The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-03-22

uAOn morse sense.
Again we ask, why redeem the first
with the second. when we all know the
first Is more convenient than the sec
Ond, and we will need it to day, %
morrow and next year, and Gd in
.tlRit1n1 Gold bug? I'VE want a stan
dard Of uniform value, and this gold
possesses it ="
ls gold a uniform standard to meas
ure values2 If So other things being
equal, gold standard should measure
the same amount of produce from time
to time Does it do this? Does not this
gold standard measure twice as much
of the necessaries and luxurieS of life
as it did in 1865? Will anyone dispute
thlsl Suppose we have five hundred
million dollars In gold and we supple
ment this with one billion of paper
money. The business of the country
would adjust itself to this volume of
money. Suppose we withdraw the
one thousand millions of paper money
and leave only the five hundred mil
millions of gold in Cir F;ulat.On. What
would be the effect on the country
1t would shrink all values IS per cent
and preclpltate panic and bring ruin
to every industry.
What becomes of your uniform
measure of values3 Don't you see the
volume of money per capita in circula
ton fixes the standard to measure
value9 If you decrease the volume
Of your standard, you increase It's
pur~ hasing power. If you increase
the volume, you decrease the purChas
ing power Of this money. Don't you
see that if you have uniform volume
of money, you have uniform measure
of values2 Values Will only fuctuate
IS the demand and supply increases or
decreases.
As the volume of money fixes prices
it follows that the best standard to
measure values is uniform volume Of
money. The best material to make
this standard out of Is the one that can
be kept uniform in volume. Will any
one contend that we can have aunifOrm
volume of gold or gold and silver7 Are
they not sub ject to export and import?
Every panic previous to 1860 reeulte q
frum the export of specie. We chal-
lenge the world to dispute this You
can get all the money put upon this
you want Does the world furnish a
single example OF n nation maintaining
uniform volume of the lr9ClOuS
metals? We will pay five hundred
dollars to the first gOldIte who will
refer us to the fact.
There is not near enough precious
metals to go around. Some nations
are suspended. When another gets
enough to resume. another SuspendS
specie payment. There is not a nation
that has enough to transact its internal
commerce without Supplelnentlng the
precious metals with paper. If the
civilized nations were to retire all their
paper money, values would shrink two
thirds and III iversal b ankruptcy would
prevail To continue this would force
back civilization to barbarlsm. The
precious metals would furnish barely
enough to make the exchanges Of
nations emerging from barbarlsm.
WHY tax ourselves to secure the
precious metals, lock them up ana
issue impossible promises to pay when
the volume of money determines prices
and not the material out of which 1t IS
made? Why take the peoples money
out of circulation when the necessities
of the people demand It's Immediate
restOrage to circulation? Why tax
| ourselves to get gold to resume like we
| did in 1875? During these four years
! two million men were thrown out of
| emDIoyment; at one dollar per day
| they would have added to the wealth
! of the country two billion and four
| hundred million dollars. Our best
! business men lost one thousand millions
of dollars Business was Frustrated
| for four years and crime and poverty
| increased. Why force ourselves to
compete with the paupered labor Of
| India and Ru asia for English gold?
| What did we SEIZURE more than a bar
rem ideality? What sense was there In
| infiicting the immense loss of three
billions and four hundred millions of
dollars to secure the paltry SUN of one
| hundred millions of English gold, TO go
| through the idIOtic farce of gold re
demDtiOn? Why tax ourselves to get
one kind Of money we do not need to
| redeem another kind we do need? Why
| bring upon ourselves so much loss and
misery? Out of this resumption act,
which was a bear movement, the
| gamblers and spectators robbed the
people of hundreds of millions Of dol
lars Was this act done by the people?
1t was inaugurated and carried out by
the money devil, while the North and
7he South were fighting the war over
| This has never been a government of
the people, by the people and for the
people, only in theory, The financial
system of this and all other countries
is in the interest OF the money devil.
Do we need any kind of redeemer
for money put into circulation? If so,
why? Can anyone give reason9 For
a long time we have been asking this
question, and receive no answer No
answer can be given that cannot be ex-
ploded before jury of twelve business
| men.
Do we need an inter convertible bond
to absorb money from the channels o.
trade9 Of what benefit would this
| bond be to the industrial class? Can
any on9 give one reason? We will sup
pose we have a full volume of money
$50 per capita), and with this volume