The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-11-29
NOPE MONEY TMPERATlVELY
NEEDED.
rAo Circulating Medium Should be
Speedily Increased to at Least $50
Per Capita, and Thus Avoid a
Disastrous Money Panic

Nat,roUy Increase the Volume Of
the Currency.
Mr.. EDIToR:-I will submit a 1e"
nIain facts in support OF The o
ruonosirion At the close of the late
var the population of the Northern
Gtates was about %. 600, 900, n the
circulating medium, nearly all paper,
aggregated about 81, 600, 900 600, which
was some $50 per capita. Our popuia-
tion including the Southern States,
has since incre dsed to about oo.OUU'-
OOO and our circulating medium, n
cIudinp coin and paper, has decreased
to about 81, 600, 900, 900, which Is some
$24 per capita.
For a more elaborate detail Of the
above data see the very excellent
zoe ,ch of Gen. Weaver, recently de-
Iivered al Pulaski, Tenn.
France is considered the strongest
nation financially on the face of the
globe, having a paper and coin circula-
ton of about $57 per capita, and expe
rience has shown that it IS none too
much.
If the volume of our circulating me-
dunn was increased to $50 per capira
the prices of our farm products would
rise proportionately, thus affording the
debtor portion Of the people an oppor-
tunity to pay their debts. The govern
ment has am Die coin to float the addi-
tiOnal 81 625 900, 900, as l will now pro-
coed to show:
AT the time of President Buchanan's
Inauguration we had some ]. 400 banks,
with specie in their vaults to the
amount of about $63, 900, 600. These
banks were conducted on the diamond
cut diamond policy under the laws of
the several States. Consequently they
were continually gathering up and
presenting the notes OF each other, for
which the specie vas demanded. Well
if $63, 600 900 of coin foated $21O. 600,
600 of paper Chat was about the
amount then in circulation under the
policy that then prevailed, the same
amount of coin, under a system where
the money is equally good throughout
all parts of the Union, would readily
float Our present amount of currency
and 81. 625 600 600 additional without
the least danger of depreciation below
par.
As a further proof on this point |
will state that soon after silver certlf
Gates were issued as currency the PEG
IL --,,,-%oI I'D ovoLo--,I g., Ill
currency, dollar for dollar, about $50,
900, 600 of gold coin, and would doubt
less have presented much more for ex
change had not the Sc ;retary of the
Treasury put a stop to it. Said cur
rency was redeemable in either gold or
silver coin at the option of the Stcre
tary of the Treasury.
| nov call special attention to the
fact that after the adoption of a uni
versal currency there was a complete
change in the matter OF the redemption
of bank notes, and that instead Of pre-
senting bank notes for REDEEM ptiOn / n
coin, after the n of State banks,
the people virtually presented gold
coin to he amount of abOutr$80 600. 600
for redemption in a currency that was
in turn r8deemable in either gold or
silver coin. But much more than 500,
600. 900 of coin can be commanded for
redemption purposes. Consequently
there need be no fear of any deprecIa-
ton of the currency below par if the
circulating medium be increased t $50
per capita.
PLAN TO INCREASE H CIRCULATING
MEDIUM.
The most effective plan would be to
issue 81, 625. 600. 600 in legal tender
notes and then pay to every man, wo-
man and child $26 each. This plan
would distribute the money very even
ly. Said payments should not be re-
garded as gifts. By reason of the de-
pressed condition of the agricultural
interests for a number of years past it
has taken ABOUT double the quantity
Of farm products to pay taxes that
should have been required. COnse-
quently said plan would restore to the
people only a portion of what was i'm
properly taken from them by reason
Of an inadequate supply of currency.
Another plan for increasing the vol
ume of currency would be TO employ
the 81 625, 100, 600, or so mucht thereof
as may be necessary, in hquidating
the bonded Indebtedness.
Neither a high MOI a low tariff will
meet the requirements of the present
dangerous situation. The farmers need
batter nrlcas for their farm nrOdncts