The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-07
No. 81
STATE BANKS OF ISSUE
Mr. Lindsay Enters His Protest.

Mr. EDITOR Will the people allow
the money brokers to steal the Sub
Treasury for themselves in this State
bank matter and deny its benefits to
the residue Of mankind? This propO-
sition is before our legislature This.
Sub Treasury scheme as set forth by
Alliancemen is for the government to
issue money on a property security
direct to the producers of that prop
erty such property of an universal use
and production. This proposed State
bank aims also to issue money on a
property security, State bonds, of no
universal use or production and con
fined to few individuals, mostly nom
residents.
Every time the money power moves,
it moves to skin and rob the people
There is nothing proposed nor studied
by our legislatures or Congress affect
ing money except at the behests of the
money power and for spOliation Will
the legislature double the crop of the
farmer the profits of the merchant,
the wages OF labor, before it under,
takes to double the interest crop of the
| State creditors? Let them turn their
attention to them first.
But we will make more money. Yes.
but it will no. belong to- the people,
We are heart ly sick and tired of help
ing the most powerful, and that the
masses may reap q few crumbs which
may accidentally fall from their tables
This is the plea for the protective tariff,
for the national bank system, for every
species Of robbery and tyranny. And
if the people have no more sense nor
manhood than to submit, the money
brokers will reap untold harvests at
their expense.
The specious argument of the money
mOngers will be that it will afford a
local currency that cannot be cOrnered
and cOngested in the money centres.
But this is deception. It can be cor
nered and congested at home, which is
ten fold worse It will furnish more
local money to do local trade It will
furnish no money at all. States can
not authorize the issue of money QegaL
tender) nor the issue of bills of credit,
.. e., notes based On a security or credit.
1t would just as cOnstitutiOnally au-
thorize Gov Holt to issue bills of credit
on his real estate. But we will remark
in passing that no constitution, the
rights and freedom of the citizen, ever
stood in the way Of privileged legisla,
ton for this class Of American citi-
zens. They will, and have found,
the foremost men in public life
ct lG Sherman) ready to twist con
stituti3n, law, and argument for them.
others may wear the crowns as in Brit
tain, Germany and Spain, but this
class wields the sceptre of power
over law. So it is needless to bring
arguments against this State bank
project. If the money power say they
want 1t, it is settled. If they find our
legislature intractable, they will see
that the next is right.
This is what the American people
have gained for their generosity in the
encouragement Of capital, by their pro
tective tariff, by their liberal corporate
laws, by their liberal banking system
What the American people once granted
in a spirit Of generosity, the moneyed
class now claim as right. Once they
came as beggars, now they come as
robbers. They see an opening to make
IL or Is per cent. by a banking system
at the expense of legitimate busiuess,~
and they are going to have it. This
legislature just as well pass the law and
stop the political chicanery and corrup-
tion necessary to procure it in the next.
The people have warmed the serpent
and it has taken possession of the gov
lures, cOrrupting parties, COrrupting
and robbing the people.
Eight per cent. on seven millions Of
dollars (the State debt) is 1920, 600; not
to count interest on deposits Thus by
law this bond class ask the State to
pass a law by which they can make
1920 900 q year. Let them once get,
the law and they could spend 800, 900
every election to have their men elected
and not be hurt, and they would do it.
A strong effort should be made to
prevent such a monstrous bid for po~
litical corruption. It is a fight for
political life or death. Every man
who votes against this banking system,
if it comes to vote, will, find his pO-
litical grave so easily he will not know
how come it so, However, the money
power is not going to let it come to e.
vote in the face of defeat.
The Democracy spent in the last
national campaign five and one half
millions, the Republicans only three
and one half millions, and lost the
game Asa kind Of ruse for the people,
and to keep the party ranks encouraged,
the classes showed their power and
money into the Democratic scale and
it whOpped up and the other end went
down. Next time, If the Democracy
considers the rights and interest Of the
people. and don't pay back this five
and one half millions forty, sixty and.
hundred fold over, down will go De-
mocracy and up will go Mckinley and
Sherman. So we say to the patriots in
the legislature: Beware how you give
a cudgel to the money power Of this
State wherewith to break the peoples
heads w. r. LINDSAY.
Journal of Agriculture: A great
many people do not think for them
coIr-S- E1zara some Cono.raSsnnora a1aEa