The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-01-12

no more intrinsic value than a hiLl
legal tender paper dollar. A full legal
tender paper dollar will buy as much
and pay as much debts as q gold dollar
The gold dollar only has intrinsic value
when converted into bullion and used
in the arts. Gold dollar can be used
IN the arts and the paper dollar can
not. This proves the paper dollar Is
the best. What DO we make money
for? To assist in making our exchange,
The dollar that Is always in reach when
wanted is the best as d medium Of ex
change. The paper dollar Will never.
desert you. The gold dollar is liable
TO be used in the arts and exported as
bullion. The idea of redeeInlng one
KIND OF money In another had its
origin IN seltiShnass. Ii was originated
by robbers to rob the tuiiing millions
and Is supported and upheld to day by
the same rO5ber class.
This robber scheme has DESTROYED
evecy nation Of any note. II has stood
IN the way of every civilization, and
To day they completely block the
wheels of progress There was a time
In the history Of civilization when gold
and silver would perform all ex
changes. AS civilization advanced the
wants increased and gold and silver no
longer could furnish enough of the
ncdum OF exchange. Inls called Tor
something else to supplement the
precious metals. 1t was then the
Cupidity of man conceived the idea of
issuing his promises to pay (ieOts) and
redeemlng in gold and silver These
promises to pay cost the bankers less
than One-fOurth OF one per cent. They
issued three Of their prOmlses'tO pay TO
one OF com stored III their strong box
The banker owned twenty thousand
dollars in coin and issued sixty thou
sand dollars Of his promises to pay
(debts) and loaned them to the people.
By TINS problem producers drew IN
terest On forty thousand dollars more
than he owned. The interest was high
and accumulation soon absorbed or
demonstrated the wealth of the nation
into a few hands
But we want money based on some
thing" What dO you want money
for! To pay debts, taxes and make
exchanges. Money that viii perform
all the functions will circulate Unques-
toned Money based on the wants of
the people. 1t IS the wants of the
people that calls into existence money.
They want it to exchange the products
they will need more of it to meet in
creased demands. These wants will
continue as long as our civiliz alton
exists. This money will be good as
long as the wealth of the nation exists
Money IS the nature Of law called into
existence because Of our wants. and Is
based on our wants and not On gold
and silver. This being q fact, there is
no necessity for a redceIner. There
never was any necessity for a redeemer
and never would have been had /; not
been for the selfishne5s of man The
system Is perpetuated to-day TO create
the demand for gold on which the
gOldItes have q corner s. they may
squeeze more of the necessarieS and
luXurieS Of life into their gold pllar6
and all their evidences Of Indebtedness
held against the people. In twenty
five years they have doubled the pur-
chasing power Of their gold.
Demand and supply fixes the value
Of money Money IS governed by the
law of demand and supply, the same
as every other article entering into
commerce. If we need fifty dollars
per capita to carry on our internal
commerce it makes no difference
whether this IS all gold or all full legal
tender paper money The value of
each as a medium OF exchange Is
governed by the law Of demand aud
supply The demand calling for fifty
dollars per capita fixes the value of
each as an eXchangar of the neCesSari@s
and luxurie3 of life and not themlterial
out Of which they are made. Tne
paper is the best of the two ard IS by
far the safest. Paper will not stray
from home while gold dollars viii
often flee the country. Paper will
maintain q uniform volume Other
things being equal, prices will be uni
form. G I'D will leave the country
and bring about a contraction Of money
aud reduces values. Gold goes and
comes. contracts and initiates and Is a
disturber Of values and imperil5 every
industry. Paper is more consistent,
performs every function Of gold, stays
at home, maintains uniform volume
and prices and is free from all the
elements of panic resulting from con
traction, and 1t cannot be manipulated
by legislation like gold. TIE panics of
1887, 1877, 1857, aud at different periods
of our history was preCipitatad by the
export of gold and silver to pay balance
of trade. These panics inflicted losses
of billions of dollars upon our best
business men increased crime auQ
pOverty-retarded our civilization.
These panics were brought by legisla
| ton in the interest of this money devil.
An exchange of value composed ex-
clusively of full legal tender money
would be free from this disturbance as
it would not be subject to export and
! import.
It is impossible to have a uniform
volume of money based on Or redeem
able in coin, or when any portion Of
our money is composed Of coin. A
nation needs 80 much money to carry
on their internal commerce. The
money not subject to export is the best
and nerfectlY safe and free from pan1cs