The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-29

and for the purchase of gold bullion
about thirty three million dollars more,
making for the three items two hun
dred and sixty seven million dollars.
The residue of the six hundred million
dollars could be applied to the expenses
of the General Government in such
way as to give as even a distribution
thereof throughout all parts of the
| Union as possible. The honest debts
of the government, which are now
rarely paid without puttidg claimants
to more trouble than the amounts are
worth, and frequently not then, could
| also come out of the above. The OBJ
ject is, that during the three years,
while the above fund is being put into
circulation, the people shall, as far as
possible, be exempt from all taxation
After the above amount shall have
been put into circulation it would then
require nearly the total product of our
gold and silver mines, rating both
metals at par, to prevent a contraction
of the currency by reason of the in
crease in population. The bullion
could be mel5ed into bars, to be coined
when wanted, and full legal tender
United States notes (the same as the
foregOing,) sufficient in amount to pay
all pens Ons, could be issued, based on
said bullion This would increase the
circulating medium slightly, but it
would take long time to give us $57
per capita While the pensioners
should be we'll provided for, the people
should feel the burden threof to as
small an extent as possible.
FREE AND UNLIMITED COINAGE OF SILVER
1 believe that the friends of silver
make mistake in advocating free
and unlimited coinage" What they
need is pay ment for their silver bull
lion in lawful money" gold, silver or
paper, at the rate of $129 per ounce,
subject TO the same conditions that
pertain to gold bullion.
The government should construct g
building, an acre square if need be,
and purchase the entire product of do
par value, then cast them into bars of
uniform size, say about $50 pounds
each, and store them away on the
ground floor of said building, thus OBJ
Waiting the disturbance incident to
break down. Full legal tender u S.
Treasury notes should be issued against
said bars at their par value, redeem
able in gold or silver coin at the option
of the Secretary of the Treasury, and
when so redeemed they should be i'm
mediately paid out again. Said bars
can be converted into coin as occasion
may require, in which case it would be
again to that extent for the govern
ment, as both the coin and paper then
would be in circulation.
1t is vastly more convenint to handle
and count bullion, when cast into bars of
uniform size and properly stored, than
when coined and placed in sacks.
Good faith to our Western miners
demands that we purchase at par their
entire bullion product, and if not prac
tical to coin and put all into circula-
ton now, we can send out the paper
representatives thereof, which will
answer the same purpose and be more
convenient,
WITHDRAWAL OF THE ONE DOLLAR AND
TWO DOLLAR NOTES.
The total amount of silver coin now
in circulation, including the dollars
and subsidiary coins, is nearly one
hundred and twenty three million dol
lars. This amount can be largely in
creased by retiring the 81 and 50 notes
and substituting silver coin in lieu
thereof; and if decessary to remove
the unjust prejudice that has been
created against silver it should be
done. The experiment might first be
tried with the 81 notes.
REDEMPTION OF THE TREASURY NOTES
SHOULD BE PARTIALLY IN SILVER.
A proper percentage of silver coin
should be used in redemption. This
would prevent the Jews from export
ing our stock of gold with which. to
build up the gold reserve of Austria,
or any other European country that
will pay a sufficient premium to make
expectation profitable saw state
ment that of forty-seven million dol
lars exported during the early part of
the present year, the Jews sent out
forty-five million dollars of it. Close
this door properly and we will have no
difficulty in holding the necessary gold
reserve.
LEGAL TENDER POWERS WILL PREVENT
ANY DEPRECIATION OF THE PAPER.
In nnoof Of thic cite the following