The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-01-26
AN OPEN LETTER TO PRESIDENT
HARRISON,

appears the following concise and very
important statement: The producers
of the country, it's farmers and labor
ers, have the highest interestthat every
dollar, paper or coin, issued by tho
Government shall be as good as any
other. If there is one less valuable
than another, it's sure and con-
slant errand will be to q them
for their toll and for their crops. The
money lender will protect himself by
stlpulatingfOr payment in gold, but the
labOrer has eve been able to do that.
To place business upon a silver basis
would mean a sudden and severe con
traction of the currency by the with
an unsettling of all values as would
produce a commercial panic"
l consider this brief and simple state
ment one of the most fOrcible argu-
ments ever yet presented against the
existing monetary system of the United
States and, correctly interpreted, al
strongly in favor of a radical change
in the farmers and laborers" best
interest. 1t IS clear, however, that
those words were not expected or in
tended to be construed as favOring any
such radical change. 1t is Gospel
truth that 1.-The producers of the
country, the farmers and laborers,
have the highest interest that every
dollar, paper or coin, issued by the
Government shall be as good as any
other" and it is just as true that any
responsible Government which fails to
make every true dollar put in circula-
ton of precisely equal debt paying
value does the farmer and labOrer"
one Of the greatest conceivable wrongs.
The experience Of 200 years in our own
great country cOnclusively proves the
truth of your well-chOSen words that
If there is n dollar less valuable"
Cess debt-paylng pOwer) than
another, it's sure errand will be to pay
the farmer for his crops and the labOrer
for his toll" Then is there no remedy2
Must the most deserving of the nation
continuously and forever suffer the
great injustice you Sc properly o
denim!
Let us see: Though our present
monetary system is vastly superior to
that which the people suffered under
so greatly for some two hundred years
previous to 1862, yet it is very far from
being a perfect or just system, else
your words quoted above would never
need to have been uttered.
The great and vital question is, how
to overcome this imperfectiOn and pro
tect the just rights of the farmers
and laborers."
There are now in circulation gold
and silver coin, a full legal tender,
treasury notes, green backs, legal ten
der Except" for customs dues, and
redeemable in coin at the Sub Treasury
in New York only, in sums not less than
$50; national bank notes, legal tender
to the Government but not between
the people, redeemable in greenbacks,
but not in coin; legal tender treasury
notes issued upon like market value of
silver bullion, fractional silver Gin.
legal tender in small sums; and gold
and silver certificates, both legal tender
alike.
Except gold and silver coin, all this
currency circulates freely based, as it
is based, upon the credit of the Gov
ernment." In times Of prosperity no
man gives a thought to COIN redemp-
ton Of paper currency. No man will
use, gold or silver coin if he can get
paper, n that paper is legal tender
issued by the Government. But in
periods Of adversely, when confidence
in the stability of values is shaken, if
there is n difference in the debt
paying power of the currency in circU-
lation the creditor is certain to demand
of the debtor the best. the pound Of
flesh TO satisfy the "shylocks" greed
or, if the people are in debt to the
people of other nations the creditors
are also certain to draw the precious
metals used as money. allowing not it's
money value but its market value as
bullion. If a large part of the circu
lating medium of exchange is gold and
silver, either or both. this settling of
foreign balances is certain to produce
a greater or less contraction, greatly to
the peoples injury, especially so to
farming, merchant, manufacturing,
and wages and salary-earning mem
bers of the community. Sad ex-
perience has proven all this to all in
telligent citizens of mature years.
From this brief statement of facts
and conditions existent certain con
clusion clearly deducible, namely:
First. A large volume of money is
easily, the people paying leash in
hand"
Second. That every dollar put in cir
culation should be "as good as every
other dollar" i. e., a legal tender for
all purposes,
Third. That the Government should
coin and issue all the MONEY Of the
nation, whether it be of paper or
metal.
Fourth. To prevent periodical panics
and industrial disturbances impossible
from lack of a competent medium of
exchange the Government should es
tablish it's O1Un money lending agencies
within easy reach of all the people
everywhere lending at not over 2 per
cent. interest per annum, on competent
security, and in sums to suit.
Fifth. That the nations money shonld
bemades solely and an everreliable aid to
honest productive industry and not a
means or basis for the accumulation of
large fortunes out of the earnings of