
Of wheat9
Certainly, with pleasure; the specu-
lators. stock jobbers, and gamblers
of Wall street and Chicago.
Well, to a certain extent, yes, but
what are the prices bottomed uponP
Most certainly by the amount of the
commodity these sharks can get into
their hands and control. And nov in
this connection, allow me to ask YOU a
question. Did the demand of the n
gumers have anything to do with fix
ing the price of wheat when old
Hutch" of Chicago, cOrnered it, and
made mil ions of dollars in a few weeks
time?
Well, if you put it in that light of
cOurse the speculatOr has a considerable
to do with it, but don't you suppose
the foreign demands will have nothing
to do with fixing the price of it this
eeasOn?
1t may fix the price to the specula-
tor; but will you answer this question
With millions of people starving in
Europe, and the price of wheat in
Liverpool $l35 per bushel, why is it a
fact that the farmer in Minnesota gets
less for the best hard white than he
did n year agO2
| can't answer it.
Then l will answer it for you. It is
simply because the speculator can by
the aid of our present financial con
ditiOn Chat is a scarcity of money!
and in connection with the grasping,
avariciOu5, money lOaners, take advan-
tage of the necessities of the farmer
and force him to sell at their dictation,
and the railroads are ever ready to
help crush the hand that feeds them.
Is there any other question, you would
like to aski
Well, YES, there is. I understood
you to state that there was less money
in circulation today than ever before
In the history of the nation?
Yes, sir; less than $40 per capita In
actual circulation.
Well, now I think the people here
will bear me out in saying the Secretary
of the Treasury is better authority than
yourself.
Doubtless.
Well sir, l have the last report of the
Secretary, in which he a Y that there
is more than $23 per capita, and more
than there ever was in the history of
the nation. Now, we will be pleased to
have you show us how you will get
around this statement. Remember 1
take this report of the most conclusive
evidence, but | see you are of those
slippery little Cusses, and / have a
curiosity to know how you are going
to crawl out of this cOrne
Laughter.
Well. now my dear sir, I was not
aware hat l was inclined that way. I
have never been accused of slipping
out of an argument. Now please read
over the items in your report. What
comes first3
Well, he says that there is in the
country, 81, 676, 078, 102, of which $780,
900, 900. belongs in the treasury, and
about 81, $50. 600, 900 was in circulation,
which would make about $23 per capita
instead of less than $40 as you say.
Now as you say I am slippery, | will
let no less a parsonage than the Hon.
Mr.. Plum, of Kansas, answer this queS-
ton as he will be accepted as good au-
thority I think. But first does your
secretary attempt to state how much
money is boarded up by private lndl-
viduals, and kept out OF clrculatlOnF
No, sir.
Does your report state how much
gold and silver, or gold is lost, de
stroyed and worn out by abrasion since
the foundation of the government?
No.
Does your report state how much
more gold has been taken out Of the
country in the last year yOu know 1t
iscover so millions) more than has been
received4
No. he says nothing about that.
No. suppose not. Did he say any
thing to you about where you could
find that little sixteen million of frac-
tional currency, that he mentions as
being in c~irculatiOn2
No I think he did not mention that.
Yes; well, 1 suppose he did not acct
dentally drop a word in regard to the
fact that the State and National bank
had to keep from Is to % per cent. OF
their circulation in reserve, which
o s to about $780, DOC, OOO, and OF
course if this is held in the banks, 1t
cannot be in actual circulation. Did
he mention that fact to you?
No, l can't say that he did; but you
are assuming things that you cannot
SI1hst9ptiaTn