The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-25
THR PROGRESSIVE FARMER JUL %. 1853

4 IO6UO41 QUILL Va O44O -O
privilege for silver that prevailed until
1873, when the reputation creditor
class had a law passed to have the gov
eminent minting mill shut down.
A financial crash can arise from one
of two causes and not otherwise; and
where either of these auses arise the
government can give no relief except
by enacting legislation that will re
Iieve or remove the cause that is about
to produce the crash. These two causes
that produce a financial crash are
over-investment and speculation or
undue contraction. At this time money
is said to be worth in New York City,
at the banks, 80 per cent. on call. The
refusal of unlimited coinage has placed
the world short of it's necessary money
to meet double or treble the indebted
ness that existed forty years ago when
the world coined annually nearly twice
the amount of gold it does now, and 1t
was coming silver and both metals
were a standard of money. In addition
to this to the observing and reflective
it is known that there is a conspiracy
on hand which is going to succeed I'm
less conquered, which has for its object
not only the stopping of all silver coin
age in the future, but the destruction
of all silver money now in existence
throughout the civilized world, and
that in the consumption of this project
nearly every bank, business man,
farmer, Or property owner to any eX-
tent indebted must go to the wall. It
is known to the public that it is the
purpose of this administration to re-
peal the Sherman law without substi-
tuting any silver coinage law in its
place. 1t is further known that al at
tempt during the past winter has been
made to have the silver bullion in
treasury which is the basis Of $780,
OOO, 900 of silver notes that are in circu-
lation and perform all the Offices of a
greenback, sold, and thereby wipe this
sum Of $3.50, 000, 600 out Of existence as
money. It is further intimated in an
interview with Senator Sherman which
has been published at large, that it
would a loss of only So, 600, 900 to
replace $3.50, 600, 600 of coined silver
money that we have with gold, and
that it might be well to consider the
propriety of doing this. While the
multitude do not understand what this
means, the thinking and reflective
know that it means the retiring of all
our silver money, $500, 600, 900 in
amount, OF n eighteenth of the total
gold and silver coinage Of the entire
world is to be retired from circulation,
which will have the same effect upon
business as it would to retire that much
gold, as it performs the same functions
as gold. They have seen and now
daily witness administration using
gold to pay our silver certificates and
to pay all other coin obligations, gov
eminent bonds and greenbacks that
are payable with any of this $500, OOO,-
900 we are seeking to destroy. Weare
told that the administration is making
use of official patronage to bride and
bulldoze the votes of Senators and
Congressman in favor of the repeal of
the Sherman bill without any substi-
tuted coinage law in it's place, and that
in his effort to stop all silver coinage
the President is in~exorable..
This means contraction in our coin
age hereafter of $54, 600, 900 yearly, as
that is the amount of silver money we
are annually making under the Sher-
man law, and the balance of the plot
to wipe out all IT silver money after
the Sherman law shall have been re-
pealed, and to enable the destruction
of {, 200, 900, 900 of silver money in other
countries, and the effect that will arise
from such contraction was portrayed
by Senator Sherman in a speech in the
Senate in 1869 before he had become
the property of this conspiracy in
which he said:
The contraction of the currency is
a far more distressing operation than
Senators suppose. Our own and other
nations have gone through that opera
ton before. 1t is not possible TO take
OAC%O IVY O0O "4VAOOO gAO SlIOSU ulSGTSSS.
To every person, except a capitalist
out of debt, or a salaried officer. or an
nuitant, it is a period of loss, danger.
lassitude of trade, fall of wages, ssus,
pension Of enterprise, bankruptcy and
disaster. 1t means the ruin of ali deal
ers whose debts are twice their business
capital, though one-third less than
actual property. 1t means the fall of
all agricultural productions without
any great reduction of taxes. What
prudent man would dare to build a